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Wednesday, 05 October 2016 11:02

CWD announces acquisition of Fifth Third campus in downtown Grand Rapids

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CWD announces acquisition of Fifth Third campus in downtown Grand Rapids COURTESY PHOTO

GRAND RAPIDS — CWD Real Estate Investment Inc.’s purchase of the Fifth Third Bancorp. campus in downtown Grand Rapids is a done deal.

MiBiz first broke news of the property deal in a report in June.

The Grand Rapids-based real estate development and property management firm announced this morning that it had completed its acquisition of two multi-story office buildings and a 723-space parking structure at 111 Lyon St. NW in downtown Grand Rapids. Terms of the deal weren’t disclosed.

The two buildings consist of about 330,000 square feet of commercial space.

The real estate company said in a statement that it plans to update the facilities but didn’t outline specifics and no timeline for renovations was provided.

Fifth Third Bank will remain a tenant at the campus.

The campus’ largest tenant, law firm Warner Norcross & Judd LLP,announced last November its intention to vacate its offices by 2019 to be the main tenant in a new, nearby mixed-use highrise planned by Orion Construction Inc.

MiBizbroke the news later that month that Fifth Third Bank planned to sell the campus.

CWD Real Estate Investment will add the Fifth Third campus to its portfolio of downtown office holdings, which includes about 15 properties, many of which have recently been renovated or are planned for renovations.

Additionally, the campus sits on the public plaza known as Vandenberg Center, which includes Calder Plaza, currently proposed for its own redesign.

“We are dedicated to the long-term vitality of our city’s urban core,” Cummings said in a statement. “The fundamentals of this property are extraordinary — it is surrounded by our community’s greatest investments, employers and attractions. It is no secret, however, that its design needs some updating. While we have no specific plans yet, the opportunity to redesign and revitalize the anchor properties in this area is extraordinary.”

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Nick Manes

Staff writer

nmanes@mibiz.com

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