“The Crossing at First” will undergo $8 million capital infusion as Bixby extends its office repositioning strategy in the Pacific Northwest
Newport Beach, CA and Portland, OR – Bixby Land Company, having just completed a three-building, $44.2 million assemblage in downtown Portland, OR, is underway with an inventive office campus redesign that will transform the project into a vibrant work environment. Bixby today revealed the new project, The Crossing at First, to the Portland commercial brokerage community.
The Crossing at First integrates the former CDK Plaza and adjacent Marquam Building into a dynamic 250,000-sqaure-foot office campus that will be connected by an energized, one-acre plaza and outdoor amenity area. An $8 million capital infusion is planned for the project, designed by the Portland office of IA Interior Architects.
“We are taking a bold and comprehensive approach to redesigning The Crossing at First into an office campus that meets the needs of a progressive workforce,” said Bill Halford, president and CEO of Bixby Land Company. “We think there is tremendous upside potential for this project and the community it will serve.”
The Crossing at First features pixilated window glass patterns and brightly colored walkways that immediately establish an independence of design thought. The redesign includes improvements to lobbies, corridors, parking garage entryways and signage.
The centerpiece of the redevelopment, however, is the Bixby Retreat, an expansive, activated courtyard area synonymous with Bixby Land Company projects.
The Bixby Retreat is an outdoor gathering area and focal point for the project, designed with warm IPE wood accents and custom benches, casual seating and dining areas, and framed with lush, eco-friendly landscaping.
“Companies up and down the West Coast have told us they want a workplace where their employees can gather, collaborate, or simply relax, and there has been overwhelming support for outdoor spaces that promote these activities,” added Halford.
Additional amenities include a central water feature, bike storage, café and shower facilities, plus a parking ratio of three spaces per 1,000 square feet, nearly triple that of standard Downtown Portland office buildings.
The Crossing at First is scheduled for completion in Q4 2017, and is represented by the Colliers International leasing team of Chris Johnson, Mary Kay West and Robert Greenfield, who agree that today’s tenants are increasingly seeking amenity-rich projects.
“The combination of the amenities Bixby has planned and the scale of the redevelopment is compelling, and we believe area companies will have high interest in the project,” said Chris Johnson, SIOR and executive vice president at Colliers. “The Crossing at First is close to light rail, has abundant parking, and has the added benefit of a downtown location yet one that is removed from the congested CBD core.”
Located at 2501 and 2525 Southwest 1st Avenue, The Crossing at First represents a broader renaissance in Portland’s Southwest District. A few blocks away, Under Armour will open its much-anticipated 70,000-square-foot corporate facility later this summer. The nearby 33-acre Zidell Yards represents the largest infill redevelopment site in Portland and is adjacent to the sprawling South Waterfront, one of the largest urban redevelopment projects in the U.S. Much of this growth is driven by the expanding Oregon Health & Science University, a dominant employer in the immediate area.
“We’re bullish on the market fundamentals in Portland, and in this neighborhood in particular,” added Mike Severson, executive vice president and chief acquisitions office for Bixby. “This project is a textbook fit for our value add investment strategy.”