SAN JOSE-Bixby Land Co., in a venture with Cornerstone Real Estate Advisors, has purchased Trimble Technology Park here for $29.5 million from Rockpoint. The purchase, made on behalf of one of its institutional clients, equates to $126 per square foot.
Bixby plans to invest $23 million in repositioning and rebranding the four-building office campus, including exterior renovations, outdoor areas and the addition of 16,000 square feet of new office space. It will be the firm’s third major redevelopment of an office campus in North San Jose in the past 12 months.
One of the features of the redesign will be the addition of contemporary glass roll-up doors that open to newly landscaped exteriors and inviting courtyards similar to a luxury boutique hotel. “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, in a prepared statement. “We’re going further in our design to integrate the indoor and outdoor spaces in a manner unlike anything in the market.”
The additional two-story office space will increase the size of the project just over 250,000 square feet. The firm is also planning significant exterior reconstruction that will transform the building elevations with clean, modern lines and drought-tolerant landscaping. An expansion and upgrading of the building lobbies, additional glass, an upgrading of the mechanical systems, new roofs and renovation of the interior courtyards are also planned. Renovation is expected to begin in the first quarter of 2013 and by completed by year-end 2013.
Bixby represented itself in the transaction, and Joe Moriarty of CBRE represented Rockpoint. According to CBRE’s SVP Rob Shannon, “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.”
As GlobeSt.com previously reported, in June Bixby signed an eight-year office lease with Infoblox to fully occupy the 127,000-square-foot, two-building office campus at 3111 Coronado Dr. in Santa Clara, CA. The lease was signed just as Bixby completed a $10 million redesign that adjoined the buildings with a dramatic, two-story glass pavilion, added contemporary amenities to facilitate efficient operations and created a striking exterior courtyard lounge area for tenants.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
