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IRVINE, CA-Executive office suites operator Premier Business Centers has acquired four office centers totaling 90,000 sf and comprising 245 offices in Irvine, Newport Beach and Del Mar from Diversified Business Services Inc. Financial terms of the deal were not disclosed, but buyers of executive office suites typically pays a multiple of the cash flow that is generated by the offices.

Jeff Reinstein, CEO of Premier Business Centers, tells GlobeSt.com that the acquisition of the DBS offices represents a strategic move that makes the company the largest operator of executive suites in Orange County with 15 locations and increases its presence to three locations in San Diego County. With this acquisition, Premier now has Orange County locations in Newport Beach, Irvine, Huntington Beach, Rancho Santa Margarita and Tustin.

Premier’s new offices include 46,432 sf on floors four, five and six at the Atrium Building at 19200 Von Karman Ave. in Irvine; 18,448 sf on the 17th floor at the Citicorp Building at 2600 Michelson Drive in Irvine; 11,468 sf at 5020 Campus Drive in Newport Beach and 13,992 sf on the third floor at Plaza Del Mar at 12526 High Bluff Drive in Del Mar.

Reinstein says that the newly acquired offices are about 96% to 97% occupied. In all of the locations, he tells GlobeSt.com, Premier acquired a master lease with at least five years on it plus options to renew.

Premier also acquired the phone systems, furniture, fixtures and equipment at the four locations. The company plans to make improvements to each center including upgrades in common areas, phone systems, copying machines and computer equipment.

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, Reinstein notes. The company, which is a wholly owned subsidiary of the Irvine-based Bascom Group LLC, plans to acquire and develop additional executive suite centers over the next few years throughout the Western US.

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