OVD Insurance is set to relocate its headquarters from Wyoming, south of Grand Rapids, to 37 Ottawa Ave. in the city’s downtown area. This move signals a significant investment in the downtown business landscape by the privately held brokerage.
OVD Insurance recently became a co-owner of the approximately 100,000-square-foot office building, where the firm plans to build out its office space on the third and fourth floors. The company purchased the seven-story building in partnership with CWD Real Estate Investment LLC, based in Grand Rapids, in a deal that closed recently.
Josh Van Vels, president of OVD Insurance, noted the move downtown is intended to bring in the “next level of professionalism” and provide closer proximity to the advisor community. “We just felt like getting downtown would help us continue to drive culture in that way.” He also added, the move helps them position themselves as an employer of choice in the future.
The insurance firm has approximately 120 employees and expects to grow its team to 225-250 people over the next five years. The company plans to invest $3.8 million to build out its new 30,000-square-foot office space, with the build-out expected to be complete by September, according to an application filed with the city.
Architecture firm Ghafari is designing the office space, and Dykhouse Construction Inc., based in Wayland, is serving as the construction manager for the project.
According to property records, OVD’s current headquarters are located at 2780 44th St. SW in Wyoming. In 2010, an affiliate of the company purchased the 26,144-square-foot building. OVD Insurance was established in 1982 as Olivier-Van Dyk Insurance and offers commercial insurance, employee benefits, personal lines, and risk management solutions. The company also has offices in Pennsylvania and North Carolina.
Andria Romkema, senior vice president of business development at The Right Place Inc., views the move as positive news for the city. She highlighted the importance of attracting talent and the competitive nature of the Grand Rapids market. “OVD choosing to put their headquarters downtown and staying in the Grand Rapids region really speaks to how competitive our market is.”
The Michigan Economic Development Corp. has supported the project with a $1 million Michigan Business Development Program performance-based grant.
Van Vels noted the move is, in some respects, a return to the firm’s roots, as OVD previously had offices in several locations in Grand Rapids. In September, OVD connected with CWD Real Estate Managing Partner Sam Cummings. Macatawa Bank assisted in financing the building’s purchase. Cummings and Van Vels view the deal as “a true partnership.”
The building at 37 Ottawa was originally constructed in the 1880s for the Grand Rapids Refrigerator Co. CWD completed extensive renovations in 2019, which included removing the previous aluminum skin. Once OVD moves in, the multi-tenant office building will be 94.5% occupied, Cummings said. The ownership group will continue to lease the building to its existing tenants, including Deloitte, Ghafari, Trellis, and Townsquare Media.
