Valley Economic Alliance to Sell Headquarters Building
Wednesday, April 7, 2021
Valley Economic Alliance headquarters, 5121 Van Nuys Blvd. in Sherman Oaks.
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.
Brokers for the property are Mark Perry, senior vice president, and Carlene O’Neil, vice president, at CBRE Group.