This purchase was the first major deal for principal Eric Larson since he left as one of the owners of the 150 W. Jefferson building in Detroit, says a company executive. The new deal was co-brokered by Ellen Charnes of Friedman Real Estate Group of Farmington Hills and the local office of Marcus & Millichap.
"It shows a lot of confidence in the Downtown Ann Arbor market," says Joel Feldman, vice president/associate broker of Friedman. In the last six years or so, there's been more supply than demand. This purchase--and much more activity in the University of Michigan college town--is boosting the Downtown area as a more viable market, he says.
The Ann Arbor Central Business District has more than 1.1 million sf available, according to the fourth quarter office market overview from Grubb and Ellis. The company said the Downtown area has an average lease rate of $24.95 per sf.
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