Real estate firm buys historic building for $5.3M
A building in Grand Rapids that’s part of the National Register of Historic Places and a former office furniture plant site has changed hands.
Leestma Management in Grand Rapids, a commercial real estate firm, said yesterday that it has purchased the Metal Office Furniture Company (Steelcase) Plant No. 2 and 3 building in Grand Rapids, at 401 Hall St. SW, for $5.3 million from GRL Properties.
The four story, 190,000-square-foot building sits on about six acres at the intersection of Hall Street and Century Avenue.
The site features about 150,000 square feet of office space and about 30,000 square feet of commercial space, as well as indoor and outdoor parking space.
“We are excited to add this historic structure to our portfolio of properties,” said Ryan Leestma, CEO, Leestma Management. “This building is rich with tradition and at the same time, is ready for many more years of service. We look forward to meeting the tenants, and we plan to continue updating the facility to fit the needs of current and future tenants.”
The building’s tenants include Studio D2D and GR Makers and various “office and warehousing uses.”
“We are currently in negotiations with potential tenants that will fill much of the vacant space,” Leestma said. “This acquisition is part of our strategic goal to grow our presence in the Grand Rapids area.”
Leestma added that the firm plans to purchase “two additional properties in the next year to 18 months.”