Irvine, California based Premier Business Centers (www.pbcenters.com) has acquired three executive office centers with a total lease value of $7 million in three separate transactions. The three locations totaled more than 46,500 square feet and 156 offices. One location was purchased from Seattle, Washington based Curran Properties, and two locations are being developed from scratch.
Jeff Reinstein, Chief Executive Officer of Premier Business Centers, commented, “With these acquisitions, Premier now has 36 locations and approximately 2,500 offices for lease making it the second largest operator in the World. Premier has grown 300% in the past two years and now has executive suite operations in 27 Cities and three States allowing it to better serve the office space needs of a variety of business types. Despite the economic recession, our portfolio of existing locations is 90% occupied. This high occupancy and efficient operations has resulted in Premier generating substantial free cash flow that has allowed us to expand without taking on any debt.”
Premier Business Centers purchased one center from Curran Properties. The center is located at 19125 North Creek Parkway, at the heart of Bothell, Washington’s Northcreek business district, and consists of 13,841 square feet and 53 offices. “This acquisition is another step towards achieving our goal of owning and operating 4 or 5 executive suites in the Washington State area”, commented Mr. Reinstein. Newport Beach based Robert Rush of US Realty Group represented Premier Business Centers and Dick Carson, President of CCD Enterprises represented the landlord.
Premier Business Centers executed leases in two buildings where it plans to develop and open new executive suites. One center will be located at 1500 Rosecrans Avenue in Manhattan Beach, California, and consists of 15,050 square feet and 56 offices. Mr. Reinstein commented “the Rosecrans corridor between the 405 Freeway and Sepulveda Boulevard has experienced enormous growth in the past 10 years, but has been lacking a class A executive suite operation. We are extremely excited about having the opportunity to fill that need and provide high quality office space and services to the residents of the South Bay area.” Eric Lastition of Colliers-Seeley represented Premier Business Centers and Bob Inch, Vice President - Marketing of Continental Development Corporation represented the landlord.
A second new center will be located at the landmark building “The Promontory” at 11440 West Bernardo Court in the Rancho Bernardo area of San Diego, California. The offices will have panoramic valley views, and consist of 18,121 square feet and 62 offices. “This executive suite was originally developed and operated by HQ and was later taken over by another operator that subsequently relocated to another building. Premier has completely renovated the suite and will be reopening it in February 2005”, stated Mr. Reinstein. Newport Beach based Robert Rush of US Realty Group represented Premier Business Centers and Gary Williams of CB Richard Ellis represented the landlord.