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The 18-story Greek revival-style retail, office and residential building, The McKay Tower (the "granddaddy of Grand Rapids skyscrapers") was sold in late 2012. The seller of the property, McKay Tower Partners, LLC was represented by Duba & Duba, PLLC, first in its acquisition of the building several years ago, and then in its sale of the landmark building located in the heart of Grand Rapids at the intersection of Monroe Center and Pearl streets. It is believed that the transaction sales price of $10.5 million was the largest transaction in the downtown Grand Rapids commercial business district during 2012.
The McKay Tower has been a Grand Rapids city landmark since the first two stories were built as the Grand Rapids National Bank in 1915. Twelve more stories were added in 1925 and an additional two mechanical floors topped the building in the early 1940's. Until 1983 when the Amway Grand Plaza Hotel was completed, the McKay Tower was the tallest building in Grand Rapids. The McKay Tower is an approximate 145,000 square foot building with business office suites, commercial tenants including Biggby Coffee, Kilwin's Chocolates and the Sub's N' More restaurant. The top three floors of the landmark building consist of luxury condo units.
Duba & Duba, PLLC assisted the seller in the sale transaction, assignment of numerous leases, and financing resolution. The principal attorneys of Duba & Duba, PLLC, Christopher Duba and Donald Duba, each hold Michigan Real Estate Brokers licenses and frequently represent commercial real estate clients, investors, landlords, tenants, partnerships, limited liability companies, banks and financial institutions as well as families and individuals throughout Grand Rapids, West Michigan and Northern Michigan.
The topics contained in this article are intended to be general and representative in nature and not specific legal advice for any particular circumstance. Please feel free to contact Duba & Duba, PLLC to inquire about an analysis of your particular facts and circumstances.