Built in 1916, the eight-story Steketee’s Building at 86 Monroe Center NW is listed for sale at $21.7 million dollars.
The former department store is owned by investment group, Monroe Center JV LLC, purchased in 2003 for $2.4 million.
The listing notes the building is over 104,000 square feet and is a fully leased office property in the heart of downtown Grand Rapids’ central business district along a busy pedestrian corridor.
It’s been the regional headquarters of Blue Cross Blue Shield of Michigan since a major 2004 renovation with 15 years remaining on the lease.
It’s listed with Advantage Commercial Real Estate.
Principal and Head of Capital Markets Michael Visser says activity has been very strong.
“Grand Rapids continues to pop up on the radar of regional and national investors due to our steady growth, our diversity of commerce, and so we've had increasing activity from outside capital.”
In April, Blue Cross Blue Shield leaders announced another renovation to relocate 130 employees from its suburban Cascade Road office this fall, bringing the number of staff at the Steketee’s Building to just over 400 workers.
For a weekly dose of news right to your inbox, sign up for the WGVU newsletter.
