Economy
12:03 pm
Wed January 26, 2011

Bridgewater Place in Grand Rapids sold at foreclosure auction

One of the biggest office buildings in Grand Rapids sold for $34 million at a public foreclosure auction today. The 17-story blue-glass Bridgewater Place building dramatically changed the city’s skyline when it was built in the early 1990s.

Many people refer to the building as the Varnum building, because of the law firms’ prominent logo near the top floor.

Mortgage lender GMAC 2001-C1 Bridgewater Industrial Associates LLC bought the 400-thousand-square-foot skyscraper at the Kent County Courthouse. The lender was the highest, and only bidder. The owners defaulted on the loan. The notice says they owe close to $37 million dollars.

Officials with the leasing agency that manage the building say they do not have information on the sale or how it may or may not affect tenants in the office building.

The adjoining River House is not included in the sale. Officials with the management company there say sales have been increasing over the past two years.