Premier was founded by Jonathan Cutler. A research scientist and Ph.D. by training who worked summers in a mortgage office through school, he jumped into real estate full time in 1985. One year later he co-founded and became president of the Legend Group, a development and building company which ultimately delivered over 400 homes in 25 subdivisions in Maryland and Virginia. During the downturn of the early 1990s, the Legend group was also brought in by institutions such as Ameribanc and GE Capital to help rescue failed subdivisions. Mr. Cutler and others founded Premier Management in 1992 as the commercial division of the Legend Group, with early projects centered on tenant build outs and property management for related entities.
Focus on Commercial Real Estate
In 1994, Jonathan Cutler sold his interest in the Legend Group, bought out the other partners in Premier Management, and began to focus his attentions on developing a commercial real estate business. Premier then partnered with a handful of individual investors to acquire vacant or severely under-performing properties with the goal of creating value by redeveloping, repositioning, and re-tenanting those assets. This strategy proved quite successful, and continues to represent one of our core competencies to this day.
Early Premier Success
Early successes included buying a completely vacant 4 story office building that had lost its zoning, getting the property rezoned, undertaking a ground up rebuilding, and then achieving 100% occupancy within 2 years. That property is still in our portfolio and managed by Premier (see Deal Stories, “Monroe Building”). Another early success involved purchasing a mostly vacant manufacturing facility, building it out into office, leasing it, profitably managing it for many years, and then selling the property at a significant profit. Those profits were then leveraged in an exchange transaction to acquire a 100,000 sf medical center, which is still part of our portfolio and of course managed by Premier.
Premier has also developed, designed and built buildings from the ground up – acquiring land in a failed business park and constructing two office buildings. The properties were leased up, managed by Premier for 8 years, and one building was recently sold for a large profit. That profit was leveraged to purchase a 120 unit multifamily complex in Delaware, which is also managed by Premier. The multifamily project, in turn, needed repositioning due to 22% vacancy. That property is now over 95% occupied and continues to be part of our portfolio. There are many, many more such stories, and you can read about few of them in the Deal Stories section of this website.
In more recent years, Premier has further expanded into syndications, commercial condo conversions, making bridge loans, and offering its asset management and property management expertise to other property owners on a contract basis. The Company has grown to include senior Certified Property Managers, Building Engineers, Lease Administration, and a full accounting and support staff. Premier is proud to have been awarded the AMO (Accredited Management Organization) designation by the Institute of Real Estate Management – one of only about 550 such companies world wide. Premier’s clients benefit from our deep knowledge of negotiation, leasing, construction, operations and financing. Premier Management now has over 1.7M square feet under management spanning all types of commercial and multifamily properties.