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1/22/26
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A partnership led by prominent Pasadena-based investor, Pete Kutzer and his company, Edgewood Realty Partners has acquired The Chamber of Commerce Building, an 82k sf structure located at 117 East Colorado Blvd in Pasadena in a transaction estimated at $27 mil ($329/sf). The 84% leased property includes an adjacent stand-alone parking structure.
Built in 1904 in the tradition of Beaux-Arts architecture, The Chamber of Commerce Building has undergone significant updating over the years, resulting in a remarkable heritage-infused blend of historic charm and modern convenience. The property, a Mills Act recipient, caters to the wide array of small to medium-sized tenants proliferating Pasadena, where more than 70% of all new leases over the last 24 months have been less than 5k sf.
The Chamber of Commerce Building benefits from more than 16k sf of retail along Pasadena’s famed Colorado Blvd, home to the annual New Year’s Day Rose Parade. Parking for the property’s tenants is provided in the adjacent parking structure, which also accommodates transient parkers accessing Old Pasadena’s stellar base of amenities. The property also provides immediate walkable access to a plethora of dining, retail and hospitality options along both prominent streets, boasting a “Walker’s Paradise” Walk Score of 99.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Rob Hannan, Ken White, Laura Stumm and Michael Moll represented the undisclosed seller in the transaction.
“The Chamber Building attracted strong investor interest largely due to its stable profile as being at least 90% leased over the last ten years,” said Shannon. “Complemented by the durable and substantial income driven by its parking operation and its Colorado frontage retail, the property generated strong appeal from both a local and national pool of investors.”
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