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Ottawa Avenue office building getting renovated COURTESY RENDERING

Ottawa Avenue office building getting renovated

BY Thursday, March 17, 2016 01:07pm

GRAND RAPIDS — The 1960s-era office building at 300 Ottawa Ave. NW on the north side of downtown will receive major upgrades in the coming months.

The building’s owner, Deep Creek Holdings LLC (an entity controlled by Dan and Pam DeVos family office DP Fox Ventures LLC), said in a statement that it will undertake a renovation of the building. Plans include an update to the lobby, common areas and restrooms, as well as upgrades to the overall building infrastructure and facade.

Located across the street from Calder Plaza and close to highways, the renovations will allow the building to capitalize on the location, according to Dan DeVos, owner and CEO of DP Fox.

“(T)he building’s original purpose and therefore design had fallen behind many of its peers,” DeVos said in a statement. “When it was built in 1968, it served as the ‘back of the house’ for its counterpart building next door, the Chase Building. The 300 Ottawa Building was not designed to have its own identity as an independent office building. We decided to rectify that and make it a legitimate Class A address.”

DP Fox Senior Vice President Monica Sekulich said in an email that the landlord will invest over $2 million into the building that is currently about 65 percent occupied.

Asking rents for the building are in the range of $23 to $25 per square foot, modified gross, Sekulich wrote.

According to the latest report from the Grand Rapids office of commercial real estate brokerage firm Colliers International, the vacancy rate for office space in the central business district (CBD) stood at 10.3 percent.

The building joins a handful of other aging buildings in the downtown area where renovations are planned, including 250 Monroe Ave. and 56 North Division Ave.

The 300 Ottawa building is managed by Grand Rapids-based development and property management firm CWD Real Estate Investment Inc., in which Dan DeVos is a partner. The company will oversee leasing in the building upon completion of the renovations, expected in May of this year.

Office spaces ranging from 2,500 square feet to 40,000 square feet are available, according to the statement.

Read 4218 times Last modified on Wednesday, 23 March 2016 12:27
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