What Bixby Just Bought
Fresh off the heels of renovating a 250k SF office park in San Jose, Bixby Land Co is onto its biggest Silicon Valley project to date: refreshing the 405k SF Lake Park Business Center in Santa Clara. Divco West sold the seven-building complex for an undisclosed amount. (Divco and its Eastdil broker couldn't be reached.) Lake Park Business Center sits west of Levi's Stadium, the future home for the San Francisco 49ers. (Start an autograph line now.) Bixby CEO Bill Halford says he hopes to capitalize on that “stadium effect.”
Bill plans to dump $20M into the remodel at the 65%-leased site (Silicon Valley Bank leases three buildings). Plans include significant exterior and interior renovations. This will be Bixby's fourth office redevelopment in the past two years in Silicon Valley. The latest was THE Campus (above), a newly renovated 250k SF office park in San Jose that's looking for tenants. ("Which campus?" "THE campus." "What are you some kind of wise guy?") It's got a boutique hotel feel, with couch seating areas and fire pits. CBRE's Rob Shannon, who's on the leasing team, tells us there's very good interest.
Lake Park Biz Center's makeover will start later this year, and the design will promote an indoor and outdoor work environment throughout the project (rendering above). Bill says the California climate lends itself to a year-round outdoor lifestyle, and their projects allow employees to work where they are inspired and more productive. For example, at THE Campus, Bixby transformed a secluded 20k SF area into outdoor pods for meetings—or happy hour—and mechanical roll-up doors open up more space to the outside.
