URDANG/EDGEWOOD JV ACQUIRES ICONIC 84,000-SQUARE-FOOT PROPERTY IN L.A. AREA

PASADENA, CALIF. — The joint venture of Urdang and Edgewood Realty Partners LLC has acquired the 84,000-square-foot Chamber of Commerce Building and an adjacent 246-space parking garage, located on Colorado Boulevard within Old Pasadena, from a corporate seller. Terms of the deal were not disclosed. A real estate investment manager and part of BNY Mellon Asset Management, Urdang made the acquisition on behalf of an institutional, separate-account client managed by Urdang Capital Management. Constructed in 1904 and 93 percent-occupied at the time of sale, the landmark Chamber of Commerce Building consists of five stories of offices above ground-floor retail space.