Basin Street Properties Successful Year of Office Leasing – 76 New Leases. 124 Renewals. 738,558 Square Feet in Leasing Activity.
January 10, 2024 by Mallori Taylor
Basin Street Properties, a prominent northern California and northern Nevada real estate investment, development, and management firm is pleased to announce a successful 2023 for office leasing. Across its three markets (Reno, Sacramento, and North Bay) Basin Street completed 76 new leases totaling 294,408 square feet and 124 renewals totaling 444,150 square feet. Basin Street concluded 2023 at 89% occupancy across its portfolio.
“The leasing activity by new and existing tenants indicates their attitudes towards the economy and their office needs,” said Scott Stanzl, Chief Portfolio Office at Basin Street Properties. “Businesses continue to see the benefits of a Class A office for productive teams and attracting and retaining clients.”
In the North Bay, Basin Street signed 35 new leases for 129,622 square feet and 76 renewals for 244,828 square feet in 2023. We signed new leases with Santa Rosa School District, Muir Wood and Bay Alarm taking 28,067 square feet. Basin Street also renewed CamelBak, Abbey, Weitzenberg, Warren & Emery and National Instruments for a total of 58,558 square feet.
“We succeeded in attracting tenants moving to quality as they evolve with hybrid work arrangements and right size to smaller spaces,” said Stranzl. “Businesses desire quality space and amenities like fitness centers, conference rooms, concierge service and cafes to optimize the office experience and draw team members back to the office.”
In Sacramento, Basin Street signed 29 new leases totaling 114,045 square feet and 31 renewals for 123,372 square feet. New leases with Pacific Charter Institute, Samsung Electronics and Gannett Fleming totaled 30,646 square feet. We also renewed Ameriprise Financial, TY Lin and Blackrock for a total of 23,640 square feet.
In Reno, Basin Street executed 12 new leases for 50,742 square feet and 17 renewals for 75,950 square feet. New leases with NCE Engineering, DL Freight Solutions and City of Reno totaled 23,701 square feet. Basin Street renewed and expanded Kaempfer Crowell from 7,340 square feet to 16,319 square feet and renewed Clear Capital and Northern Nevada Bath for a total of 35,097 square feet.
Basin Street expects this momentum to continue in 2024. Interest rate hikes have plateaued, and we anticipate achieving the soft landing we hoped for with the economy. We have positioned our properties to attract rightsizing new tenants and our team works hard to maintain a high satisfaction with our existing tenants.
We are grateful for our hardworking brokers, property managers, engineers and many other team members and vendors across our markets keeping our properties looking great and helping our tenants succeed.