Doheny Eye Institute of Boyle Heights has acquired a four-story Pasadena office building for $50 million, according to Downtown-based Charles Dunn Co.
The center bought the 123,203-square-foot property at 150 N. Orange Grove Blvd., and will be moving to the new location in the fourth quarter of 2018 from its current headquarters, at 1355 San Pablo St., a building on the County-USC medical campus, according to the brokerage firm.
Charles Dunn’s Senior Managing Directors Bill Boyd and Linda Lee, along with trends and technology specialist Scott Unger, from the firm’s Glendale office represented Doheny, according to the firm.
The seller, Foster City real estate firm SteelWave Inc. acquired the property for $19.8 million in late 2013 from Glendale-based manufacturing firm Avery Dennison, which had owned and occupied the building since 1981. That gave them a 153 percent gain on the sale of the property.
Real estate reporter Neil Nisperos can be reached at email@example.com. Follow him on Twitter @ReporterNeil for the latest in L.A. real estate news.