Irvine, Calif. – Bixby Land Company has purchased its third building in Orange County for creative office development in the past year, landing a 79,756-square-foot building at 15771 Redhill Avenue in Tustin, Calif., for $13.3 million. Bixby will invest another $11.7 million to transform the building into a contemporary workplace, including the addition of 10,000 square feet of office space.
The acquisition marks the continuation of Bixby’s development strategy to deliver modern office projects with exceptional outdoor amenity areas. Bixby has invested over $425 million in this strategy over the past three years and now has almost 700,000 square feet of projects in its development pipeline.
“We are positioning this building with exterior upgrades that will markedly change the appearance of the building in order to appeal to companies looking for a dynamic office setting,” said Bill Halford, president and CEO of Bixby Land Company.
Following the success of numerous office developments statewide, Bixby’s latest acquisition continues the firm’s inventive approach to office space designs in Orange County. Bixby recently completed its gen2 building in Irvine and is final lease negotiations with a 30,000-square-foot tenant for two-thirds of that building. Meanwhile, the firm just commenced construction on Avalon, a 46,000-square-foot office building at 1501 Quail Street in Newport Beach that is slated for occupancy this coming spring.
Bixby’s designs for 15771 Redhill Avenue involve significant upgrades to the building elevations, including the extensive use of new window lines and custom, laser-cut metal screening and a glass pavilion at the main point of entry. The building interior will undergo a complete transformation to creative office space, with exposed, high-volume ceilings and polished concrete flooring.
As with each of its previous creative office projects, Bixby will also develop the Bixby Retreat™, an energetic outdoor amenities area featuring casual seating, fire pits, dining areas and multiples spaces for tenants to connect, collaborate or relax.
The project architect is Boto Design Architects, Inc., a renowned Santa Monica, Calif.-based firm that has designed interiors for such clients as Yahoo, Adidas and Mossimo.
“The creative office campus we have planned for this site is in short supply and is aimed squarely at forward-thinking tenants that want a unique work environment,” said Mike Severson, vice president of investments at Bixby Land. “This acquisition is the continuation of Bixby’s belief in the Orange County market and the high demand for innovative workplaces.”
Upon completion, the roughly 90,000-square-foot building will be ideally suited for one or two tenants that value the style of highly-amenitized office space that has become synonymous with Bixby developments.
“There is a demonstrated need for this type of space, something that we’ve repeatedly seen in Northern California, Los Angeles, Orange County and San Diego,” added Halford. “The pace by which these properties have leased following completion confirms our belief that this is how and where companies prefer to operate.”
Bixby purchased the building from 15771 Red Hill, LLC, who was represented by Mike Hartell of Voit Commercial. Bixby represented itself in the sale.