Premier Business Centers Expands Downtown

The 333 S. Grand building sits on the corner of Grand Avenue and Third Street in a location that Jeff Reinstein, chief executive officer of Premier, describes as "one of the most prestigious class A high-rise buildings in Downtown Los Angeles." Premier was represented in the lease by Will Adams and Paul Stockwell of Studley, with the sublandlord in the deal represented by Joseph Faulkner and Christopher Cunningham of the Charles Dunn Co., which recently became the local affiliate of GVA Worldwide.

The Downtown L.A. expansion is the latest in a recent series of leases signed by Premier for new executive office suite operations in Los Angeles and Orange counties. The 333 S. Grand lease is for space that is marketed as 79 separate offices, joining 69,000 sf of other leases recently that added 256 rentable offices to Premier Business Centers' portfolio, according to Reinstein. Premier operates the largest privately owned executive suite operation in the US, with locations in California, Washington, and Texas.

In addition to owning Premier, Bascom also expanded its presence in the office market recently with the formation of a joint venture with Realm Real Estate of Newport Beach to acquire and develop office buildings in Southern California. The new venture, called the Realm Group, has the capacity to invest up to $100 million per transaction in either repositioning properties to add value or to develop office buildings from the ground up.

The JV already has a new development under way in Palmdale, a 230,000-sf office project called Palmdale Corporate Center that is slated to be ready for occupancy in June 2008.