DP Partners Enters the Reno Office Market
DP Partners Enters the
Reno
Office Market
DP Partners
has been well-known in the
Reno market for 48 years as the largest
industrial development firm and nationally as one of the top 10 privately owned
industrial development firms with 35,000,000 SF of industrial space across the
country. But this year, DP Partners
entered the
Reno office market with the acquisition of the 78,000 SF, Class A, two-story
office building located at
885 Trademark Boulevard in the thriving South Meadows
commercial area.
“This office transaction illustrates the company’s new direction and vision regarding our new operating platform,” said Par Tolles, President of DP Partners. "Our goal is to diversify our current asset base into multiple property types, particularly office properties, and to apply a more entrepreneurial approach to all types of real estate opportunities."
The seller, Inter-Tel Incorporated, which merged with Canadian-based Mitel last summer, has signed a 10-year lease for the entire office building from DP Partners. Mitel is an international leader in providing solutions for higher-end telecommunications systems to diverse organizations throughout 90 countries in more than 100 locations.
In addition to the existing office building, the acquisition includes an additional 8.5 acres of developable land that will accommodate two additional multi-story, Class A office buildings totaling approximately 170,000 SF. New facilities will be developed on a build-to-suit basis for lease or for purchase, for lease with an option to purchase, or for purchase as an investment or as a joint-venture investment with DP.
“Our ability to purchase this asset with a tenant already in place, combined with the opportunity to develop additional revenue-producing properties in this highly desirable location places DP Partners in an outstanding position,” said Gregory J. Shutt, SIOR, DP’s Partner-Reno
Reno, Nevada-based DP Partners is a national commercial developer
founded in 1960. The company develops
approximately 3,000,000 SF of speculative and build-to-suit projects
annually. DP utilizes partnership
structures with employees, construction companies, other developers, clients,
and financial entities to achieve its successful track record. To learn more about DP Partners, visit www.dermody.com
or call Greg Shutt, Partner,