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FOR IMMEDIATE RELEASE
July 15, 2003
Premier Business Centers Acquires Three Executive Suite Centers in Pasadena, San Francisco, and Redmond
Irvine, California based Premier Office Centers, LLC dba Premier Business Centers has acquired three executive office centers from Equity Office Properties, Regent Business Centers, and Bear Creek Business Partners on June 30, 2003 for an undisclosed purchase price and executed five year leases at each location. The assets comprise three executive suite centers and its leaseholds located in California and Washington in the cities of Pasadena, San Francisco, and Redmond. The Bascom Group, LLC has taken ownership under its affiliate company, Premier Office Centers, LLC, 2102 Business Center Drive, Irvine, California, 92612.
The locations purchased are as follows: 13,047 square feet at 790 East Colorado Boulevard, Ninth Floor, Pasadena, California; 14,297 square feet at 225 Bush Street, Sixteenth Floor, San Francisco, California; and 15,000 square feet at 18300 NE Union Hill Road, Suite 210, Redmond, California. The Pasadena location includes 31 offices on the penthouse floor with a law library and mini-suites with balconies. The San Francisco purchase includes 62 offices in a Class A building located prestigiously in the heart of the Financial District. The Redmond location is located near the major Northwest business centers of Washington and includes 65 offices overlooking scenic Bear Creek. Newport Beach, California based Robert Rush of US Realty Group represented Premier Business Centers in negotiating new leases at each location with the each landlord. Premier Office Centers, LLC currently operates one of the largest executive suite operations with twenty locations in California, Washington, and Texas. Premier Business Centers plans to make improvements to each center including upgrades in common areas, phone systems, and copying and computer equipment. The company has plans to acquire and develop 50 executive suite centers over the next five years throughout the Western United States.
Orange County based Bascom Group has also been an active buyer of multi-family product throughout the Southern California region over the past forty-eight months and has closed over 10,000 units to date in Los Angeles, Orange, San Bernardino, San Diego, and Riverside Counties. Derek Chen, Jerome Fink, and David Kim founded the Bascom Group, a private equity fund, in 1996. 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. In addition to their apartment portfolio, Bascom has acquired approximately 3.5 million square feet of industrial product throughout Southern California via the Southern California Industrial Fund, a joint venture with the Magellan Group of Los Angeles. The Bascom Group, along with its parent company Chenco International Investment Company of Las Vegas, has been involved in real estate development and value added programs with a transaction value in excess of $1 billion. Bascom’s capital base includes domestic institutional equity investors as well as private foreign investors.
For additional information regarding this transaction or Premier Business Centers, please contact:
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