University of Michigan Purchases Pfizer Complex
Speculation about who will buy Ann Arbor’s Pfizer labs has run rampant since the beginning of 2008. Well the wait is finally over – the University of Michigan recently inked a deal to buy Pfizer’s labs for $108 million. Analysts expect this purchase to be a boon for the local Ann Arbor economy, bringing new businesses and some 2,000 related jobs to the area in the next 10 years.
According to the U of M Vice President of Research and Executive VP of Medical Affairs, the university plans to create private/public partnerships at the old Pfizer site. This means the site could become a “center of employment” with other businesses potentially co-locating on the property. They believe it will become a magnet for private sector development and eventually a win-win for the local tax base. While U of M may vacate some commercial spaces around town initially, it will likely be a positive for the Ann Arbor commercial real estate market in the long run.
Local leasing offices are not worried as Pfizer occupies spaces in high amenity buildings that should have no trouble with re-leasing.
Take a look as Ann Arbor Mayor John Hieftje discusses his thoughts on the U of M / Pfizer deal:
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