DeVos firm buying downtown building
A vacant office building in downtown Grand Rapids is coming under new ownership.
RDV Corporation, the family office for the DeVos family, has agreed to purchase the 100,000-square-foot building at 200 Monroe Ave. NW, which previously housed Fifth Third Bank, from Grand Rapids-based CWD Real Estate Investment.
Terms of the deal were not disclosed.
RDV Corporation plans to renovate the building into its new headquarters.
Construction is scheduled to begin this winter and take about 30 months.
The DeVos family foundations and Ottawa Avenue Private Capital, an investment advisory firm affiliated with the DeVos family, will also move into the renovated building.
“We believe that 200 Monroe is an important piece of downtown’s core,” said Dick DeVos, chairman, RDV Corporation. “We’re excited to breathe new life into this more than 50-year-old building, modernizing its overall appearance and opening it up to street level.”
The new design plans include extensive exterior renovations, including a new entrance onto Monroe Avenue, as there is currently no access to Monroe from the building.
Other exterior renovations will include the removal of a heavy concrete façade and dark tinted windows for a more modern design. A slight extension of the building to the south is planned, along with the reconfiguration of rooftop HVAC equipment to allow for office space to be built on top of the current structure.
The 200 Monroe building was built in 1967 by the Michigan Consolidated Gas Company. The building was originally part of the Vandenberg Center, a federal urban renewal project in the 1960s that also led to the construction of the nearby Vandenberg Plaza, or Calder Plaza, and various government buildings.
CWD Real Estate Investment purchased the building, along with a 723-space parking structure at 111 Lyon St. NW, from Fifth Third Bank in 2016, according to a previous Business Journal report.
“We see 200 Monroe as a key component of this area’s revitalization,” said Sam Cummings, managing partner, CWD Real Estate Investment. “This renovation will transform the Lyon Street-Monroe Avenue corner, serve as a catalyst for the future renovation of neighboring sites and provide greater pedestrian access to the elevated areas of the Vandenberg Center from Lyon Street. It’s an important project and a timely one given all that is occurring around it.”
Grand Rapids-based AMDG Architects will be the project’s architect.
Grand Rapids-based Rockford Construction will serve as general contractor on the project.