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April 04, 2014

Bixby outlines plans after Santa Clara office complex purchase

Silicon Valley Business Journal

Mary Ann Azevedo

In its fourth major Silicon Valley buy in less than four years, Bixby Land Co. has scooped up a large Santa Clara office campus from Divco West with plans to invest $20 million to reposition it.

The purchase of Lake Park Business Center marks Irvine-based Bixby's largest Silicon Valley acquisition to date. Bixby and Divco West declined to reveal the sales price for the 19.3-acre site, but an individual familiar with the transaction pegged it at about $110 million, or $265 per square foot.

Bixby Land CEO Bill Halford did say the firm plans to spend $20 million to turn the seven-building, two-story campus "into a contemporary workplace."

The complex is bordered by Patrick Henry Drive, Bunker Hill Lane, Old Ironsides Drive and Tasman Drive and is adjacent to light rail. It was 65 percent leased, with Silicon Valley Bank in three recently renovated buildings. The remainder of the property is vacant, according to Halford.

Kidder Mathews Managing Partner Dave Vanoncini said repositioning the recently acquired Santa Clara property "makes a lot of sense."

For the full story, go to Silicon Valley Business Journal.

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