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National  + Distressed Assets  | 
Cash flow for certain property types have yet to stabilize, said CREFC chair Eric Thompson

Premier Workspaces Launches Platform to Take Over Distressed Locations

The pandemic has disrupted the coworking/flexible office space industry, with some operators closing up shop and leaving office building owners with vacant floors. Irvine, CA-based Premier Workspaces (formerly Premier Business Centers) has positioned itself to offer solutions to such owners.

With the backing of the Bascom Group, its parent company, Premier is moving forward with plans to grow by taking over these distressed locations and adding more than 100 new locations over the next few years. Premier is itself a product of a prior distress cycle, having been formed in 2002 following Bascom’s acquisition of American Office Centers in a bankruptcy auction.

“We are getting calls from landlords daily,” said Michael Pollack, director of eeal estate at Premier. “Landlords are inquiring about possible partnerships to take over spaces where coworking operators are not paying rent or simply notified them that they are leaving.

“We are able to sign short-term management agreements to stabilize the center and then convert it to a long-term master lease, unless the landlord prefers a long-term management deal,” he continued.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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