DeVos Single Family Office Sells Office Building in Grand Rapids

The DeVos family office has sold its former corporate building located at 126 Ottawa Avenue NW in downtown Grand Rapids to the local construction firm Owen-Ames-Kimball Co. (O-A-K) for over $7.1 million. The sale, which took place earlier this year, marks a strategic move by the DeVos-owned RDV Corp., the entity that previously occupied the space. O-A-K plans to relocate its headquarters to the newly acquired building on August 19, centralizing its operations and bringing all of its employees under one roof. The transaction is set to close on August 15, coinciding with O-A-K’s sale of its current office space on Ionia Avenue NW. This purchase enables the 133-year-old construction company to expand beyond its previous 13,776-square-foot facility, which had become overcrowded due to the firm’s growing workforce. The new location will serve as a hub for their Grand Rapids operations, reflecting a broader revitalization of the downtown area.

About the DeVos family office

The DeVos family has long been an influential force in the business and philanthropic landscape of Grand Rapids. The family’s patriarch, Richard Marvin DeVos Sr., was a billionaire businessman and co-founder of Amway, an international multi-level marketing company established in 1959 with his lifelong friend, Jay Van Andel. Over the years, DeVos expanded Amway into a global enterprise, and the family continued to diversify its investments, amassing a significant fortune. Known for their deep ties to Michigan, the DeVos family has invested in real estate, professional sports, and community initiatives throughout the region. Richard DeVos Sr. was also the owner of the NBA’s Orlando Magic, a team he purchased in 1991 for $85 million. Beyond his business endeavors, DeVos was recognized for his contributions to the local community and sat on numerous boards, including those of Northwood University and the National Constitution Center. Today, the DeVos family office, RDV Corp., manages the family’s wealth and investments, maintaining their legacy and expanding their footprint in both local and national markets. The family office is active in real estate, private equity, financial markets, and philanthropy.

News source: Crain’s Grand Rapids Business, August 19, 2024
Picture source: Jonathan Mast, 07.10.2024