In 2005, Steelcase tapped Grubb & Ellis|Paramount as its brokerage partner for the site. The company plans to retain ownership of its 385,000-sf global headquarters building, located at 901 44th St. SE, as well as its 60,000-sf Steelcase University Learning Center. The company also plans to maintain 55% of its manufacturing operations in Western Michigan.

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

In turn, Ashley Capital's principal investment strategy involves the acquisition of under-utilized and/or physically obsolete industrial parks, bulk warehouses, big-box distribution properties, manufacturing facilities and office buildings, which present the opportunity to reposition and revitalize the asset to create substantial value. Although the purchase price of the land was not disclosed, Ashley tends to buy land that is significantly below replacement cost.