Dermody looks to downtown

Dermody Properties may have made its

name with big industrial buildings, but the

Reno company has said it's looking at a multitude

of other opportunities after it sold its

industrial portfolio to ProLogis last year.

The company's new direction was apparent

last week

when it purchased

a 17,740-

square-foot office

building at 445 S.

Virginia, just

south of the Bank

of America Plaza.

Gregory

Shutt, a partner

in Reno for DP

Partners (a member

of Dermody

Properties), said

the company

plans to upgrade

the exterior of the

building, including the addition of a courtyard

on the side of the building that faces

Sierra Street.

The building currently has two office tenants,

and Shutt said about 15,000 square feet

is available for lease.

He called the acquisition "an important

purchase for DP Partners" and said the company

views office properties as a key part of

its strategy. Earlier this year, Dermody purchased

the 76,800-square-foot building occupied

by Mitel Networks at 885 Trademark in

South Meadows.

Marc Markwell, a development manager

for Dermody, said the company also might

consider retail uses for the newly acquired

downtown property, which was built in 1942

as a neighborhood grocery store. The building

is on 1.15 acres, and both its available

parking and its proximity to downtown condominium

projects might make it appealing

to retailers,Markwell said.

He said Dermody has fielded inquiries

about space in the building from companies

whose employees want their offices to be in

the redeveloping downtown area.

"We're optimistic about downtown Reno,"

he said.

Brian Egan of Egan Commercial Real

Estate represented DP Partners in the purchase

of the building, and Egan will handle

leasing of the building.