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7/17/14
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A 50k sf, Class A office building in San Dimas recently sold for $10.2 mil ($204/sf). The building, located at 180 Via Verde, north of I-10 on the west side of the 57 Fwy, was sold by New York Life Real Estate Investors.
The buyer, 180 Via Verde LLC, will lease the building’s vacant 33k sf to Emergency Groups’ Office (“EGO”). EGO, a medical billing and coding management services firm, plans to relocate its Arcadia headquarters to the building, where it will house approximately 220 employees.
“We have ambitious plans for a modern, open workspace that will be designed to foster a greater sense of community and collaboration across the company, and it will deliver significant cost savings and efficiencies as well,” said Dr. Andrea Brault, EGO’s President and Chief Operating Officer.
The building is part of Via Verde Corporate Plaza, a 142k sf office complex featuring a park-like campus setting with flexible floor plates. It is centrally located in the San Gabriel Valley, just 30 minutes from Pasadena, Ontario and North Orange County.
The buyer was represented in the transaction by John Minervini, Robin Dodson, Erik Larson and Chris Tolles from the downtown Los Angeles office of Cushman & Wakefield. The seller was also repped by Minervini, Dodson, Larson and Tolles, along with Ron Heim and John Bibeau from Cushman & Wakefield’s Inland Empire office.
“EGO’s anticipated relocation to the Via Verde Corporate Plaza emphasizes the growing health services industry in the San Gabriel Valley,” said Larson, Senior Director with Cushman & Wakefield. According to C&W’s Second Quarter San Gabriel Valley Office Report, the San Gabriel Valley’s overall vacancy rate was 14.7%, the lowest level since 2008.
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