||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 and
- 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: