Going the creative office route pays off, as evidenced by MetLife's big purchase in Silicon Valley announced this morning. Just a couple of years after Bixby Land bought a 250k SF office park in San Jose, it's more than tripled its money.
Bixby and JV partner Cornerstone just sold San Jose rehabbed office park THE Campus to MetLife for $96M. In 2012, Bixby purchased the project for $29.5M and invested significant capital to completely overhaul the development, bringing in amenities you might expect from the likes of Google.
Success for THE Campus was quick since debuting last year, with Verizon leasing 136k SF within 90 days of completion and ASML US taking the balance of the project six months later. The boutique hotel feel comes with couch seating areas, fire pits and an outdoor gourmet kitchen. Tenants can burn calories on the bocce ball court, outdoor exercise deck and yoga area. This is Bixby’s third redevelopment in Silicon Valley, and another 405k SF project is currently being redeveloped in Santa Clara. It's being called the Quad at Tasman.
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