After acquiring the iconic building at 777 E. Eisenhower Parkway in Ann Arbor this August, Oxford Companies now has increased occupancy in the building from 38 percent to 96 percent. Tenants include the University of Michigan (U-M), the United Auto Workers (UAW), and Oxford.
Oxford CEO Jeff Hauptman says Oxford was able to fill the building so quickly due to its experience and connections within Ann Arbor.
"We have been doing this for over 25 years and have deep relationships throughout the community, and a good understanding of what the needs are," Hauptman says.
U-M will occupy the building’s entire third, fourth, fifth, sixth, and 10th floors. The building’s eighth floor will be occupied by Oxford and the UAW, with the UAW also occupying space on the ninth floor.
Oxford plans to invest nearly $10 million in the property before engaging in improvements to the surrounding State Street and Eisenhower corridor. The company plans to create an alternative to downtown Ann Arbor in the space surrounding the building.
“The Ann Arbor office market has been electric, and the State and Eisenhower area has seen the most activity of any submarket in the past year," Hauptman says. “Swisher’s latest vacancy report states that 'south office area' occupancy is at its highest level (90.3 percent) since 2000. The numbers we’ve ran show this number as even higher."
Hauptman says Oxford will help transform the space in southern Ann Arbor into a downtown environment where people can live, work, and play. He says he sees it as Oxford's responsibility to invest in the neighborhood. Oxford plans to collaborate with the city of Ann Arbor, Ann Arbor SPARK, and U-M to develop the area into a more pedestrian-friendly environment.
"We see, over the next 10 years, the ability to get thousands of cars off the road, alleviate a portion of the housing crunch, and modernize the old-school car-centric environment at State and Eisenhower," Hauptman says.
Emily Benda is a freelance writer based in Ann Arbor. You can contact her at email@example.com.
Photos courtesy of Oxford Companies.