Bixby Land Company, a leading commercial real estate operator and investment manager based in Orange County, Calif., has purchased the 234,123-square-foot Trimble Technology Park in San Jose, Calif. Bixby's acquisition of the four-building office campus in San Jose's Golden Triangle submarket represents the firm's third major renovation project in Silicon Valley over the past 12 months. Bixby plans a $23 million repositioning and rebranding of the property that includes significant exterior renovations, captivating outdoor areas and the addition of 16,000 square feet of new office space.
"We've listened to what today's companies want in the way of efficient, contemporary office space and are delivering exciting next-generation work environments that meet those needs," said Bill Halford, president and CEO of Bixby Land Company.
Bixby's comprehensive redesign of the buildings features contemporary glass roll up doors that open to newly landscaped exteriors and inviting courtyards reminiscent of a luxury boutique hotel. "We're going further in our design to integrate the indoor and outdoor spaces in a manner unlike anything in the market," said Halford.
Bixby will add 16,000 square feet of two-story office space, increasing the size of the project to just over 250,000 square feet upon completion. Significant exterior reconstruction is planned that will transform the building elevations with clean, modern lines and drought tolerant landscaping. Bixby will also expand and upgrade building lobbies, add glass, upgrade mechanical systems, add new roofs and renovate interior courtyards. Renovation is expected to commence in the first quarter of 2013 and be completed by year-end.
The centerpiece of the redevelopment is the signature Bixby Retreat™, a spacious outdoor living room with fire pits, couch seating, an outdoor kitchen and an ambiance that Bixby has found to be extremely popular with companies and workers. "Bixby has proven that this concept works quite well, especially in markets such as Silicon Valley where there is an abundance of progressive-minded firms that value modern amenities," said Rob Shannon, senior vice president at CBRE.
The renovation represents the third major office campus repositioning by Bixby in the Silicon Valley in the past year. Bixby delivered an award-winning renovation of 3111 Coronado Drive in Santa Clara, Calif. in May 2012, leasing the entire office campus to Infoblox immediately upon completion. Bixby followed that success with the June 2012 renovation of a three-building office campus on River Oaks Parkway in San Jose. Together, these two projects represent nearly 400,000 square feet of newly renovated office space. Additionally, Bixby is renovating a 291,000-square-foot office building that it acquired for $52 million in August 2012 in Torrance, Calif.
Bixby's latest investment is centrally located at 375, 397, 399 and 441 W. Trimble Road, adjacent to San Jose's North 1st Street Corridor and with easy access to Highway 101. Situated on a 14.95-acre site at the northwest corner of Trimble Road and Orchard Parkway, the office campus is within one block of a VTA light rail station and is one-half mile from San Jose International Airport.
The complex includes two single-story buildings with high ceilings and a pair of two-story buildings that are elevator served. At present, 375, 397 and 399 Trimble Road are available for lease. These three buildings can be assembled to create a synergistic corporate headquarters location of 230,000 square feet upon completion of the renovation and the new office space.
Bixby acquired the property in a venture with Cornerstone Real Estate Advisors, who acted on behalf of one of its institutional clients.
Bixby's investment strategy continues to grow the company's 6 million-square-foot portfolio of office and industrial properties with more value add opportunities. "We are continually looking at value add investment opportunities in California markets that exhibit good fundamentals," said Mike Severson, vice president of investments at Bixby.
About Bixby Land Company
Bixby Land Company is a leading commercial real estate operator and investment manager with a portfolio of assets under management nearing $1 billion. The company is a privately-held REIT that owns core industrial and value add investments in R&D and office properties throughout the Western U.S. Bixby Land Company has a vertically integrated operating platform backed by a veteran management team. For more than 100 years, Bixby Land Company has been committed to adding value for its investors and shareholders.