Real estate firm buys downtown landmark
One of the largest buildings in downtown Grand Rapids has a new owner.
CWD Real Estate Investment in Grand Rapids said today that it has purchased the 10-story Calder Plaza Building — located across the street from DeVos Place and just west of Calder Plaza, at 250 Monroe Ave. NW — for an undisclosed amount from Calder Plaza Investors.
CWD said it’s evaluating the 153,000-square-foot building, built in 1980, and “will be developing plans to renovate within the next year.”
The law firm Miller Johnson and financial advisory firm Merrill Lynch are among the building’s tenants, according to their websites.
“Reinvestment in this significant downtown asset will help ensure a stable and active urban core, which is critically important both for current and future tenants, as well as for our community,” said Scott Wierda, managing partner, CWD. “It’s a great building that has been well maintained. We are very enthusiastic about its future.”
CWD Real Estate Investment owns and manages a portfolio of more than 40 properties in Kent County. Seventeen of the properties are in downtown Grand Rapids, including the Calder Plaza Building.
CWD's portfolio covers 2.7 million square feet, and half of it is urban office space in Grand Rapids.
“You need only look at the other investments we’ve made in the core to see that renovating and updating existing inventory works,” said Sam Cummings, managing partner, CWD. “We look forward to doing that same thing with the Calder Plaza Building. Occupancy is on a significant upward trajectory at those buildings, and we remain enthusiastic about the long-term stability of our urban core.”