rss icon

Wednesday, 08 June 2016 20:00

Sources: CWD wins bid for 5/3 Bank campus in downtown Grand Rapids

Written by 
Rate this item
(2 votes)
Sources: CWD wins bid for 5/3 Bank campus in downtown Grand Rapids COURTESY PHOTO

GRAND RAPIDS — CWD Real Estate Investment Inc. appears primed to make another significant acquisition in Grand Rapids’ central business district.

The Grand Rapids-based development and property management firm was the highest bidder responding to a request for proposals for the Fifth Third Bancorp campus at 111 Lyon St. NW, according to multiple sources with knowledge of the deal who asked not to be named in this report.

The sources indicated that CWD has a binding agreement to acquire the campus along Lyon Street between Ottawa and Monroe Avenues, but the transaction has yet to close.

CWD Real Estate Managing Partner Sam Cummings didn’t confirm or deny the news, but declined to comment for this report. A Fifth Third spokesperson did not respond to requests for comment.

The site includes a 10-story building, a five-story building, a surface parking lot and additional underground parking.

It’s not clear what, if any, changes CWD would make to the campus that was built in the 1960s, but sources said there could be multiple options for the site, including tearing down structures or building new buildings on the surface parking lot.

Fifth Third Bank plans to remain a tenant in the building after any possible sale, as MiBiz previously reported.

Much of CWD’s work in the central business district has consisted of buying aging buildings and updating them, as is the case currently with a project at the Calder Plaza Building on Monroe Avenue.

CWD owns and/or manages approximately 15 buildings in the core downtown area.

As MiBiz first reported last November, West Michigan’s largest regional bank planned to issue requests for proposals as it positioned to sell the campus. The move came on the heels of the building’s largest tenant, Warner Norcross & Judd LLP, announcing plans to vacate its space. The law firm said it will move to a new development proposed by Orion Construction Inc. at the corner of Ottawa Avenue and Lyon Street that’s set to be completed in 2019.

Editor's Note: This story was available to subscribers with the release of the May 31 issue. If you want cutting edge business news and information, subscribe to MiBiz here.

Read 7393 times Last modified on Thursday, 09 June 2016 10:49
Nick Manes

Staff writer

nmanes@mibiz.com

Breaking News

December 2017
S M T W T F S
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Follow MiBiz