The new business and technology center at California State University, Hayward, will be called the Wayne and Gladys Valley Business and Technology Center in honor of the Oakland-based philanthropic organization that pledged $5 million toward its construction.

CSU trustees approved the name change at their regular meeting Tuesday.

The $23.5 million center will be the campus' first new academic building in 30 years. It will house the college of business and economics, as well as high-tech equipment.

With the contribution from the Wayne and Gladys Valley Foundation, Cal State Hayward has secured more than 70 percent of the private funding for the center. Additional funds will come from the state.

"It's somewhat unusual for the Valley Foundation to fund a start-up project," university president Norma Rees told trustees Tuesday. "We were very pleased they were so impressed with our plans for this building and what it will do for the community that they made the pledge very quickly."