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FOR IMMEDIATE RELEASE
May 2, 2005
Premier Business Centers Develops Two New Executive Suite Centers in Santa Monica, CA and Seattle, WA Total Lease Value $6.6 Million
Irvine, California based Premier Office Centers, LLC dba Premier Business Centers (www.pbcenters.com) has executed leases for two new executive office centers with a total lease value of $6.6 million in two separate transactions. The two locations totaled more than 27,300 square feet and 95 offices.
Jeff Reinstein, Chief Executive Officer of Premier Business Centers, commented, “Over the past three years, as our presence in the Los Angeles and Washington State executive office suite market has increased, we have received a substantial number of inquiries from our customers needing space in Downtown Santa Monica and Seattle. With these acquisitions, Premier now has 38 locations and approximately 2,600 offices for lease making it the second largest operator in the World. Premier has more than quadrupled in size in the past three years without taking on any debt, making it one of the strongest and most stable executive suite operators. Premier now has executive suite operations in 29 Cities and three States allowing it to better serve the office space needs of a variety of business types.”
Premier Business Centers executed leases in two buildings where it plans to develop and open new executive office suites from scratch. One center will be located at 520 Broadway, in the heart of downtown Santa Monica just two blocks from the Third Street Promenade. The building is in close proximity to the Santa Monica Airport, Santa Monica Pier and numerous shops, restaurants and hotels. “520 Broadway has recently been remodeled and is within walking distance of a significant number of amenities. We are very excited that we will now be able to serve the office needs of our customers that reside in the Santa Monica area.” Commented, Mr. Reinstein. The center will initially consist of 10,882 square feet and 41 offices with the option to expand. Will S. Adams, Managing Director and Paul W. Stockwell, Corporate Managing Director of Studley, Inc. represented Premier Business Centers and Timothy C. Macker, Jr., Vice President and Chris Holland, Vice President of Coldwell Banker Commercial Westmac represented the landlord.
A second new center will be located on the 21st floor of 1700 Seventh Avenue, which is one of the newest and nicest class A buildings in the heart of downtown Seattle. The offices have outstanding views of the Olympic Mountains, Elliot Bay, Lake Union, and Mount Baker. The center is also across the street from the newly opened U.S. Federal Courthouse, and consists of 16,509 square feet and 54 offices. Newport Beach based Bob Rush of U.S. Realty Group represented Premier Business Centers and Chris Reid, Senior Vice President of Colliers International represented Merrill Lynch in the sublease.
Premier Business Centers (www.pbcenters.com), a wholly owned subsidiary of The Bascom Group, LLC (www.bascomgroup.com) currently operates the second largest executive suite operation in the United States with thirty-eight locations in California, Washington, and Texas. Premier Business Centers plans to make improvements to each center including upgrades in common areas including the reception area and conference rooms, phone systems, Internet networks, copiers and computer equipment. The company has plans to acquire and develop a total of 50 executive suite centers over the next few years throughout the Western United States.
Since Bascom’s formation in 1996, Bascom has completed value-added transactions totaling over $1.5 billion. Orange County based Bascom has been an active buyer of multi-family throughout Southern California, Central Valley, and Hawaii over the past seven years. Acquisitions have totaled over 13,000 units to date in Los Angeles, Orange, San Bernardino, San Diego, and Riverside Counties as well as Hawaii, the Bay Area, and the Central California Valley. Bascom’s apartment program typically seeks value-added properties located in in-fill locations and repositions them by adding extensive capital improvements, increasing rents, reducing expenses and implementing institutional quality property management. Bascom, through its joint ventures with the Southern California Industrial Fund, LLC and Rushmore Properties, LLC, have acquired more than 4 million square feet of commercial properties nationwide.
For additional information regarding this transaction or Bascom, please contact:
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