Los Angeles and Irvine, Calif. – Bixby Land Company has sold Pacific Center, a premier South Bay office building at 21250 Hawthorne Blvd. in Torrance, Calif., to Stream Realty Acquisition, LLC for $68.5 million. Bixby transformed the building in 2013 into a contemporary work environment in order to bolster occupancy and meet the workplace requirements of today’s tenants, a development strategy the Irvine, Calif.-based developer has successfully employed throughout the state.
Bixby acquired the eight-story, 291,711-square-foot building from TA Associates for $52 million in July, 2012. At that time, the project, formerly known as South Bay Tower, was just 63% occupied and in need of refurbishment in order to attract new tenants.
“We identified an excellent opportunity to restore the prominence of this building in the Torrance market and provide the kind of work environment that companies were searching for,” said Bill Halford, president and CEO of Bixby Land Company.
Bixby performed significant exterior upgrades to the building elevations and entry points, added eco-friendly landscaping and made major interior improvements to the tenant spaces, common areas and restrooms. The LEED-certified and Energy Star-rated building was rebranded Pacific Center and was actively marketed as the new preferred address for business in the South Bay.
In designing the main entry to the building from the five-story parking garage, Bixby developed its signature Bixby Retreat™, an outdoor gathering area where tenants can meet or relax.
“We took a comprehensive approach to the development in order to position the property for leading professional firms in the South Bay,” added Halford.
Bixby signed approximately 55,000 square feet of new leases following the renovation, including major leases to All Nippon Airways and Living Social. Morgan Stanley, Bank of America and Wells Fargo Insurance are also prominent tenants in the building, which is now 80% leased.
“The timing was right to capitalize on our investment objective following the successful renovation and leasing of the project,” said Halford.
Bixby Land Company was represented by Kevin Shannon of CBRE in the transaction, while Stream Realty Acquisition represented itself.
