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Monrovia Office Asset Fetches Record Sale Price
Avison Young completed the $25-million sale of a 122,000-square-foot office/flex building located at 222 E. Huntington Dr. in Monrovia. The property sale marks two transaction records for the City of Monrovia – it is both the largest office building ever sold there, and the highest price paid for an office asset in the city (per CoStar).
Avison Young Principal Andrew Berk who is based in the firm’s north Los Angeles office, represented the seller, Positive Investments. The undisclosed buyer will occupy a portion of the asset.
“Our Avison Young team has been responsible for leasing this high-quality asset for more than 10 years and it has had a strong historical occupancy,” said Berk. “The ownership was ready to sell and despite the high interest rate environment and overall post-COVID office market struggles, we were able to secure a record-breaking sale price for 222 E. Huntington Dr. We successfully identified a strong owner-user that understood the long-term value of the asset and its ideal commuter-friendly location.”
- ◦Sale/Acquisition
