InsideValuation Partners LLC, a fast-growing provider of real estate valuation services, will move its corporate headquarters to downtown Reno next month.
The company has leased the entire 9,000-square-foot fourth floor of the office building at 241 Ridge St. It will move from 6152 Mae Anne Ave. in northwest Reno.
“Our business has expanded more than three-fold in the past two years, and we simply need more space,” said Susan Chauncey, executive vice president.
The company will bring 40 employees to the new location. Clyde V. Prestowitz III, the chief technology officer of InsideValuation, said the company has delayed some hiring until it’s able to house new employees in the downtown space.
“We have people stacked on top of each other,” he says. The new space is more than twice as large as the company’s current quarters.
InsideValuation provides commercial and residential valuation solutions to banks and other lenders across the United States. Its service combines information gathered by 30,000 field agents with proprietary valuation software.
Because the company’s clients are scattered across the country, Prestowitz said the needs of InsideValuation’s employees drove much of the company’s decision-making about a new location.
“We have dynamic group of young folks who like the vibrant downtown atmosphere,” he said. The office building is a couple of blocks from the Truckee River, near restaurants and bars and next door to the Great Basin Community Food Co-Op’s new store.
Also, Prestowitz said a downtown location is central for workers who live in neighborhoods across Reno.
The building is owned by AMH Properties. Marion Hose, a principal in AMH, said the transaction is the largest office lease that the owner of downtown-area properties has completed in its history in Reno.
Tenant improvements by Tico Construction moved smoothly because the Reno Building Department moved quickly despite reductions in its staff, Hose said.
Kevin Annis of Archstone Commercial Partners negotiated the lease. Hose noted that Annis has a long history with the building. He was involved in negotiating the first lease on the property after it was acquired by AMH Properties.
With the InsideValuation lease, the building is 90 percent occupied, Hose said.
The move is scheduled for an Oct. 8 completion.
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