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Bixby Adds to Silicon Valley Holdings

SANTA CLARA, CA-The Irvine-based investor-developer has acquired $263 million worth of office/R&D properties in Silicon Valley in the past 13 months.

By Brian K. Miller | Updated on December 06, 2007

SANTA CLARA, CA-Bixby Land Co. has acquired another Silicon Valley asset, paying $36.4 million for a two-building, 118,000-sf office/R&D campus on six acres that is 100% leased through mid-2009. Looking to capitalize on a recovering market, the Irvine-based private REIT has acquired nearly 1 million sf of office/R&D properties in Silicon Valley in the past 13 months, three in Santa Clara and one in San Jose.

Citing increased demand that is lowering vacancies and increasing rental rates in the R&D/office market in the Silicon Valley, Mike Severson, Bixby’s vice president of acquisitions and development calls the resurgence in the technology sector is “a healthy indicator of future increases in commercial property values in the Silicon Valley” and “an opportunity for Bixby to…capitalize on the market and in-place income.”

To that end, Bixby has acquired some $263 million worth of property in little more than a year, its most recent acquisition being the smallest of the lot. In September, the company paid $85 million for Airport Technology Park, 300,000-sf, five-building, two-story campus also in Santa Clara that sits across from the San Jose Airport. Two publicly traded companies, Macrovision Corp. and BAE Systems, lease 86% of the two-story complex.

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