NEWPORT BEACH, CA—Newport Beach, CA-based Bixby Land Co., having just completed a three-building, $44.2 million assemblage in downtown Portland, OR, is underway with an innovative office campus redesign that will transform the project into a vibrant work environment. Bixby recently revealed the new project, The Crossing at First, to the Portland commercial brokerage community.

The Crossing at First integrates the former CDK Plaza and adjacent Marquam Building into a 250,000-sqaure-foot office campus that will be connected by an energized one-acre plaza and outdoor amenity area.

GlobeSt.com has learned that this is the Orange County firm's first project in Portland, following the redesign of more than 30 buildings in California since 2010. An $8 million capital infusion is underway at the project, designed by the Portland office of IA Interior Architects.

“We are taking a comprehensive approach to redesigning The Crossing at First into an office campus that meets the needs of a progressive workforce,” says Bill Halford, president and CEO of Bixby Land Co. “Our objective is to make a meaningful contribution to the community with this project.”

The Crossing at First will feature pixilated window glass patterns and brightly colored walkways that immediately establish an independence of design thought. The redesign includes improvements to lobbies, corridors, parking garage entryways and signage.

The centerpiece of the redevelopment, however, is the Bixby Retreat, an expansive, activated courtyard area synonymous with Bixby Land Company projects.

The Bixby Retreat is an outdoor gathering area and focal point for the project, designed with warm IPE wood accents and custom benches, casual seating and dining areas, and framed with lush, eco-friendly landscaping. Additional amenities include a central water feature, bike storage, café and shower facilities, plus a parking ratio of three spaces per 1,000 square feet, nearly triple that of standard Downtown Portland office buildings.

“Companies up and down the West Coast have told us they want a workplace where their employees can gather, collaborate, or simply relax, and there has been overwhelming support for outdoor spaces that promote these activities,” says Aaron Hill, executive vice president and chief operating officer.

The Crossing at First is scheduled for completion in Q4 2017, and is represented by the Colliers International leasing team of Chris Johnson, Mary Kay West and Robert Greenfield, who agree that today's tenants are increasingly seeking amenity-rich projects.

“The combination of the amenities Bixby has planned and the scale of the redevelopment is compelling, and we believe area companies will have high interest in the project,” says Chris Johnson, SIOR and executive vice president at Colliers. “The Crossing at First is close to light rail, has abundant parking, and has the added benefit of a downtown location yet one that is removed from the congested CBD core.”

Located at 2501 and 2525 Southwest 1 st Avenue, The Crossing at First represents a broader renaissance in Portland's Southwest District. A few blocks away, Under Armour will open a 70,000-square- foot corporate facility later this summer. The nearby 33-acre Zidell Yards represents the largest infill redevelopment site in Portland and is adjacent to the sprawling South Waterfront, one of the largest urban redevelopment projects in the US. Much of this growth is driven by the expanding Oregon Health & Science University, a dominant employer in the immediate area, according to a prepared statement.

According to a recent report from Kidder Mathews, the Portland market stayed at the forefront of national trends in retail during the second quarter of 2017, enjoying 234,871 square feet of positive net absorption. Vacancies held at 4.1%, as fitness centers, food halls, breweries, and other non-traditional establishments supplanted brick-and- mortar stores to keep vacancies low in the area's retail corridors and shopping centers. Meanwhile, local and national investors reaffirmed the strength of metro Portland's retail assets, trading single-tenant properties with nationally known tenants at cap rates below 6%, while well located shopping centers achieved more than $200/sf, the report says. “Rental rates have risen by an average of 6.2% year over year, to $19.05 NNN marketwide, with desirable offerings in Portland CBD and the Lloyd District asking over $25 NNN.”

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Bixby Land Co. Unveils Major Office Campus Redesign

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