Irvine, Calif. – Building upon the success of several contemporary office redevelopments in Silicon Valley and Los Angeles, Bixby Land Companyis applying its inventive approach to office space redesign in Orange County. Bixby has acquired a two-story office building at 18231 West McDurmott in Irvine, Calif. and has engaged the architect firm LPA to help create a contemporary work environment that it believes will redefine creative space in the John Wayne Airport market.
The new project, renamed “gen2” in celebration of the building’s reemergence with a progressive, forward-thinking design, is Bixby’s seventh value add renovation in the past 24 months.
Gen2 will feature natural and sustainable materials, dramatic entry points with horizontal wood elements and the signature Bixby Retreat™, an outdoor gathering area that serves as a natural extension of the collaborative interior spaces.
“The redesign of this building will provide a compelling niche for tenants seeking creative space in the airport area,” said Bill Halford, president and CEO of Bixby Land Company. “There is a great deal of demand for creative office space that has not been met in the local market.”
The 45,576-square-foot office building, located at 18231 West McDurmott, is planned to accommodate three tenants of approximately 15,000 square feet each when completed by the middle of next year.
“Bixby’s keen eye for design and knowledge of what tenants want, together with the sharp increase in demand for creative and collaborative office space, makes this an intriguing project,” said Bob Thagard, managing principal at Orion Property Partners. Thagard and John Griffin at Voit are handling leasing for the project.
“We have been able to create an exciting, progressive environment by incorporating a new outdoor deck that is easily accessed from the tenant space,” said Dan Heinfeld, president of LPA. “By adding a series of folding doors that open to the deck we have created a true indoor outdoor connection that takes full advantage of Southern California's temperate climate. The seamless connection to the exterior will give tenants a variety of ways to connect with the outdoors,” added Heinfeld.
Terms of the sale were not disclosed. The acquisition furthers Bixby’s active investment strategy of acquiring office buildings that it can redesign into contemporary work environments to meet the needs of today’s firms.
Bixby’s expertise with creative office redesign was lauded last year in Silicon Valley as the best redevelopment project in that market. The company has either recently completed or currently has under redevelopment 1.1 million square feet of projects throughout California.
About Bixby Land Company
Bixby Land Companyis 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. www.bixbyland.com.
Kira Sarkisian | 714-263-8729
Randy Hall | 714-263-8723