In 2005, Steelcase tapped Grubb & Ellis|Paramount as itsbrokerage partner for the site. The company plans to retainownership of its 385,000-sf global headquarters building, locatedat 901 44th St. SE, as well as its 60,000-sf Steelcase UniversityLearning Center. The company also plans to maintain 55% of itsmanufacturing operations in Western Michigan.

Nancy Hickey, chief administrative officer with Steelcase, saysevaluations of candidates were based on financial capability,experience in substantial redevelopments, and compatibility of thedeveloper's plan with the needs of the community.

In turn, Ashley Capital's principal investment strategy involvesthe acquisition of under-utilized and/or physically obsoleteindustrial parks, bulk warehouses, big-box distribution properties,manufacturing facilities and office buildings, which present theopportunity to reposition and revitalize the asset to createsubstantial value. Although the purchase price of the land was notdisclosed, Ashley tends to buy land that is significantly belowreplacement cost.