SOURCE: Bixby Land Company

February 11, 2014 10:57 ET

Newport Beach, Calif. Office Building Acquired, to Undergo Redevelopment to Creative Space by Bixby Land Company

IRVINE, CA--(Marketwired - Feb 11, 2014) - Bixby Land Company has acquired yet another office building in its continuing redevelopment strategy to bring leading edge creative office space to an underserved tenant market. The firm purchased a two-story building at 1501 Quail Street in Newport Beach, Calif. from The Realty Associates Fund VIII, L.P. (TA Associates Realty), and will have a total of $16.5 million invested in the project following significant renovations scheduled to be completed later this year. 

"We are repositioning this building with extensive exterior upgrades that will markedly change the appearance of the building and appeal to companies seeking a dynamic, contemporary office setting," said Bill Halford, president and CEO of Bixby Land Company.

Building upon the success of numerous office redevelopments in Silicon Valley and Los Angeles, Bixby's latest acquisition continues the firm's inventive approach to office space redesign in Orange County. Bixby also acquired a two-story office building in Irvine, Calif. in November 2013 that is currently under redevelopment.

Senior Designer Sam Farhang of San Francisco-based Rapt Studio will lead the redesign for the 47,541 square-foot building. Farhang previously led the design team at Clive Wilkinson Architects for the creative redesign of the Fox Head building in Irvine, Calif. in 2012.

"The design for 1501 Quail expresses a forward-thinking approach to the workplace and what a creative space looks and feels like -- one that uses space in an authentic and meaningful way, focusing on the experience like a high volume atrium entry that introduces the visitor to a second floor outdoor collaborative space," said Farhang.

Plans call for significant interior upgrades that will utilize the existing 10-foot high glass lines for abundant natural light and take full advantage of a high-volume atrium lobby. The building is being repositioned from single tenancy to accommodate multiple tenants, and as with each of Bixby's previous redevelopments, the project will feature the signature Bixby Retreat™, inviting outdoor areas for tenants to relax and recharge.

"We have had overwhelming response from tenants for the amenity packages and outdoor spaces that we have designed in our projects," said Mike Hodges, vice president of construction and development for Bixby. 

"The market supply for innovative office space in Orange County has not kept pace with demand, and frankly much of the office product that has been dubbed 'creative space' falls short of what can be achieved in this area," added Halford.

The acquisition furthers Bixby's active investment strategy of acquiring office buildings that it can redesign into work contemporary environments to meet the needs of today's firms. The company has either recently completed or currently has under redevelopment approximately $200 million in projects throughout California.

About Bixby Land Company
Bixby Land Company is a leading commercial real estate operator and investment manager with a portfolio of assets under management nearing $1 billion. The company is a privately-held REIT with a focus on core industrial and value add investments in R&D and office properties throughout the Western U.S. Bixby Land Company has a vertically integrated operating platform backed by a veteran management team. For more than 100 years, Bixby Land Company has been committed to adding value for its investors and shareholders.

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