Reno - Dickson Commercial Group (DCG) is pleased to announce the successful sale of 1 E. Liberty Street in Downtown Reno. The six-story, 89,000 square-foot office building, commonly known as the U.S. Bank Building, was purchased by 1 Liberty C2K LLC, and was financed by New York Based UBS.
Dominic Brunetti, CCIM and Scott Shanks, SIOR represented the seller, Reno-based ownership group One East Liberty LLC, who acquired the property in 2013. Led by local development veteran Blake Smith, the group stabilized the building over a course of four years completing over $4.2 million in renovations and taking the building from 60 percent occupancy to 96 percent occupancy at time of sale.
“The acquisition, repositioning and disposition of 1 E. Liberty Street represents multiple northern Nevada economic indicators including occupier demand for Class A office space, the resurgence of the Downtown Reno work environment and national investor confidence in our real estate community,” said Dominic Brunetti.
Brunetti and Shanks assisted in the initial acquisition, lease up and disposition. The building closed escrow on May 17, 2017 for $18.3 million. Major tenants include Starbucks, U.S. Bank, Lewis Roca Rothgerber Christie (LRRC), MEDNAX Service, Inc. and Pacific Workplaces. The building features structured underground parking, modern high-end renovations and is located on the major intersection of Downtown Reno’s financial district.
“Before, the building had a cold institutional feel,” said Blake Smith. “We succeeded in creating a vibrant, pedestrian-friendly connection between Midtown and the River District.”
Dickson Commercial Group (DCG) is a locally owned and operated, full-service commercial real estate firm headquartered in Downtown Reno and serving all of Northern Nevada.