Contact: Mike Dunn
+1 212-922-7859 mike.g.dunn@bnymellon.com
PLYMOUTH MEETING, PA, November 3, 2010 – URDANG, the real estate investment manager and part of BNY
Mellon Asset Management, and its joint venture partner Edgewood Realty Partners, LLC, have announced the acquisition of The Chamber of Commerce Building, an 84,000-square-foot mixed use building in Pasadena, CA, and an adjacent 246-space parking garage from a corporate seller.
Urdang’s acquisition was made through a separate account managed by Urdang Capital Management, Inc. The property was not listed by a brokerage firm and the transaction was completed directly between buyer and seller.
Terms of the transaction were not disclosed.
The Chamber of Commerce Building is a 93 percent-occupied landmark historic building comprising five stories of offices above a ground floor of retailers. The building, which was constructed in 1904 and has been substantially upgraded over the years for modern use, is located on Colorado Boulevard within Old Pasadena, one of Southern
California’s premier shopping and dining destinations. URDANG made this core investment on behalf of an institutional separate account client. The joint venture partners will focus on increasing occupancy, maximizing tenant retention, and maintaining the property to the highest standard of quality.
“Our partner’s local market knowledge and ability to secure the property directly enabled us to acquire an iconic building that has historically been one of the top performing assets in the marketplace,” said Jeff Reder, senior vice president, Urdang Capital Management. “We are confident that the location and quality of the asset, along with the ability to provide parking to our tenants, will give us a significant competitive advantage in the market.”
“We are capitalizing on the desire of our tenants to be in unique, attractive settings,” noted Pete Kutzer, managing partner of Edgewood Realty Partners. “The Chamber of Commerce Building is an architectural landmark in Old
Pasadena, and we will continue to provide the highest-quality environment for our tenants, in one of the most vibrant commercial districts in the country.”
Edgewood Realty Partners, LLC is a California based real estate investment firm founded in 2004. Edgewood makes real property investments with the primary purpose of generating a consistent stream of attractive investment returns and creating value. Edgewood accomplishes this objective by investing primarily in stable, well performing commercial real estate projects.
Founded in 1987 with an exclusive focus on institutional investment grade real estate, URDANG offers a variety of strategies and products, managing approximately $1.9 billion in public real estate securities through Urdang
Securities Management, Inc. and approximately $1.6 billion in debt and private equity real estate investments through Urdang Capital Management, Inc. for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors. URDANG’s research-driven process combines top down
All information source BNY Mellon Asset Management as of September 30, 2010. This press release is qualified for issuance in the
US only and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. This press release is issued by BNY Mellon Asset Management to members of the financial press and media and the information contained herein should not be construed as investment advice. Past performance is not a guide to future performance.
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