Clear Capital’s move to $4.7 million Truckee airport building eyed for fall
June 13, 2016
TRUCKEE, Calif. — Kevin Marshall embraces change.
As president of his own ever-growing business, Clear Capital, a nationwide provider for real estate valuations and analytics for the mortgage and lending industries, it comes with the territory.
This fall, Marshall and Clear Capital will welcome one of the biggest changes in the company's 15-year history when its local operations move from the Pioneer Commerce Center in Truckee to a newly constructed office building on the Truckee Tahoe Airport property.
Since its inception in 2001, Clear Capital has been housed in the Pioneer Center, growing from "a handful of people" to about 350 employees in the area, Marshall said.
Clear Capital extended its reach to Roseville in 2007, and last year the company relocated its main headquarters and about 125 employees to a downtown Reno office.
"The Pioneer Commerce Center has been great for us — we're thankful to have been in it — and it's been our home for over a decade," Marshall said in an interview last week "We live in a very dynamic market and things are always changing in our industry. As an entrepreneur and a business owner, I always embrace change and look for the positive aspects it brings."
Recommended Stories For You
ROOTED IN TRUCKEE
Roughly 120 Clear Capital employees will relocate to a 12,640-square-foot building located at the corner of Airport Road and Chandelle Way. Additionally, about 20 employees will transfer to the company's offices in either Reno or Roseville.
The move, Marshall said, enables Clear Capital to keep a footprint in Truckee while also growing its other two branches.
"It didn't make sense to try to put a 500-person campus in town — there's just too many headwinds as a business to do that," Marshall said. "So we found a good balance of keeping a significant number of jobs in Truckee and be able to have room to grow in Reno and Roseville.
"It is important for us to be here (in Truckee), and we've worked really hard and made sacrifices to make sure that we could keep 120 folks here. Truckee is a big part of our history, and creating alternative jobs to the resort/tourism economy was important thing for us and a great point of pride."
Staying rooted in Truckee was also essential to a large portion of the Clear Capital staff that lives in the Truckee-Tahoe region, Marshall added.
"They're really happy to be here in Truckee and working in the community in which they live," he continued. "The new airport building is really an indication that Clear Capital is committed to Truckee, and they don't need to worry about whether they have to commute in the coming years; they can settle down here, and focus on our clients — it's very healthy for them."
SLIGHT DELAY IN ORIGINAL PLANS
Marshall said there is no specific date when Clear Capital will relocate to the airport district building, but the company will be moving in the fourth quarter of 2016.
Initially, Clear Capital planned to move to its new Truckee home in August — when the building was targeted for completion and, more importantly, when the company's lease at the Pioneer Center expires.
However, the new building won't be ready until November. Consequently, Clear Capital has reworked its lease with the Pioneer Center, where it occupies three buildings.
"We worked out an agreement to leave two of the buildings early so other tenants can use them," Marshall said, "and added an extension on our current remaining building that we're occupying."
The final cost of the new airport building is $4.7 million, which the district will cover with reserves over multiple fiscal years, said Kevin Smith, TTAD general manager.
"We're excited to be able to facilitate keeping (Clear Capital) here," Smith said. "Bringing them in and keeping a lot of local workers here was one of the main focuses of us getting involved in the project; we think it will be a good addition to the airport district."
To recoup its investment, the district will charge Clear Capital an agreed-upon rental rate of $1.27 per square foot a month, along with 59 cents per square foot to cover other expenses such as maintenance and electrical fees, according to previous reports.
Based on an office size of 10,840 square feet, the Truckee-based real estate valuations and analytics company will pay $20,162.40 a month, or $241,948.80 a year.
The lease term for the building is for 10 years, with the option for Clear Capital to leave after seven, Smith said.
In that scenario, Clear Capital must give the airport district 270 days notice it's leaving at the end of year seven, and pay a year's worth of rent.
Meanwhile, two rental car companies will split the remaining 1,800 square feet of the building.
Of the three rental car companies that operate at the airport — Hertz, Enterprise and Avis — so far Hertz has signed on to be housed in the new building, said Smith, adding that the district is still in talks with Enterprise and Avis.
Trending In: Business
- Digital disruption: Tech, entrepreneurial ecosystem paves way for growth
- Decision on the proposed Grocery Outlet waits as Truckee seeks to minimize impacts on neighborhoods
- Lake Tahoe transportation: Six ways to travel here without your car
- Market Beat: Stock market election cycles
- Raley’s grocery store approved for Truckee
- Truckee Town Council approves Grocery Outlet
- Lake Tahoe-area resorts announce Friday as 2018-19 season opener
- Updated results still shows close race for Truckee Town Council
- ELECTION: Hetherington, Jones battle for second airport board seat
- Kurt Reinkens: Affordable living with Grocery Outlet unlocks affordable housing