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FOR IMMEDIATE RELEASE
January 22, 2003
The Bascom Group Creates One of the Largest Executive Suite Operations in US
Irvine, California based The Bascom Group has created one of the largest executive suite operations in the United States in less than 12 months. Through its subsidiary Premier Office Centers, LLC dba Premier Business Centers (2102 Business Center Drive, Irvine, California, 92612), The Bascom Group has acquired 8 companies for a total of 20 full service executive suite centers in California, Washington State and Texas. The most notable acquisitions include their recent acquisition of Western Business Centers 3 locations and acquisition of 9 locations from the then bankrupt American Office Centers aka Great Offices. The company has plans to acquire and develop 50 executive suite centers over the next five years throughout the Western United States.
Premier Business Centers has more than 1,400 customers and operates in three states and 14 cities. Premier Business Centers provides businesses with professionally staffed office space on a full or part time basis. Their lease terms are flexible allowing a potential customer to rent by the hour, day, month or year. All of the services that a business may need are available at each of their office centers including: administrative/secretarial service, T1 high speed internet access, telephone service, furniture, information technology services/consulting and conference rooms.
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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