Bridgewater Place

Grand Rapids, MI

Project Overview

Bridgewater Place is a Class A high-rise office building erected in 1993 as a crown jewel along the banks of the Grand River in downtown Grand Rapids, Michigan. Designed with its impressive blue glass façade to reflect the flowing river below, this 17-story office structure boasts 350,000 square feet, incredible views of the river and downtown area, and its own private, covered parking structure. 

Project Strategy

In the late 90s, Bridgewater Place was deeded back to the original lender. Granger Group saw tremendous opportunity in this facility, undertook due diligence, and developed a feasibility study and business plan to put the building back on a solid foundation. Granger Group renegotiated leases with the building’s major anchor tenants, negotiated a competitive purchase price, and performed a restructuring of new debt to obtain $39.4 million of non-recourse conduit financing. A select group of investors were then brought on board, and the acquisition of Bridgewater Place was successfully completed in 2000.
 
Granger Group took over the management and leasing of the facility and enhanced the amenities 
offered to the building’s tenants and visitors. A new, upscale restaurant and banquet center were launched, the fitness center was remodeled and upgraded, and diverse retailers were brought into the building, including a florist, a gift shop, and a copy and print center. 

After overseeing the progressive renewal of this facility, Granger Group sold its interest in the property in 2007. Today, Bridgewater Place remains a true Class A Office Building that will continue as a landmark of downtown Grand Rapids for many years to come.