LOS ANGELES-Those who follow @GlobeStcom onTwitter and @GlobeStLIVEmay have seen a post teasing the announcement, but GlobeSt.com haslearned that TA Associates has sold its291,711-square-foot South Bay Tower in the South Bay submarket ofL.A. for $52 million. Bixby Land Co., the buyerbased in Orange County, CA, purchased the eight-story class Aproperty at $178 per square foot and plans to invest an additional$6 million to improve the lobby, common areas andlandscaping.
“Bixby’s acquisition of South Bay Tower represents a strategicvalue add investment in one of the highest quality office buildingsin the submarket,” explains Bill Halford,president and CEO of Bixby Land Co., in a prepared statement. “Thebuilding quality provides a unique option for companies seekinghigh identity office space in the South Bay market.”
The investment follows a surge of activity from the buyer overthe past 60 days. Bixby has completed approximately 400,000 squarefeet of newly renovated office space in two Silicon Valleyproperties during that time, one of which is already fully leasedin a transaction valued at $25 million. In the case of Bixby’sSilicon Valley value add investments, Halford says the firm iscapitalizing on strong market fundamentals due to tech sectorgrowth over the past two years.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
