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July 31, 2003

Premier Business Centers

An Irvine, Calif.-based commercial real estate investment firm, the Bascom Group, bought control of a small business suites center in Redmond along with centers in Pasadena and San Francisco. The Bascom Group, through its Premier Business Centers division, bought a 15,000-square-foot center in the Millennium Corporate Park in Redmond from Bear Creek Business Partners, Bascom said. Business suites operators lease space from office building owners and then re-lease it to businesses, equipping the offices with furniture, kitchens, technology, clerical staff and other necessities. Bascom assumes Bear Creek Business Partners' lease on 15,000 square feet in Millennium on Northeast Union Hill Road. The space has 65 rentable offices.

Bascom also bought a 13,000-square-foot center in Pasadena from Equity Office Properties Trust and a 14,300-square-foot one in San Francisco from Regent Business Centers. Newport Beach broker Robert Rush of US Realty Group negotiated new leases with the three centers' landlords for Bascom's Premier Business Centers. Premier now operates 20 business suite centers in California, Texas and Washington and says it plans to add 50 more to that throughout the West during the next five years, either by acquisition or start-up.




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