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Major Real Estate Firms Merge

Rizzo

By Rizzo
in Grand Rapids

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Rizzo City

Rizzo

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According to a press article today, Grubb & Ellis Paramount and Commerce Realty will merge to form: Grubb & Ellis Paramount Commerce. The article goes on to state that the combined firms will need to look for 30,000 sq. of space in the Downtown area.

"We know we have to be under one roof. We also know for this to work we have to be with each other," he said. "It raises some high probabilities that we're going to explore some other buildings."

-- Press Article

The options of where they would move weren't divulged, but anyone care to wager?

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gvsusean Burg

gvsusean

Posted
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According to a press article today, Grubb & Ellis Paramount and Commerce Realty will merge to form: Grubb & Ellis Paramount Commerce. The article goes on to state that the combined firms will need to look for 30,000 sq. of space in the Downtown area.

-- Press Article

The options of where they would move weren't divulged, but anyone care to wager?

how much would 30000 sq. ft. be, relatively??

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Veloise City

Veloise

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I don't know about Amway Grand, but 70 Ionia is approximately 100'x100' or 10,000 sf per floor.

How about 300 N. Monroe? How many sf in the tall black building?

[this was one of my cost-saving suggestions to KK, i.e. rent out empty space, and look where it got me!]

edit: haven't been there in a while...#$%^&* 28th street!

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GRDadof3 Ecumenopolis

GRDadof3

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I would find it hard to believe they would build a new tower. Bridgewater at 17 floors is 400,000 square feet, so they would need an awful lot of other tenants to make anything similar. Unless they're the ones who are fueling talk of the 50 Monroe rumor, sharing space with Macatawa Bank? I imagine to find that much contiguous space downtown is difficult. There's plenty of space in 77 Monroe Center (the old Michigan National tower), but I'll bet they want something a bit "splashier".

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GRDadof3 Ecumenopolis

GRDadof3

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56 Grandville?

Interesting.... Actually, I can't find a listing for 56, but 44 Grandville next door shows about 30,000 sf available in about 4 or 5 suites on several floors, but it's hard to tell if they're even close to each other. There's also a lot of space available at the 200 block of Grandville (Terra Firma's). In the article, they state they are looking at 4 options. To make a bold statement in West Michigan, they may look at building something new. I'm glad to hear they're committed to downtown.

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Prankster Burg

Prankster

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30,000 sq ft is equal to maybe an entire floor on a typical skyscraper? (I remember someone saying that the typical floor is 32,500 aprox. sq. ft)

Back in the 80's building boom, they seemed to average 18 - 20,000 sf/floor. Office towers built now are averaging anywhere from 25 - 30,000 sf/floor, with 30,000 sf being a very large floor plate.

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snoogit Town

snoogit

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Back in the 80's building boom, they seemed to average 18 - 20,000 sf/floor. Office towers built now are averaging anywhere from 25 - 30,000 sf/floor, with 30,000 sf being a very large floor plate.

ahhh ok

I figured it would have to be a tower 180x180 which is actually quite large.

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terra firma Whistle-Stop

terra firma

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Interesting.... Actually, I can't find a listing for 56, but 44 Grandville next door shows about 30,000 sf available in about 4 or 5 suites on several floors, .

We have about 6,000 sf on the 3rd floor and about 8500 below in the 'garden level', neither of which would work for these guys.

56 Grandville is a perfect fit for them. According to me. Vacant, single-tenant setuup.....cheap parking all around over here.....

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tamias6 Town

tamias6

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More than anyone wanted to know about 56 Grandville: http://www.loopnet.com/Attachments/D/4/2/D...9841CF329C5.pdf

Rather buying the building or leasing it the the buyer/leaser seems to be getting quite a deal for a nice looking building inside and out and for a very good location. If I were the newly merged real estate company I'd be seriously considering this space.

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