This invention relates to a one-stage process for the production of polyoxyalkylene containing polyols having equivalent weights of about 150 to about 6000 and functionalities of about 2 to 8. The process comprises (1) mixing (a) an organic compound having a hydroxyl functionality of about 2 to about 8 and an equivalent weight of about 35 to about 575, with (b) a hydroxyl functional compound having an equivalent weight of about 100 to about 6000 and a functionality of about 2 to 8; and (2) alkoxylating the mixture with (c) one or more alkylene oxides, in the presence of (d) one or more double metal cyanide catalysts. Suitable compounds to be used as (a) the organic compound having a hydroxyl functionality of about 2 to about 8 and an equivalent weight of about 35 to about 575 in the present invention include bisphenol-A, Bisphenol TMC, tetrabromobisphenol A, and novolak phenolic resins.