Oxford Cos. Adds 3 New Tenants to Ann Arbor Asset
- Feb 04, 2019
Oxford Cos. has added new tenants to its 10-story office asset in Ann Arbor, Mich., which the firm bought in the fall of 2018 for $29.5 million—the University of Michigan, United Automobile Workers (UAW) and Oxford Cos. With more than 150,000 square feet of space locked in new leases, the building’s occupancy increased from 38 to 96 percent. Oxford also plans to invest approximately $10 million in the property going forward.
The property is located at 777 E. Eisenhower Parkway and encompasses more than 290,000 square feet of space, making it one of the highest-profile office buildings in the area. It was completed in 1973 and is LEED Gold certified.
The University of Michigan will expand its 6th floor office, occupying the building’s entire 3rd, 4th, 5th, 6th and 10th floors. The UAW’s office will include part of the 8th and 9th floors, while Oxford Cos. will take on the rest of the 8th floor.
“The Ann Arbor office market has been electric, and the State/Eisenhower area has seen the most activity of any submarket in the past year. Swisher’s latest vacancy report states that [at 90.3 percent] ‘south office area’ occupancy is at its highest level since 2000,” said Jeff Hauptman, CEO of Oxford Cos., in a prepared statement.
Image courtesy of Yardi Matrix