The small Elysian Valley neighborhood near northeast Silverlake has been evolving into a creative business center. In the latest deal, three of the last remaining parcels have been acquired by FSY Architects. (Not to be confused with Psy Architects, which specializes in gangnam style design.) Capital Realty Solutions principal Ash Joshi, who repped the buyer, tells us the the contiguous parcels will be used for the architectural firm's HQ as well as future development. (Stevenson Real Estate Services' Patrick Long repped the seller, a trust.)
FSY will move into an existing metal industrial building on the site. Ash notes the property, which offers value-add potential through development of the remaining two parcels, received strong competition from other prospective buyers. According to FSY principal Art Yanez, the Elysian Valley area has attracted a number of artists and architects in recent years, and even has its own annual Art Walk. (They could organize their own art walk by following the red outline of this aerial of the property.) In addition, he says the site will benefit from the revitalization of the LA River, one block from his firm's new home.
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