Regus Business Centres and Equity Office Sign National Agreement.
Regus Business Centres, the world's leading provider of fully furnished offices with short term, flexible rental agreements, has signed a non-exclusive national agreement with an affiliate of Equity Office Properties Trust, the nation's largest publicly held owner and operator of office properties.
The agreement outlines the companies' intent to establish Regus Business Centres in multiple Equity Office buildings across the country.
Leases totaling in excess of 130,000 square feet are pending or near completion in Seattle and Bellevue, WA; Stamford, CT; Austin, TX; and the Los Angeles, CA area.
"We're pleased to add such a high-caliber company to our growing list of partners in the property industry," says Mark Dixon, executive chairman and founder of Regus Business Centres. "Our two companies share similar goals and standards in delivering stellar customer service and high-quality, flexible workplaces.
"In addition, we believe this arrangement heralds a new era in the evolution of instant offices. By streamlining contractual and construction procedures, we expect to have a business centre open approximately six to eight weeks after an initial request. This ability to access instant buildings for instant offices should revolutionize this sector of the property industry," Dixon continues.
A typical Regus Business Centre is around 25,000 and 50,000 square feet and is outfitted with high quality furniture, and state-of-the-art telecommunications technology allowing for instant LAN (local area network) and T-1 internet access allowing WAN (wide area network) access. Regus boasts fully furnished reception areas, training facilities complete with audiovisual equipment and video conferencing technology, lounge areas, fully equipped cyber cafes and multilingual support services. Regus offers tailored rental agreements for companies with the need for enhanced flexibility. Typically, businesses use Regus to establish local and regional branch offices, as well as to tap their extensive resources and services. The newly formed alliance between Regus and Equity Office will speed the next phase of Regus' expansion across the United States, and will offer Equity Office customers streamlined access to immediate, ready-made office suites and services.
Equity Office serves more than 6,000 companies daily throughout the country's top markets. The company's efficient network offers unique opportunities for dynamic service companies like Regus. Best-in-class providers chosen to partner with Equity Office are integrated into its national portfolio of 287 high-quality office buildings.
"The services Regus offers are in keeping with Equity Office's commitment to its customers' need for flexibility," says Michael E. Sheinkop, senior vice president - real estate services, Equity Office. "This new alliance joins the operational expertise of our two companies to serve a similar and expanding customer base."
Regus was established in 1989 with its first serviced office suite overlooking Stephanie Square in Brussels, Belgium. Regus now operates a global network of 236 fully serviced business centres, encompassing more than 36,000 high-specification individual workstations in 44 countries. One of the fastest growing companies in the world, Regus is currently opening two new centres a week on a global basis. Regus plans to open more than 150 centres in 1999 and will end the year with centres in 58 countries. The company expects revenues in excess of $400 million U.S. dollars.
Equity Office Properties Trust (NYSE: EOP) owns a national portfolio of 287 buildings comprising 76.3 million square feet in 24 states and the District of Columbia. Equity Office has an ownership presence in 36 Metropolitan Statistical Areas (MSAs) and in 81 submarkets, enabling it to provide a wide range of office solutions for local, regional and national customers.
Certain matters discussed within this press release may be deemed to be forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Equity Office Properties Trust believes the expectations reflected in such forward looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Equity Office's expectations include changes in local or national economic or real estate conditions, as well as other risks detailed from time to time in the company's SEC reports and filings, including its S-3 Registration Statements as well as its annual report on Form 10-K. The Company assumes no obligation to update or supplement forward looking statements that become untrue because of subsequent events.