Karma Lease Shows How Late We Are in the Cycle

Halford: “When you get to a point in the cycle where users are jumping in and buying deals you had otherwise redeveloped, it’s a sign you’re getting later in the cycle.”

IRVINE, CA—Habitat, the former 262,000-square-foot Kawasaki USA headquarters here that Bixby Land Co. had planned to redevelop into a “pinnacle” creative-office campus, will now be built to the specs of the new automotive tenant, Bixby’s president and CEO Bill Halford tells GlobeSt.com. The property, located at 9950 Jeronimo, has been leased long term entirely to Karma Automotive, an American car company that manufactures luxury hybrid plug-in vehicles.

As we had previously reported, Bixby had acquired the project from Kawasaki in 2015 for $44.25 million, rebranding the project to Habitat to deliver a compelling vision for a dynamic, amenity-rich campus that would be ideal for a single user, yet flexible for multiple tenants. According to Aaron Hill, EVP and COO at Bixby, the firm’s “primary investment objective was to lease the project to a progressive-minded tenant that would value the unique configuration of this two-building project.” The buildings are connected by an extensive two-story atrium that was redesigned by IA Interior Architects as a promising indoor-amenities area.