Coldwell Banker Commercial represented Innova Medical Group, Inc. in the lease expansion of Class A office space in the Pasadena Towers I building, located at 800 E Colorado Blvd in Pasadena, California. The new long-term lease, totaling almost 25,000 sq. ft. of additional office space and valued at $13.2 million.
Innova Medical Group Inc., a subsidiary of Pasaca Capital Inc., specializes in production and distribution of innovative medical devices including COVID-19 rapid test kits. Its best-in-class, Innova branded, SARS-COV-2 rapid antigen testing kit is being hotly sought after by more than 20 countries, making the company the largest rapid antigen test supplier in the world.
“I’m grateful and humbled to represent such a dynamic and innovative company that’s making a real difference in the fight against COVID-19 globally,” said Kathi Constanzo of Coldwell Banker Commercial NRT, who represented the tenant in the transaction. “It worked out perfect that the property was able to accommodate Innova’s rapid growth, necessitating the lease expansion in the same building.”
Daniel Elliott, CEO and President of Innova Medical Group Inc, expressed his gratitude to the landlord for “making the adjacent space to its existing office available as the company continues to grow in the long term as well as to help our customers around the world suppress the infection rate with our best-in-class antigen test kits and solutions.” Innova is currently actively hiring more than 1600 positions for its headquarters office in Pasadena, and its COVID-19 antigen test manufacturing facilities in Orange County, CA.
The property is owned by CBRE Global Investors.
Coldwell Banker Commercial NRT, the local affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com
For more information, contact Kathi Constanzo at kathi.constanzo@cbcnrt.com or 626.898.2308, CalDRE #02067397
