SAN JOSE–Bixby Land Company's vision for the redesign and rebranding of an obsolete office park at Trimble Road and Orchard Parkway paid off with the $96 million sale of The Campus to MCP Trimble Campus LLC. Bixby, in a venture with real estate investment manager, Cornerstone Real Estate Advisers (which acted on behalf of an unnamed institutional client), transformed the 250,000-square-foot office park into a contemporary work environment. The seller was represented by CBRE's Northern California Capital Markets Group.
Bill Halford, CEO of Bixby Land Company, tells GlobeSt.com: “We developed The Campus specifically to appeal to progressive companies that wanted a dynamic work environment. Tenant interest in the project was very strong and the success of this project confirms our belief that given the choice, this is the kind of space companies prefer.”
The joint venture acquired the four-building project in 2012 and engaged Studio G Architects in an extensive redesign of the office campus. The building exteriors were reskinned to feature sleek architectural lines, and high-volume atrium entryways further established the contemporary look and feel of the project.
Bixby also developed an expansive open area between two of the buildings to create an oversized outdoor living room and amenities area, a signature element in Bixby projects. The developer added an outdoor gourmet kitchen, dining areas, fountains, plush couch seating around a fire table and eco-friendly landscaping.
“It was readily apparent when we bought the property that a significant amount of work was necessary to realize the full investment potential of the project,” continued Halford. “The project had sat virtually empty for an extended period of time and needed a complete overhaul – building exteriors, roofs, mechanical equipment, common areas, landscaping … the works.”
Market acceptance for the project was immediate, with Verizon leasing two buildings for 136,000 square feet in June 2014, just 90 days after completion. ASML US Inc. leased another 92,000 square feet earlier this year.
“Both of these tenants wanted collaborative, open areas where their employees could meet or relax,” said Rob Shannon, senior vice president at CBRE. “Highly amenitized buildings have become a necessity as companies vie for top talent in Silicon Valley, and Bixby has been a leader in delivering this kind of space.”
Bixby Land Company is a commercial real estate operator and investment manager with a portfolio of office, industrial and R&D properties of approximately $1 billion. Bixby is in development on another Silicon Valley project, the 405,000-square-foot Quad at Tasman. Located just west of Levi's Stadium in Santa Clara, the project features a 2-acre Bixby Retreat amenities area and will be completed by the end of the year.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
