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

January 15, 2026 9:00 AM

Newmark announces the Company has arranged the recapitalization of The Chamber Building, an office property located at 117 East Colorado Boulevard in Pasadena, CA. The 84% leased property totals 82,025 square feet and includes an adjacent stand-alone parking structure located at 48 North Raymond Avenue. The transaction involved the transfer of a partnership interest in the property and the recapitalization of the long-time ownership, an affiliate of the prominent Pasadena-based investor, Edgewood Realty Partners, headed by its co-founder Pete Kutzer. The terms of the transaction were undisclosed.

Newmark Co-Head of Capital Markets Kevin Shannon, Vice Chairmen Rob Hannan, Ken White, Laura Stumm and Michael Moll represented the partnership 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 Building is a Mills Act recipient and BOMA Office Building of the Year. Over the past 15 years, Edgewood has implemented significant upgrades, resulting in a heritage-infused blend of historic charm and modern convenience. With an average tenant size of less than 3,500 square feet, the property 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 property 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 an immediately adjacent parking structure.

Situated at the intersection of Colorado Boulevard and Arroyo Parkway, the property offers immediate walkable access to dining, retail and hospitality options along both prominent streets, providing the property with a 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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