COVID Test Maker Signs Long-Term Lease at Pasadena Towers
The 15,024 square feet will be Innova Medical Group’s headquarters
By Greg Cornfield October 20, 2020 4:50 pm
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A company that makes and distributes COVID-19 antibody test kits is the newest tenant at the Pasadena Towers.
CBRE (CBRE) Global Investors, the owner and landlord, secured Innova Medical Group to a 15,024-square-foot lease for more than 10 years. The building on Colorado Boulevard in Pasadena will be Innova’s headquarters. CBRE announced the deal but declined to share the terms.
Industry sources put the asking rate at $4.05 per square foot, which would bring the value of the deal to more than $7.3 million over 10 years. Innova Medical Group distributes molecular and antibody test kits for COVID-19 from different supply partners and its own rapid antigen test kits.
CBRE Global Investors, the brokerage’s investment arm, acquired the 477,100-square-foot Pasadena Towers from Beacon Capital Partners for $256 million in 2016, property records show. The two buildings are located at 800 East Colorado Boulevard and 55 South Lake Avenue.
CBRE’s Natalie Bazarevitsch, Kevin Duffy, Doug Marlow, Jackie Benavidez and Juliana Sampson represented CBRE Global Investors. Kathi Constanzo of Coldwell Banker Commercial represented Innova.
The pandemic crushed L.A.’s office market, and CBRE projects that it won’t fully recover until the final quarter of next year. Overall leasing was down 61 percent in the third quarter this year compared to 2019.
There have been a few notable trades in Pasadena over the past 12 months. Earlier this year, Columbia Property Trust sold a three-building office complex for $78 million on Halsted Street and East Foothill Boulevard. Atlas Capital Group also paid $72 million for a 346,000-square-foot office on Marengo Avenue. Last year, Swift Real Estate Partners acquired the three-building Pasadena Collection portfolio for $193 million.
