After the pandemic took hold, Southern California-based financial services firm Gold Alliance, like many companies, pivoted to operating remotely. As weeks of shutdowns turned to months, Gold Alliance’s leadership realized being headquartered in the Golden State no longer made sense. “It got to a point where we didn’t necessarily have to be sitting in California,” Joseph Sherman, CEO of Gold Alliance, told the NNBW. And like many California companies that came to that same realization amid COVID, they decided to relocate to a nearby state with fewer restrictions and more room to operate: Nevada. “We tried to look for the best place in Northern Nevada,” Sherman said. “And I think we found that in Reno. It’s a business-friendly environment, and I am blown away by the lifestyle and the people.” With that, Gold Alliance is in the process of moving its headquarters from the greater Los Angeles area to Downtown Reno. There, the company has leased a 1,560-square-foot office from Basin Street Properties at 50 W. Liberty St. In the short-term, Gold Alliance plans to hire four people for its Reno office, with salaries ranging from $50,000 to $70,000, Sherman said. He noted the office is still undergoing tenant improvements and is not yet open to the public. As a financial services firm, Gold Alliance helps clients decide if precious metal products such as gold and silver are right for them in their short-term and long-term financial decisions. And many people are deciding it is. Sherman said the pandemic has not slowed demand for the company’s services — quite the opposite, in fact.
Joseph Sherman, CEO of Gold Alliance
“We’ve grown tremendously,” said Sherman, who declined to provide percentages in revenue growth. “People are concerned about the economy, inflation, supply chain disruptions, the stock market potentially correcting since it was at an all-time high … And gold is a great hedge against uncertainty, so there’s a lot of interest and we provide a valued service. “Gold acts like financial insurance. When the markets collapse, it will be quick, and the cost for getting gold will be like getting fire insurance while your house is on fire.” ‘ROBUST LEASING ACTIVITY’ Gold Alliance is not the only growing company that has planted its flag in Downtown Reno this year. In fact, Basin Street Properties alone has completed nine deals in the downtown core, including seven new leases and two expansions, totaling 24,213 square feet in leased space, according to recent data provide by the commercial real estate firm. “Prior to the pandemic, there were strong underlying market fundamentals driving increased interest in Reno commercial real estate,” Blake Riva, president at Basin Street Properties, wrote in an email to the NNBW. “The robust leasing activity in Basin Street Properties’ Downtown Reno buildings reflects a continuation of the trend. Businesses see a bright economic future in Reno and are moving forward with their plans to grow their presence in the Reno market.”
Basin Street Properties in late September announced it has added three new move-in-ready Class A spec suites to its 200 South Virginia property. Photo: Basin Street Properties
Riva said the inflection point for businesses to refocus on planning for the future came with the rollout of the COVID-19 vaccines earlier this year. As a result, starting in Q3, he said there was a “pronounced increase in leasing activity” from businesses in a variety of industries, including private equity, insurance, commodities, energy and pharmaceuticals. Below is a list of six of those nine companies. Basin Street says three of its new tenants have declined to be disclosed:
Private equity firm Castle Crow & Company (San Francisco) moved into 4,106 square feet at 50 West Liberty.
National E&S Insurance (Palmdale) leased 2,123 square feet at 200 South Virginia.
InterWest Insurance (Sacramento) leased 2,535 square feet at 50 West Liberty.
Gold Alliance (Woodland Hills) leased 1,560 square feet at 50 West Liberty.
Bay Equity Home Loans moved to 300 E. 2nd St., expanding to 4,313 square feet.
Terrain Pharmaceuticals moved within 50 West Liberty, expanding to 2,966 square feet.
CREATING CLASS A SPACE IN DOWNTOWN Meanwhile, Basin Street Properties in late September announced it has added three new move-in ready Class A spec suites to its 200 South Virginia property. The offices, which range from 1,936 square feet to 2,399 square feet, include a new tenant lounge, modern open ceiling concept and window lines offering panoramic views of Downtown Reno, according to Basin Street. “We see strong demand for Class A office space in this size range and want to build on the momentum we’ve seen throughout 2021,” Scott Stranzl, chief portfolio officer for Basin Street, said in a press release. “Businesses are planning beyond the pandemic, and they are drawn to the dining, entertainment and amenities that Downtown Reno has to offer. “A move-in-ready suite allows them to quickly occupy their space and hit the ground running.” And to add on to Basin Street’s recent leasing success, the firm announced Oct. 18 that tech firm Algorithmic Intuition Inc., formerly of Mountain View, California, will occupy seven offices at Ballpark Lane Executive Offices. The company’s move to Reno was announced last fall and is expected to bring more than 40 new jobs to the area over the course of the next five years, according to previous reports. “We’re excited to get started in our new location,” Dan Brown, CEO and founder of Algorithmic Intuition, said in a recent statement. “Ballpark Lane allows us to hit the ground running and scale quickly as needed.” In all, Ballpark Lane — which opened for leasing this spring — comprises 15,000 square feet of executive Class A office space on the 15th floor of the Basin Street-owned building at 300 E. 2nd St.