Premier Office Leases Broadway Space

SANTA MONICA, CA-Premier Office Centers LLC of Irvine has executed a lease for 10,882 sf of office space at 520 Broadway, one of two new executive office center deals totaling 27,300 sf that the company has signed here and in Seattle. The combined value of the leases, which were signed in two separate transactions, totals $6.6 million.

Premier Business Centers’ chief executive Jeffrey Reinstein tells GlobeSt.com that the company, which is a subsidiary of the Bascom Group, has options to expand its space at 520 Broadway that could eventually take it to 20,000 sf in the building. Premier is committed to taking 2,000 additional sf in about 15 months, then will have options to expand further after that, Reinstein says.

Premier is developing the new executive office suites from scratch at 520 Broadway in Santa Monica, about two blocks from the Third Street Promenade. The center will initially consist of 10,882 sf and 41 offices. Will S. Adams and Paul W. Stockwell of Studley represented Premier, with landlord Rockwell Capital represented by Timothy C. Macker Jr. and Chris Holland of Coldwell Banker Commercial Westmac. The 113,000-sf building is now 100% leased.

In the Seattle lease, as reported previously on GlobeSt.com, Premier has taken a full floor of class A office space in downtown Seattle for one of its business centers. Premier will occupy 16,509 sf at Clise Properties’ 1700 Seventh Avenue. The company is subleasing the 21st floor space from Merrill Lynch.

The two new Premier Business Centers bring the company’s totals to 2,600 office suites in 38 business centers in 29 cities, says Reinstein. The company has more than quadrupled in size in the past three years without taking on any debt and is now the second largest executive suites operator in the world, he says.