Bixby Land Co. Acquires $33M Office Complex in Portland
- Dec 15, 2016
by Adina Marcut
Portland—Bixby Land Co. recently announced its purchase of CDK Plaza, a 185,729-square-foot, class A office space, for $33.4 million from KBS Real Estate Investment Trust. The seller was represented by Darwin Rodriguez and Jason Flynn of Eastdil Secured while Bixby represented itself in the transaction.
The four-story, two-building campus was 96 percent leased at the time of the sale. Bixby’s plans call for the redesign of an expansive plaza and courtyard area between two buildings, in addition to new lobbies and corridors, landscaping upgrades, and aesthetic improvements to the glass curtain wall.
“The improvements we have planned will make this office campus much more appealing to companies looking for a progressive work environment,” Mike Severson, senior vice president of investments at Bixby Land Company, said in a statement. “We view this as an excellent opportunity to apply our experience gained through the repositioning of some 30 office buildings throughout California.”
Located at 2525 Southwest first Ave., in downtown Portland, the property is scheduled to undergo significant upgrades in 2017 as Bixby furthers the reach of its value-add office strategy into primary Pacific Northwest markets.
Image courtesy of CDK Plaza