Latest Guides

Business News

Maker of Covid-19 Testing Kits Leases Office Space in Pasadena Playhouse District for $8.1 Million

Published on Thursday, October 15, 2020 | 11:52 am
 

A medical group that is currently focusing on increasing the global supply of COVID-19 rapid test kits has recently leased office space in Pasadena Towers, located in the heart of the city’s Playhouse District.

Innova Medical Group, Inc., which specializes in the production and distribution of innovative medical devices, including the best-in-class SARS-COV-2 rapid antigen testing kit that is being sought out by many countries, struck a long-term lease on the 15,024 square foot office space at 800 E. Colorado Blvd. for $8.1 million.

Innova describes its business strategy as “an open platform to enable top talents and most promising innovative medical technologies to maximize their value through rapid, most cost-effective, and efficient penetration of the global market.”

The group also produces cancer diagnostic devices, cerebra-cardiovascular risk assessment devices, and stem cell technologies — from stem cell separation and isolation devices to stem cell therapies and regenerative medicine.

The growth of Innova Medical Group Inc., a subsidiary of Pasaca Capital Inc., has pushed the group to search for space that would be quickly available in the San Gabriel Valley.

“The Pasadena Towers location offered great accessibility and security in a class A property with space that could be delivered quickly,” said Kathi Constanzo of Coldwell Banker Commercial NRT, who represented the group in the property transaction.

“Working with Innova leadership, we carefully evaluated a number of alternative locations and this property met the client’s requirements to meet the needs of their employees and business growth objectives,” Constanzo said.

The property is owned by CBRE Global Investors. Innova Medical will occupy three suites and, with their tenancy, bring the property up to 100 percent occupancy.

For more on Innova Medical Group, visit https://innovamedgroup.com.

For information on property acquisitions, contact Constanzo at kathi.constanzo@cbcnrt.com or call (626) 898-2308.

Get our daily Pasadena newspaper in your email box. Free.

Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m.

Make a comment

Your email address will not be published. Required fields are marked *