Firm buys six-story building downtown
A major redeveloped building downtown has been sold.
The six story, fully leased Class A office building at 25 Ottawa Ave. SW in Grand Rapids, 25 Ottawa, has been sold to Kalamazoo-based Catalyst Development Co. by Franklin Partners.
Terms of the deal were not disclosed.
25 Ottawa is Catalyst Development’s first "major entry" into the Grand Rapids market.
The firm now owns and manages roughly 1.5 million square feet of commercial and mixed-use space in Kalamazoo, Birmingham and Grand Rapids, according to Patti Owens, VP and managing director, Catalyst Development Co.
Owens added that her firm is “ecstatic to be in the Grand Rapids market" and "thankful for the relationship" it has developed with Franklin Partners and Colliers International | West Michigan, which she said gave the firm the opportunity to acquire 25 Ottawa.
Franklin Partners purchased 25 Ottawa in 2014 for $6.1 million, according to city records.
Since acquiring the building, the developer renovated the building to include new office space and a new first-floor restaurant, Iron, set to open in March.
Spectrum Health is leasing the second through sixth floors.
“I feel we’ve made a significant impact with the redevelopment of 25 Ottawa,” said Don Shoemaker, partner, Franklin Partners. “Visually, the building has a new notable presence, but more than anything, to see a new community of people activating the area is a success story for Franklin Partners.”
The deal is the second announcement today of Franklin Partners selling a downtown building, with 99 Monroe being sold to Grand Rapids-based Vision Real Estate Investment.
In January, Franklin Partners announced its intentions to buy the Keeler Building in Grand Rapids, at 56 Division Ave. N, for redevelopment purposes.