Ann Arbor's 777 building leases 5 floors to University of Michigan
Oxford Companies reports 96% occupancy rate with new leases
ANN ARBOR – Oxford Companies reported this week that it has brought near full occupancy at 777 E. Eisenhower, with plans to further redevelop the area surrounding Briarwood Mall.
With nearly 150,000 square feet of leases now fulfilled, tenants include the University of Michigan, which will occupy five full floors, the UAW and Oxford Companies. These leases increased occupancy at 777 from 38% to 96%, according to Oxford, which acquired the property in August 2018.
Prior to the lease, the University of Michigan occupied the sixth floor. Now that the property is stabilized, Oxford is planning on investing roughly $10 million in property improvements before setting its sights on other projects in the State/Eisenhower area.
"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," Jeff Hauptman, CEO of Oxford Companies, said in a statement. "Swisher’s latest vacancy report states that 'south office area' occupancy [90.3%] is at its highest level since 2000. The numbers we’ve ran show this number as even higher."
Now that Oxford owns nearly 2 million square feet of commercial space in the area, the real estate services firm will work to fulfill a vision of transforming the south side.
"We’re only one partner in this process, but as the largest private real estate owner, we have a responsibility to invest in this neighborhood," Hauptman said in a statement.
Oxford is working closely with the city of Ann Arbor, Ann Arbor Spark and the University of Michigan to improve public transportation in the area, build new workforce housing and increase pedestrian connectivity.
About Oxford Companies
Oxford Companies is Ann Arbor's largest commercial real estate services firm. For more than 20 years, it has served the greater Ann Arbor area with fully-integrated service lines, including property management, brokerage, residential leasing, construction and investments. Oxford manages more than 2.7 million square feet of office space, is one of Ann Arbor’s largest student housing landlords and employs 90 people. For more information, visit www.OxfordCompanies.com.
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