San Jose and Irvine, Calif. – Bixby Land Company’s vision for the redesign and rebranding of an obsolete office park in San Jose, California has paid off with the $96 million sale of THE Campus to MCP Trimble Campus, LLC (MetLife Real Estate Advisors). Bixby, in a venture with Cornerstone Real Estate Advisers (who acted on behalf of an institutional client), transformed the 250,000-square-foot office park at Trimble Road and Orchard Parkway into a contemporary work environment for leading Silicon Valley firms.
“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,” said Bill Halford, president and CEO of Bixby Land Company. “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.”
The venture between Bixby and Cornerstone 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, eco-friendly landscaping, and more.
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,” added Shannon.
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 two-acre Bixby Retreat™ amenities area and will be completed by the end of the year.
Bixby also has five other projects in its development pipeline in Southern California, including three in Orange County and two in San Diego County. All told, the firm has completed or has underway approximately two million square feet of development.
“We’ve taken a comprehensive approach to these projects to deliver dynamic, inviting work environments that people can look forward to coming to every day,” added Aaron Hill, senior vice president at Bixby.
The seller was represented by CBRE’s Northern California Capital Markets Group.