FOR IMMEDIATE RELEASE
November 10, 2005
Premier Business Centers Acquires Four Executive Suite Centers in Irvine, Newport Beach and Del Mar
Irvine, California based Premier Office Centers,
LLC dba Premier Business Centers has acquired four
executive office centers from Diversified Business
Services, Inc. (commonly referred to as DBS Offices)
on November 9, 2005 for an undisclosed purchase
price. The assets consist of four executive suite
centers and their respective leaseholds located
in Irvine, Newport Beach and Del Mar. The four locations
total more than 90,000 square feet and 245 offices.
The locations purchased are as follows:
- 46,432 square feet at The Atrium Building,
19200 Von Karman Avenue, 4th, 5th and 6th Floors,
Irvine, CA
- 18,448 square feet at The Citicorp Building,
2600 Michelson Drive, 17th Floor, Irvine, CA
- 11,468 square feet at 5020 Campus Drive, Newport
Beach, CA
- 13,992 square feet at Plaza Del Mar, 12526 High
Bluff Drive, 3rd Floor, San Diego, CA
The executive office center at the Atrium Building
in Irvine includes three full floors for a total
of 114 offices (most of which are window offices).
The executive office center in The Citicorp Building
in Irvine is located on the top floor with unobstructed
views in every direction and includes 47 offices.
The executive office center at 5020 Campus in
Newport Beach is a great location with easy ingress
and egress and includes 37 offices. The San Diego
executive office center is located on High Bluff
Drive in the heart of Del Mar and includes 47
offices. Premier Business Centers plans to make
improvements to each center including upgrades
in common areas, phone systems, and copying and
computer equipment.
Jeff Reinstein, Chief Executive Officer of Premier
Business Centers, commented, "The acquisition
of DBS represents a significant strategic event
for our company, because it increases our presence
in both Orange County and San Diego and establishes
Premier as the clear and unquestionable leader
in the Orange County executive suite market. With
this acquisition Premier Business Centers now
has 15 locations in Newport Beach, Irvine, Huntington
Beach, Rancho Santa Margarita and Tustin allowing
it to better serve a larger variety of businesses.
Premier now has 42 locations with approximately
2,900 offices for lease in 30 Cities and three
States, making it the second largest operator
in the World."
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 forty two 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 additional
executive suite centers over the next few years
throughout the Western United States.
Bascom's program typically seeks value-added properties
and repositions them by adding extensive capital
improvements, increasing rents, reducing expenses
and implementing institutional quality property
management. Since Bascom's formation in 1996,
Bascom has completed value-added transactions
totaling over $2.5 billion including more than
$460 million in 2004 alone. Orange County based
Bascom has been an active buyer of multi-family
throughout western U.S. over the past seven years
acquiring more than 20,000 units. 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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