Building renovations under way
Earlier this year, CB Richard Ellis/Grand Rapids sold two multi-tenant office buildings in downtown Grand Rapids: the 16,000-square-foot building at 139 Pearl St. NW and the 26,640-square-foot building located at 87-89 Monroe Center NW. According to a news release, the new owners, Sixty North Ventures LLC, purchased both buildings with the intent to renovate the properties while preserving the historic nature and integrity of the buildings.
The Rood Building at 139 Pearl St. NW dates to 1873 and is listed on the National Register of Historic Places. Located near the intersection of Pearl Street and Monroe Avenue, the familiar downtown building is easily identifiable by its ornate, high Victorian gothic architecture. Building improvements are under way and include restoration of the upper floor offices, lobby, elevators and common areas. Flanagan’s Restaurant occupies the street level of the building, with suites of 2,000 to 12,000 square feet to be available on the upper floors.
The structure at 87-89 Monroe Center NW — known as part of the Aldrich, Godfrey and White Block — also is designated as a landmark building with the National Register of Historic Places, in part because of its original Italianate architecture. Built in 1874, the fully occupied building also will be maintained in accordance with national standards. This purchase now completes Sixty North Ventures’ ownership of that block.
Sixty North Ventures continues to pursue the renovation of downtown office buildings; the company purchased the Aldrich Place building at 80 Ottawa Ave. NW approximately one year ago. The company made extensive interior renovations to restore the historic integrity of the 45,000-square-foot building.
“We believe in restoring the vitality of these incredible buildings. The Rood Building will be our first major renovation project in downtown Grand Rapids,” said Matt Steigenga of Sixty North Ventures. “CBRE has done a fantastic job bringing new tenants to Aldrich Place, and we are confident that CBRE will help us make the most of our latest investments, as well.”
CBRE Vice President/Office Advisor David Wiener represented Sixty North Ventures in all three transactions and currently provides landlord representation services for both Aldrich Place and the Rood Building.