Even though Waters Tenant Representation LLC was only recently formed, this subsidiary of the Waters Corporation joins a rich history of real estate-related ventures in Grand Rapids under the Waters name. As you will see, the Waters Corporation's trademark slogan "a tradition of integrity in real estate for over 100 years" is not just an empty marketing slogan.

Daniel H. Waters moved to Grand Rapids in 1856 and pursued a number of successful business ventures over the next 38 years. In 1887 he acquired a house sited on land bounded by Ottawa Avenue, Lyon Street and Pearl Street in downtown Grand Rapids. On his death in 1894, the house and land were inherited by his 3 children – Dudley Waters, Anna Watters Cassard and Mabel Waters Schwartz.

The 3 Waters siblings were approached by Phillip Klingman in 1897 with a plan to develop a large furniture exhibition showroom on the site, to take advantage of Grand Rapids' designation as the furniture capital of America. The initial 5-story structure was completed in a record 6 months time and was one of the first to be constructed using pre-cast, hollow core iron columns and steel beams. A sixth floor was added within the first year, creating a total building area of approximately 360,000 SF.

After Daniel Waters' children died, building ownership passed to the third generation, including Morris Cassard Jr., Dudley Cassard and Dudley Waters. Until the Merchandise Mart was constructed in Chicago in 1930, the Waters Building was billed as the largest furniture exhibition facility in the United States.

Both the great depression and construction of the Merchandise Mart contributed to Grand Rapids' decline as a furniture capital, and by the 1950's the Waters Building was suffering from the loss of a number of furniture showrooms. In 1958, David Cassard Sr. was hired as assistant manager and asked to evaluate alternative uses for the building. His proposal to convert the structure to office use was accepted by the owners – a bullish move considering that the building represented a 25% expansion of the downtown rental market.

Between 1958 and 1985, David Cassard Sr. owned and managed the Waters Building. His property management style, later to be known as "Signature Service", resulted in extraordinary tenant retention and satisfaction over the years. Even today, several Waters Building tenants have been in the building for over 40 years, and over 25% have celebrated 25-year anniversaries.

David Cassard Jr., a 5th generation descendant of founder Daniel H. Waters, signed on in 1979 as assistant property manager and took over as part owner (along with his 2 brothers) in 1985 upon his father's death. In 1987, the company name was officially changed from the Waters Building Corporation to the Waters Corporation, designed to recognize the owners' expansion into other real estate ventures, including ownership of other office and retail buildings, brokerage and consulting, and operation of a utility billing company.

Ownership interest in the Waters Building was transferred to an Ann Arbor-based investment group in 2007, ending 5 generations and 109 years of ownership by the direct descendants of Daniel Waters. Over the past 3 years, the Waters Corporation also sold its ownership interest in entities which controlled two other improved properties – the 180,000 SF Waters Circle office complex (pictured below) and Beckwith Shopping Center. One remaining real estate asset, a vacant office parcel near Knapp Street and the East Beltline, is being held until market conditions improve in the northeast Grand Rapids submarket. Waters Realty and Development, the property management division of the Waters Corporation, continues under joint ownership with the new owners of the Waters Building.

The recent shift toward tenant and buyer representation, by establishing Waters Tenant Representation LLC, is simply the latest initiative by the Waters Corporation to capitalize on current market trends. Our collective backgrounds in property ownership, management, appraisal and consulting puts us in a unique position to offer independent, objective representation services to those seeking to purchase or lease commercial real estate.