Rendering of a proposed second tower for 158 Oakes Street at Studio Park in Grand Rapids for insurance giant Acrisure LLC. Rendering of a proposed second tower for 158 Oakes Street at Studio Park in Grand Rapids for insurance giant Acrisure LLC. COURTESY RENDERING

Insurance giant Acrisure to move HQ to Studio Park in downtown Grand Rapids

BY Wednesday, August 14, 2019 09:52am

GRAND RAPIDS — Acrisure LLC, a Caledonia-based insurance brokerage, is moving its global headquarters to the new Studio Park development in downtown Grand Rapids, MiBiz has learned. 

The relocation for Acrisure will move about 400 jobs from the suburbs into downtown Grand Rapids, with more expectations for growth in the near term.

“This is a fantastic opportunity to create a new global headquarters for Acrisure, consolidate our home office talent into a single location and immediately enhance our collaborative culture,” Acrisure CEO Greg Williams said in a statement provided to MiBiz. “Additionally, as we continue to add new partners at a record-setting pace, our infrastructure capacity needs to match our growth.” 

The Studio Park location will also help the company attract talent, Williams added.

Acrisure’s initial lease of 105,000 square feet at 100 Ottawa Ave. will make it the largest occupant of Class A office space in the city of Grand Rapids. 

The company will occupy space in a $30 million office tower that Olsen Loeks Development LLC announced in March. The developer expects construction to start this year, with completion anticipated in 2020. 

Acrisure’s future expansion plans involve up to 175,000 square feet in a second office building at Studio Park. The second building is proposed for 158 Oakes St. SW, which is owned by the Grand Rapids Downtown Development Authority. 

On Wednesday, the DDA approved signing a letter of intent to sell the 40,000-square-foot property to Olsen Loeks Development. 

“We’ve worked with the city and a multitude of partners for years to develop a strategic plan for Studio Park that brings value to the whole entertainment district,” JD Loeks, president of Studio C, said in a statement. “This office lease is a significant piece of the equation. 

“We couldn’t be happier about Acrisure’s decision to bring their world headquarters here. In Acrisure we found a partner in alignment with our vision for this development. We share with them in their ambition to be a world-class attracter of talent to our area.”

In May, the DDA issued a request for proposals for the infill property adjacent to the entertainment complex development, which also includes housing, office space, parking, restaurants and retail. 

According to the DDA, three proposals were submitted for the property and were reviewed by the Strategic Land Use Committee, which ultimately decided to recommend Olsen Loeks’ proposal. The proposal includes 175,000 square feet of Class A office building and parking.

Williams formed Acrisure in 2005 to invest in independent insurance agencies. Through an aggressive M&A strategy, Acrisure has grown to become one of the largest insurance brokers in the world with 450 locations in 37 states in the U.S. and 14 offices globally, and revenues of more than $1.7 billion.

Acrisure for the last several years has been the largest acquirer in North America of insurance agencies during an ongoing period of industry consolidation, closing on 312 deals from 2015 to 2019, according to Chicago-based Optis Partners LLC that tracks M&A activity in the insurance brokerage industry.

In March, MiBiz reported Acrisure had been considering locations for a new corporate headquarters, one being a location just south of I-96 on Glenwood Hills Parkway SE in Cascade Charter Township.

Read 11707 times Last modified on Wednesday, 14 August 2019 10:10
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