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Friday, Dec 8, 2023

Valley Economic Alliance to Sell Headquarters Building

The Valley Economic Alliance has listed its headquarters at 5121 Van Nuys Blvd. in Sherman Oaks for sale. The three-story office building, listed for $7 million, has housed multiple community groups since its purchase in 2001 by Valley Corporate Community Center LLC. 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.“The Alliance's ownership in the LLC has served the organization well,” Board President Fred Gaines said in a statement. “Given the dramatic shift in the economic environment, this is an opportune time to enter into a new chapter.” The building has almost 25,000 square feet of office space and 48 parking spots, having served as the workspace for the owners as well as the United Chambers of Commerce; the Valley Industry and Commerce Association, or VICA; and other tenants during the last 20 years. VICA has since moved to another commercial space in Van Nuys. “It’s a great deal for the right owner,” Rickey Gelb, the property manager, said in a statement. “The third floor is ideal for an owner-occupier.” Brokers for the property are Mark Perry, senior vice president, and Carlene O’Neil, vice president, at CBRE Group.

Katherine Tangalakis-Lippert
Katherine Tangalakis-Lippert
Katherine Tangalakis-Lippert is a Los Angeles-based reporter covering retail, hospitality and philanthropy for the San Fernando Valley Business Journal. In addition to her current beat, she is particularly interested in criminal justice topics, health and science stories and investigative journalism. She received her AA in Humanities from Moorpark College in 2016, her BA in Communication from Cal Lutheran University in 2019 and followed it up with a MA in Specialized Journalism from USC in the summer of 2020. Through her work, Katherine aspires to help strengthen the fragile trust between members of the media and the public.

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