Oxford Companies has closed on the acquisition of 777 East Eisenhower Parkway in Ann Arbor, Michigan’s southside. The 10-story, 290,000-square-foot building is one of the city’s highest-profile office properties.
The acquisition extends Oxford’s offerings in the city’s south side submarket with 38 buildings owned and more than 1.875 million square feet now under management. Oxford will retain all leasing, property management and design/build services on 777 E. Eisenhower with its in-house divisions.
At acquisition, the building’s tenants included a diverse mix of financial, technology, legal and health institutions. In addition to providing some of the best views of the city, 777 offers some of the largest contiguous space in the entire city and quick access to both downtown and the freeway.
Oxford is now in the planning stages for building improvements, including renovations to the first floor. The company expects to invest about $10 million into the property.
Previously, Oxford acquired the McMullen Properties portfolio, a 22-building, 704,000-square-foot portfolio of southside Ann Arbor office property for more than $100 million. The purchase represented the largest private commercial property transaction in Ann Arbor’s history.
With the acquisition of 777 E. Eisenhower, Oxford has hired two new employees who were employed by 777’s previous property manager, bringing the company total to 83.