A flex office building located at 222 East Huntington Drive in Monrovia, California, has been sold for a record-breaking price of $25 million. This transaction marks the largest office building sale in the city's history and sets a new record for the highest price ever paid for an office asset. Spanning across a total area of 122,000 square feet, the office building offers flexible spaces suitable for a variety of business needs. Situated in the Monrovia market, this property presents a unique investment opportunity.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $25,000,000
• Address: 222 East Huntington Drive, Monrovia, California
• Market: Monrovia
• Square Footage: 122,000 SF
• Price Per Square Foot: $205

The seller, Positive Investments, represented by Srinivas Yalamanchili, facilitated the sale of this impressive office building. The buyer, a partial owner-user, has plans to occupy some of the currently vacant spaces within the building. It is noteworthy to mention that despite this remarkable transaction, the Los Angeles office market is facing challenges. Leasing activity has seen a 35% decrease compared to 2019, which significantly impacts the overall value of office assets in the region.