Bixby Land Company, in joint venture with Cornerstone Real Estate Advisers, LLC on behalf of an institutional investor, has acquired an office building at 2101 El Segundo Blvd. in El Segundo, Calif., with a dramatic redesign planned that will transform the five-story , 112,695-square-foot building into a vibrant, contemporary work environment. Shubin+Donaldson Architects, renowned designers of exceptional, creative commercial spaces , has been engaged to deliver a modern, new urban work environment.
The design of the property is aimed squarely at progressive-minded firms that want an alternative workplace. "We're creating an entirely new office concept with a design unlike anything in the market," said Bill Halford, president and CEO of Bixby Land Company. "Today’s users want a dynamic work place that is the antithesis of their parent's generation. This is definitely not your father's office."
Instead, 2101 El Segundo Blvd. will offer a contemporary work environment reminiscent of the design elements found in an eco-resort or boutique hotel. The lobby will feature lounge seating and custom music, while inviting outdoor gathering areas with raised wood decking and trellised gardens offer a welcome respite for workers and their guests.
"The building redesign creates an environment that will appeal to the increasing number of tenants that want open ceilings and flexible space where creativity and collaboration are fundamentally promoted," said Russell Shubin, partner at Shubin+Donaldson Architects.
"We envision the lobby with a vibrant sense of space to serve as an active social hub, while the use of eco-sourced wood and abundant landscaping creates intimate and useful outdoor spaces," added Shubin.
The exterior redesign features prominent horizontal wood slat panels that climb the full height of the building, emblazoned with the property street address "2101." By combining visually appealing natural elements with man-made materials, the design creates a dynamic environment that supports the duality of work and relaxation integral to the design.
Bixby's new urban work space goes well beyond meeting the collaborative needs of office tenants, with amenities that add a creative element to the work place. The building will be dog-friendly, the first of its kind in the market, and will provide beach cruiser bicycles for tenant use.
Bixby Land Company and Cornerstone Real Estate Advisers purchased the building from The Krausz Companies, Inc. at an undisclosed price, and plan to invest $10 million to reposition and lease the building to stabilization. The building was 100 percent vacant at closing, and Bixby estimates that the building was acquired at approximately 40 percent of replacement cost. The building offers 22,000-square-foot floor plates that can accommodate the needs of full-floor tenants as well as firms in the 2,500-square-foot range.
This is Bixby’s second investment in the South Bay submarket in nine months. The firm acquired a 291,000-square-foot building in Torrance, Calif. in July 2012. Rebranded as Pacific Center, the building is being upgraded throughout. "We continue to seek strategic acquisitions that provide significant upside in value," said Halford.
Bixby Land Company was self-represented in the transaction, while Bill Bloodgood of CBRE represented the seller.