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As a result, Premier has seen a consistent increase in activity in recent months. The swift implementation of additional COVID-19 protocols allowed the company to attract a new client base while competitors repositioned their centers by dividing large team rooms or shared coworking areas. This allowed the company to retain almost all of its client base during the pandemic. Premier's shared workspaces were fortuitously designed with an almost exclusive focus on individual, private offices, which has become highly desired in this Covid-19 environment. "We offer landlords our unparalleled experience as well as internal infrastructure that allows us to better understand and fulfill the opportunity of each location." said Amy Fuller, the Company's SVP of Sales & Marketing. Finally, and most importantly to the building owner, Premier Workspaces converted all six locations to master leases prior to the one-year mark. Premier was able to retain nearly all of the existing clients, dramatically reduce recurring operational expenses, and increase revenue through a more diverse product offering and favorable client negotiations. In this example, after another operator defaulted, Premier Workspaces quickly assumed management of over 200,000 square feet of space across the six Irvine Company properties in Southern California. David Kim, Managing Partner at Bascom Group added "We are excited about the opportunity in the coworking space today and our turnaround experience is a natural fit with the distress in the industry."Īn example of the win-win nature of such transactions is one of the many management deals done by Premier with a large, institutional office building owner such as the Irvine Company. Bascom Group's commitment of financial support certainly adds credibility to the announcement.
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" Bascom is committed to supporting Premier Workspaces' upcoming growth," said Jerry Fink, Managing Partner at Bascom Group, LLC. The Orange County-born coworking company expects to take-over, partner with, or start up 100 coworking spaces nationwide totaling another estimated two million square feet of space. 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." "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 getting calls from landlords daily," stated Michael Pollack, Vice President, Director of Real Estate at Premier. There is no company in our industry that has the same track record or depth of experience as Premier Workspaces in taking over and repositioning failed shared workspace locations." "Over the past nearly 20 years, Premier Workspaces has taken over and repositioned 74 distressed or bankrupt shared workspace locations. With news of large national and global companies going through restructuring 3, having to right-size their footprints 4 or in extreme cases, filing for bankruptcy 5, Reinstein thinks the industry is ripe for consolidation. Jeff Reinstein, Premier's Chief Executive Officer, says he is convinced that businesses will not only still need office space, but also seek the flexibility and convenience of full-service office solutions like Premier Workspaces offers. These managed locations also include a coworking space within a luxury apartment community – the latest amenity trend in rental housing. In 2020, Premier added five new managed shared office spaces. This strategic growth comes not only from new buildouts, but also from the managing and repositioning of distressed locations.Īs a pioneer in the management agreement model, Premier signed its first management contract to operate a coworking space nearly 20 years ago and has continued to grow the management portion of its portfolio. Premier's impressive, yet responsible growth, comes from operating coworking spaces with a healthy mixture of master leases, subleases, and management/partnership agreements. Over these two decades, Premier has never had an unprofitable year, nor defaulted on a lease, making Premier a trusted option for landlords.
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Premier has since owned or operated a total of 132 shared workspace locations and more than two million square feet of space. Premier, one of the largest privately held coworking/executive suite operators in the US, started with the bankruptcy sale acquisition of American Office Centers.