Cushman & Wakefield announced today that it served as the exclusive advisor to 180 Via Verde, LLC, in the purchase of a 50,031-square foot, Class-A office building in San Dimas, Calif. The building was sold by New York Life Real Estate Investors for $10.2 million.
180 Via Verde, LLC will lease the vacant 33,000 square feet to Emergency Groups’ Office (“EGO”). EGO, a medical billing and coding management services firm, plans to relocate its Arcadia, Calif., headquarters to the building, located at 180 Via Verde in San Dimas, 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.
180 Via Verde, LLC 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, New York Life Real Estate Investors, was also represented by Minervini, Dodson, Larson and Tolles, along with Ron Heim and John Bibeau from Cushman & Wakefield’s Inland Empire office.
The building is part of Via Verde Corporate Plaza, a 142,000-square foot 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.
“EGO’s anticipated relocation to the Via Verde Corporate Plaza emphasizes the growing health services industry in the San Gabriel Valley,” said Erik Larson, Senior Director with Cushman & Wakefield. “Plus, it will lower the vacancy rate in the San Dimas submarket by 2.4 percentage points, so both the sale and lease are very significant transactions for the San Gabriel Valley office market.”
According to Cushman & Wakefield’s Second Quarter San Gabriel Valley Office Report, the San Gabriel Valley’s overall vacancy rate was 14.7%, the lowest level since 2008.