Pete Kutzer Of Edgewood Realty Partners Acquires Historic Office Building In Pasadena For $27M

The Chamber of Commerce Building is a historic office property located at 117 East Colorado Boulevard in Pasadena. This Beaux-Arts building boasts an area of 82,025 square feet and is 84 percent leased. The property also includes 16,000 square feet of retail space and an adjacent parking structure. It was acquired for approximately $27 million, translating to a price per square foot of $330–$335, attracting investors due to its stable tenancy and diverse rent roll.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $27,000,000
• Address: 117 East Colorado Boulevard
• Market: Pasadena
• Square Footage: 82,025
• Price Per Square Foot: $329
• Buyer: Pete Kutzer - Edgewood Realty Partners
• Brokers: Kevin Shannon, Rob Hannan, Ken White, Laura Stumm & Michael Moll - Newmark
• Lender: Lincoln National Life Insurance Company

The acquisition involved key individuals, including Pete Kutzer, who represents Edgewood Realty Partners in the transaction. The brokers facilitating the deal, Kevin Shannon, Rob Hannan, Ken White, Laura Stumm, and Michael Moll, represent the interests tied to the property acquisition. The property offers Mills Act historic tax benefits, which further adds to its investment appeal amid challenges in the broader Los Angeles office market.