The office building that hosts the headquarters of the Valley Economic Alliance in Van Nuys has sold for $7 million, according to brokerage CBRE Group.
The 24,853-square-foot building at 5121 Van Nuys Blvd. was purchased by Fifty One 21, a designer and installer of custom solar solutions, which plans to occupy a portion of the building.
CBRE Group’s Mark Perry, Carlene O’Neil and Kyle Barratt represented the seller, Valley Corporate Community Center LLC, in the deal.
The three-story brick-clad building has housed multiple community groups since its purchase in 2001 by Valley Corporate Community Center. It was jointly owned at the time by Valley Economic Alliance; the Valley Economic Development Corp., or VEDC; and the real estate firm Gelb Group. VEDC has since vacated its space in the building, selling its interest to John Parker of the construction firm Parker Brown.
United Chambers of Commerce San Fernando Valley Region has offices on the second floor, and previously, the Valley Industry and Commerce Association, or VICA, leased space in the building.
“The alliance’s ownership in the LLC has served the organization well,” Board President Fred Gaines said in a statement in April, when the building went on the market with a list price of $7 million. “Given the dramatic shift in the economic environment, this is an opportune time to enter into a new chapter.”
“With the lack of comparable product available in the San Fernando Valley, we weren’t surprised by the level of activity we received from multiple qualified buyers looking to purchase an office building for their own use,” Perry said in a statement.