Avison Young, a leading commercial real estate firm, recently completed the sale of a 122,000-square-foot office/flex building in Monrovia for $25 million. This transaction sets two new records for the city – it is both the largest office building ever sold and the highest price paid for an office asset (according to CoStar).
The seller, Positive Investments, was represented by Avison Young Principal Andrew Berk from their north Los Angeles office. The buyer’s identity remains undisclosed but they will be occupying a portion of the property.
According to Berk: “Our team at Avison Young has been responsible for leasing this high-quality asset for over 10 years with consistently strong occupancy rates. With ownership ready to sell and challenges in today’s post-COVID market environment including high interest rates and struggles within the overall office sector, we were able to secure a record-breaking sale price.” He also added that they found an ideal owner-user who recognized not only its prime location but also its long-term value.
This news was originally published on Connect CRE.
