Newmark Completes Sale of Historic Office Property in Old Pasadena, California

January 15, 2026 9:00 AM

Newmark announces the Company has arranged the sale of The Chamber of Commerce Building, an office property located at 117 East Colorado Boulevard in Pasadena, California, to a partnership led by prominent Pasadena-based investor, Pete Kutzer and his company, Edgewood Realty Partners. The 84% leased property totals 82,025 square feet and includes an adjacent stand-alone parking structure located at 48 North Raymond Avenue.

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.”

“The allure of The Chamber Building is evidenced by the diversity of its rent roll,” added Hannan. “Traditional FIRE, legal, engineers, tech and consumer goods providers all occupy space at the property and demonstrate the property’s attractiveness to a wide array of users.”

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 5,000 square feet.

The Chamber of Commerce Building benefits from more than 16,000 square feet of retail along Pasadena’s famed Colorado Boulevard, 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.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2025, Newmark generated revenues of over $3.1 billion. As of September 30, 2025, Newmark and its business partners together operated from approximately 170 offices with over 8,500 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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