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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.
