Bixby Acquires Office Campus, Plans Redo

SAN JOSE, CA-Irvine, CA-based Bixby Land Co. has purchased a 164,000-square-foot office campus in the heart of Silicon Valley’s Golden Triangle for $19.5 million, with plans to invest an additional $11.4 million on an extensive renovation of the property that will be completed later this year. Bixby assembled the purchase of the vacant three-building campus in two separate sale transactions with sellers Peery Arrillaga and NSJ Investors LLC.

According to a prepared statement, the acquisition occurs as leasing activity for larger blocks of space is on the rise throughout the Bay Area in 2011, with 16 transactions greater than 100,000 square feet signed in the first six months of this year. Silicon Valley has experienced much of this leasing activity as the recovery in the technology sector continues to build momentum.