The office building that hosts the headquarters of Valley Economic Alliance in Van Nuys has sold for $7 million, according to brokerage CBRE Group.
The 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 space.
The three-story brick structure has housed several business groups since 2001, including Valley Economic Development Corp. and Valley Industry & Commerce Association. Currently, the alliance and United Chambers of Commerce San Fernando Valley Region have offices in the building.
The seller in the deal was Valley Corporate Community Center LLC, which in turn was owned by Valley Economic Alliance, real estate firm Gelb Group and John Parker of construction firm Parker Brown.
“The alliance’s ownership in the LLC has served the organization well,” Fred Gaines, board president of the alliance, said in a statement in April, when the building went on the market. “Given the dramatic shift in the economic environment, this is an opportune time to enter into a new chapter.”
