RENO-Basin Street Properties has acquired its second Downtown office building here, paying $18 million for the 120,000-sf Wells Fargo Building. The 120,000-sf property is located in the financial district at 200 S. Virginia St.

The building is 80% occupied. Tenants include Wells Fargo, Dean Witter, Quest Communications, Eshelon Telecommunications, and Level 3 Communications.

In December, the Petaluma, CA-based company paid $34.6 million for Bank of America Plaza, a 250,000-sf building located at 50 W. Liberty St. The building is currently 85% occupied.

Basin Street president Matt White describes Reno as “a major growth market in the Western US” and says the company is seeking additional investments in its urban core.

White says Basin Street will improve the Wells Fargo property with upgrades to the parking lot, electrical and HVAC systems, corridors and vacant suites.

The seller of the Wells Fargo Building was Christiana Investments LLC. The company was represented in the transaction by Bob Prendergast and Ryan Dunigan of Burnham Real Estate/Oncor International.

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