Old Town Pasadena Office Building Trades Hands For $330 Per SF
A prominent Old Town office and retail building at 117 E. Colorado Blvd. in Pasadena has sold.
The buyer is a partnership led by Pasadena-based investor Pete Kutzer and his company, Edgewood Realty Partners, according to a release from Newmark.
The 84% leased, 1904-built property totals just over 82K SF, including 16K SF of street-level retail, and is known as the Chamber Building. The sale also included an adjacent parking structure at 48 N. Raymond Ave.
The release from Newmark did not include pricing, but an industry source with knowledge of the transaction said the sale price was between $330 and $340 per SF, which would put the purchase price at more than $27M.
By comparison, in August 2025, Harbor Associates and the Roxborough Group bought a two-building office complex on Colorado Boulevard for $120M, or $252 per SF.
“The Chamber Building attracted strong investor interest largely due to its stable profile as being at least 90% leased over the last ten years,” Kevin Shannon, Newmark's co-head of U.S. capital markets, said in the release.
Shannon and Newmark Vice Chairmen Rob Hannan, Ken White, Laura Stumm and Michael Moll represented the undisclosed seller.
Public records and previous reports indicate the former owner was also a partnership: a joint venture between Edgewood Realty Partners and CenterSquare Investment Management.
