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BEVERLY HILLS, CA-Executive suites operator Premier Business Centers has leased 25,772 square feet of office space at 9701 Wilshire Blvd. in the Golden Triangle section of this city, according to Madison Partners, which represented both the tenant and the building owner, New York’s LeFrak organization. Gary Weiss, a Madison Partner principal who represented Premier, tells GlobeSt.com that the Irvine-based operator of executive suites assumed a six-year lease formerly held by Synergy, an office suites operator that formerly held the lease.

Weiss points out that the deal, which was valued at $7 million, was negotiated and signed very quickly, in only five weeks. Jeff Reinstein, CEO of Premier, which is the largest privately owned operator of executive suites in the US, says that the company now operates “the two most prestigious executive office suite locations in the Beverly Hills Triangle.”

The 9701 Wilshire Building is a 12-story, 110,000-square-foot class A office building that is 95% leased and is occupied by a variety of entertainment and professional firms. Principal RIck Buckley of Madison Partners, which is the exclusive leasing agent for 9701 Wilshire, represented LeFrak in the Premier lease.

Weiss tells GlobeSt.com that Beverly Hills in general and the Golden Triangle district in particular are generally faring better than the rest of the Westside and L.A. office markets during the downturn. Average asking rents for office space in the Beverly Hills market remain at about $3.80 to $4.00 per square foot per month despite the downturn. “Rents are off a bit, but vacancies are still in the single-digits,” Weiss says of the Beverly Hills market.

Madison Partners also was involved in another lease that was signed recently in Beverly Hills when Body Contour Centers LLC of Kirkland, WA, signed a 10-year, $4.05 million deal for a 4,568-square-foot class A medical office space at 9033 Wilshire Blvd. The lease is part of Body Contour Centers’ Southern California expansion plan, according to Phyllis Palin, vice president in Colliers International’s Los Angeles office, who represented the tenant in the transaction. Madison Partners senior directors Steve Salas and Joe King represented the landlord, Archway Holdings-Wilmed LLC and Amir D. Hillgrove LLC.

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