SANTA CLARA, CALIF. — Bixby Land Company has acquired the Lake Park Business Center, a 405,330-square-foot office project in Santa Clara. The seven-building center reportedly sold for more than $100 million.
The center is situated on a 19.3-acre parcel bordered by Patrick Henry Drive, Bunker Hill Lane, Old Ironsides Drive and Tasman Drive. It is located just west of Levi’s Stadium, the new home of the San Francisco 49ers.
Lake Park was 65 percent leased at the time of closing. Silicon Valley Bank occupies three of the center’s buildings. Bixby plans to carry out significant exterior and interior renovations to convert the property into a contemporary workplace. Construction is scheduled for completion by the end of the year. The repositioning is expected to cost $20 million. This is the fourth major office park reposition Bixby has carried out in Silicon Valley over the past two years.
The seller was Divco West.