IRVINE, CA—Bixby Land Company hasextended the reach of its contemporary workplace developments withthe acquisition of a 262,463-square-foot corporate headquartersbuilding at 9950 Jeronimo Road in Irvine. Bixbypurchased the building for $44.25 million from KawasakiMotors Corporation, USA, which was represented in thetransaction by Gregg Haly ofCBRE.

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Bixby plans an extensive $20 million redesignto meet the growing demand for modern work spaces in Orange County,especially from larger tenants.

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This latest acquisition is Bixby's fourth in Orange County overthe past 18 months. The firm also recently purchased 15771 RedhillAvenue in nearby Tustin, Calif. That project is in development forone or two users in a 90,000-square-foot building.

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“We first saw the need for large blocks of contemporary space inNorthern California back in 2009-2010, and since then we havedelivered roughly 500,000 square feet in Silicon Valley thatquickly leased to four major tenants,” said BillHalford, president and CEO of Bixby. The firm is also indevelopment on a 405,000-square-foot project in SantaClara, CA that it will deliver later this year.

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“The pent-up demand for highly-amenitized workplaces in OrangeCounty won't be met in the near term by ground-up development, andwe think this strategy is the quickest way to bring these projectsto market,” added Halford.

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Bixby's redesign of the project centers on an interior accesscorridor beneath a high-volume glass canopy, where plans call for afitness center and an indoor/outdoor café. The entryway bisects thebuilding into three separate areas and provides an aestheticbackdrop for the signature Bixby Retreat, aspacious outdoor gathering area for tenants that defines Bixbydevelopments throughout the state.

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The building will also undergo significant upgrades to theexterior façade, including the addition of floor-to-ceiling glasslines and decorative screen metal canopies at building entrypoints. Design work is being handled by architecture firm LPA.

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Separately, Bixby is nearing completion onAvalon, a 46,000-square-foot multi-tenant buildingat 1501 Quail Street in NewportBeach. The firm has also completed and leased gen2 inIrvine, where cosmetics firm Too Faced leased theentire ground floor in January 2014. Gen2 is now 100% leased.

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“There is a demonstrated need for this type of space, somethingthat we've repeatedly seen in Northern California, LosAngeles, Orange County and San Diego,”added Halford. “The pace with which these properties have leasedfollowing completion confirms our belief that this is how and wherecompanies prefer to operate.”

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Bixby Land Company is a leading commercial real estate operatorand investment manager with a portfolio of office, industrial andR&D properties of approximately $1 billion. The company isactive in the development of office and R&D properties inselect Western US markets, and invests in core industrialproperties.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.