GRAND RAPIDS, Mich. — FOX 17 has learned a sale is pending for Bridgewater Place, located in Downtown Grand Rapids.
An advisor with Colliers International said office space downtown is in demand. He predicts a new office building and says it isn’t a farfetched prediction.
“As space becomes tighter and tighter, we think we’re going to see new construction in 2013 downtown,” David Wiener with Colliers International said.
He added, “Downtown’s been pretty unique that in the last year, 50% of the buildings in the central business district have traded hands and have been sold.”
Bridgewater Place is a big example. Colliers told FOX 17 that downtown’s largest office building will soon have a new owner.
”We would anticipate that the deal will close in 30 to 45 days,” Colin Kray, with Colliers International said.
The group wouldn’t say who until an official announcement tomorrow. However, Colliers says an investment firm from out of town is taking over the building which has 350,ooo square feet of rentable space.
Colliers has managed and leased spaces in Bridgewater for the past two years. The group started managing shortly after the building was foreclosed on and became bank-owned.
Just a few years ago, large tenants like DTE energy and Plante-Moran moved out.
Today, Colliers said the leasing is on the rebound and the building is now 70 percent occupied.
Major employer spectrum health is set to rent more than 30,000 square feet of space.
Colliers said it’s a trend permeating the region.
“Those new owners are well-capitalized and are doing improvements to the buildings so we’re going to see rate drive as space becomes tighter and tighter, we think we’re going to see new construction,” Weiner said.
Colliers International is expected to make an official announcement, along with more details about the pending sale Friday morning. FOX 17 will be there.