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Thursday, 30 March 2017 17:20

Vision Real Estate acquires downtown Lansing office property

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Vision Real Estate acquires downtown Lansing office property COURTESY PHOTO

LANSING — A nascent Grand Rapids real estate firm has expanded to the state’s capitol.

Grand Rapids-based Vision Real Estate Investment Inc. today announced its acquisition of the 10-story, 154,000-square-foot One Michigan Avenue building located at 120 North Washington Square in downtown Lansing. 

The office building includes tenants such as PNC Bank, law firms like Miller Canfield Paddock & Stone PLC, Warner Norcross & Judd LLP and office space provider Regus Group Co.

“We’re eager to bring our model of first class management and unparalleled service to our tenants to Lansing with the purchase of One Michigan Avenue,” Tim Engen, founder and CEO of Vision Real Estate Investment, said in a statement. “One Michigan Avenue is a remarkable property uniquely situated steps from a vibrant and growing collection of retail and restaurants as well as the seat of state government. The Vision team is looking forward to being a part of the Lansing community and investing in its continued economic success and development.”

Vision Real Estate said it plans to invest about $1 million in upgrades to the building, improving the lobby, elevators and signage.

One Michigan Avenue was previously owned by OMA Lansing LLC, an entity registered to Lansing businessman Kris Elliott, according to state records.

The office tower reportedly sold for about $16.5 million.

Vision Real Estate also owns the 99 Monroe office building in downtown Grand Rapids, as well as real estate around the state, including in Detroit, Norton Shores and Greenville.

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Editor’s note: This story has been updated to include the purchase price for the building.

Read 27421 times Last modified on Tuesday, 18 April 2017 08:38

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