SoCal-based Bixby Land Co acquired CDK Plaza in Downtown Portland recently for more than $33M from KBS Real Estate Investment Trust, and plans to remake the buildings into more creative space—as it has successfully in other Western markets.
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Bixby SVP of investments Mike Severson told us “the Downtown Portland office market is as vibrant as any market Bixby is in on the West Coast. Rents are rising rapidly and still have plenty of room to run.”
The 185k SF CDK Plaza is about 96% leased, but CDK Global plans to leave part of its fourth floor space next year. Bixby will redesign the plaza and courtyard area between two buildings, and add new lobbies and corridors, undertake landscaping upgrades and make aesthetic improvements to the glass curtain wall.
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“The improvements will make the office campus much more appealing to companies looking for a progressive work environment,” Mike said. “This is an opportunity to apply our experience in repositioning some 30 office buildings throughout California."
Examples of its previous Bixby projects include the Avalon office building in the company's hometown of Newport Beach; Mission Heritage Center in Mission Viejo; and THE Campus in San Jose. In the CDK Plaza deal, Eastdil Secured's Darwin Rodriguez and Jason Flynn repped the seller, while Bixby repped itself.
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