NEWPORT BEACH, CA-Bixby Land Co., which has just closed its previously reported $345-million acquisition of a portfolio of office buildings from Los Angeles-based Maguire Properties, plans a new 100,000-sf office building on a development site that was part of the deal with Maguire. Bixby’s new four-story building is planned for a 3.5-acre site at 17300 Red Hill Ave. in Irvine.

Bixby acquired 11 buildings totaling 816,000 sf at five locations in Newport Beach, Irvine and Seal Beach in the Maguire transaction. It bought the properties in a joint venture with the AFL-CIO Building Investment Trust, for which PNC Realty Investors Inc., a subsidiary of the PNC Financial Services Group, provides investment advisory and management services.

Bixby’s financing for the transaction included $233 million that was arranged by Newport Beach-based Buchanan Street Partners and was the second-largest financing in Buchanan’s history. Tom Sherlock, managing partner at Buchanan Street, notes that the deal closed inside of 30 days.

Details about the new Bixby building and its construction schedule were not immediately available, but the Newport Beach-based company, a private REIT, has been expanding both through acquisitions and developments lately. It has bought and/or built in other Southern California markets, including the Inland Empire, and entered the Phoenix market this year as well.

According to Bill Halford, president and CEO of Bixby Land Co., the buildings that the company has taken title to in the Maguire transaction “are in highly desirable submarkets near executive housing and with existing rents below the current market rate.” The majority of the properties are located in areas where new development is significantly restricted, Halford adds.

The Newport Beach properties that Bixby is acquiring are the two-building Redstone Plaza and the 1201 Dove St. building. In Irvine it is buying the two-building Fairchild Corporate Center and the three-building Inwood Park, which includes the 3.5-acre development site. Its Seal Beach acquisition is the three-building Bixby Ranch Office Park.

The properties that Bixby bought were part of a portfolio of former EOP assets that Maguire acquired from the Blackstone Group. Maguire motivation for selling was to reduce some of its debt from its $3-billion purchase of a portfolio of 8.1 million sf of EOP properties from Blackstone.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.