Oxford Cos. Adds Office Asset to Ann Arbor Portfolio
- Oct 03, 2018
Oxford Cos. has added a new asset to its office portfolio in Ann Arbor, Mich., by purchasing the 777 Building from Equity Commonwealth. The 10-story high-rise encompasses approximately 290,400 square feet and is one of the highest-profile office assets in the area. The transaction closed at $29.5 million, according to real estate data provider Yardi Matrix.
The Class A building was completed in 1973 at 777 E. Eisenhower Parkway and is LEED certified to the Gold level. Since its latest renovations were completed in 2006, Oxford announced it will invest $10 million in upgrading the first floor and adding several other improvements.
The asset offers some of the largest contiguous office spaces in the city as well as great views of the area. It is located approximately 3 miles from downtown and the University of Michigan and can be accessed via Interstate 94. Its tenant roster includes a mix of financial, technology, legal and health firms such as Amica Mutual Insurance Co., Medstat Systems Inc. and Northwestern Mutual.
“We see an opportunity to improve the entire State-Eisenhower corridor to become more pedestrian-friendly and less car-centric—transforming Ann Arbor’s south side into the alternative to downtown,” said Jeff Hauptman, founder & CEO with Oxford Cos., in a prepared statement.
Image courtesy of Yardi Matrix