June 24, 2015
A small medical office building in Pasadena has commanded a large price for its size. The 17,632-square-foot building, near Huntington Memorial Hospital, commanded just under $10.8 million, or roughly $610 per square foot.
Avison Young represented the buyer, Congress Management Associates, which includes local physician investors who will occupy part of the building. The seller, 39 Congress Partnership, was represented by Carver Associates.
39 Congress Street was 95 percent leased at the time of the sale. There is also a possibility that the asset could expand, with the capabilities of adding about 8,000 square feet to the facility.