Office Space News
Published July 20th, 2010 by Jennifer LeClaire
Premier Business Centers is barking up the acquisition tree during these dog days of summer. The Irvine-based serviced office space provider quietly acquired an unnamed executive office suites competitor in Burbank.
Premier Business Center’s newest location is located on the fifth floor of an office building at 2600 West Olive Avenue. Premier Business Centers is taking up residence in nearly 24,000 square feet of office space, adding 92 executive office suites and three conference rooms to its portfolio.
Although Premier Business Centers now boast 55 locations, the acquisition marks the serviced office company’s first entrance into Burbank. The facility is in the Burbank Media District, and will also serve entrepreneurs in Glendale and Pasadena from its strategic location.
Can Premier Make it Work?
Specifically, Premier Business Centers’ newest office suite is situated at the corner of West Olive and Buena Vista, close to all major movie studios, including Disney, Warner Bros., NBC, Universal and DreamWorks. The full-service office space is also close to the 101 Freeway and 134 Freeway. Sounds like the dream location.
“We are very excited to be able to offer move-in ready office space, with incredible views in this Class A office building in the heart of the Burbank Media District,” says Jeff Reinstein, CEO of Premier Business Centers. “We are confident that our proximity to all of the major film and TV studios, and our ability to provide flexible office space solutions is going to be a major draw for media-centric businesses.”
Reinstein is confident. But I’m left wondering about the details of the acquisition. Why is this unnamed executive office suites center selling out to Premier Business Centers if the location is so strategic that it is a major draw for all media-centric businesses? Is it possible that the company was suffering because of the recession’s ripple effect hit the office scene?
I’ve read about how Wall Street banks are cutting down film financing and private equity firms have followed suit. Maybe serviced office space isn’t as high a priority as landing Tom Cruise for the next spy thriller? Even so, if any business center operator can make a go of it in Burbank, Premier Business Centers can. This company has a proven business model that allows it to continue growing through these types of acquisition deals.