RENO, NV-DP Partners, a member of Dermody Properties, has expanded its office portfolio with the acquisition of a landmark 17,740-sf building at 445 S. Virginia St. in Downtown Reno and plans to upgrade it, possibly adding retail space. Gregory J. Shutt, a partner at DP, notes that although the property is slated for office use right now, “The location and surface street parking lend the building to potential retail use in the future, especially when taking into account the push for downtown residential development in Reno.”

Located on 1.15 acres and built in 1942 using predominantly brick construction, the history-rich building features frontage on both South Sierra and Virginia Streets and offers tenants a Downtown Reno location where redevelopment continues to revitalize the surrounding area. Says Shutt: “We are enthusiastic about the revitalization efforts that are continuing to take place in Downtown Reno and want to be a part of it.” In addition, he says that DP Partners views its office portfolio as an essential aspect of its new direction. “This purchase continues to validate our confidence in the Reno office market,” he says.

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