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Saturday, Apr 20, 2024

Minoo Acquires ValleyCrest Gem

A 76,496-square-foot office building has sold for $24 million, or $314 a square foot, in Calabasas. The property, an architectural gem constructed as the build-to-suit headquarters for ValleyCrest Landscape Cos. in 2004, was designed by renowned Nadel Architects, which Herb Nadel founded in 1973. The site at 24151 Ventura Blvd. features views of the Santa Monica Mountains, a spectacular atrium and freeway visibility on a 17-acre campus with landscaped outdoor seating areas. The Lee & Associates-LA North/Ventura team of Mike Tingus, Grant Fulkerson and Jonathan Bruce represented the seller, a ValleyCrest entity. The buyer is an entity of L.A. real estate investor Paul Minoo’s 4M Investment Corp. Minoo’s company plans to convert the building into a multi-tenant office building. Founded in 1949, ValleyCrest grew to 9,000 employees and more than 150 nationwide locations with a celebrated list of clients and projects that included Walt Disney Concert Hall and The Getty Center in Los Angeles; Atlantis Hotel, Bahamas; Dallas Cowboys Stadium in Arlington, Texas; and Hudson River Park in New York. ValleyCrest merged in 2014 to form BrightView Holdings, based in Blue Bell, Penn. The company went public last year. “This is a true trophy property that attracted multiple offers within 30 days of listing,” Fulkerson said in a statement.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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