Built in 2004, the five-story Collegian office building has hosted the Aveda Institute hair salon in the ground floor for several years. The upper stories host offices, including the UM Business School's William Davidson Institute and retirement planning company TIAA-CREF.
The Collegian's early years were plagued by low occupancy, to the point where the developer was foreclosed on, The current owner had considered adding three more floors and received city approval for same, but is now facing foreclosure.
Building Stats, as of July 2007:
- Constructed 2003-2004
- Owner: Lorne Darnell of Lorne J. Darnell and Associates, since 2005
- 5 stories
- 1st floor retail/service
- 2nd-5th floor office
- 27,000 square feet
In the news
- Private investor pays cash for the Collegian building in downtown Ann Arbor, Ann Arbor Business Review, July 2009
In what one commercial mortgage broker says will be a trend, a private investor paid cash for the Collegian building next to Nickels Arcade in downtown Ann Arbor. The terms of the sale by Fifth Third Bank to Arthur Fritz Jr. of San Francisco were not made public. But Fritz, part of a family that made its fortune through shipping, confirmed that he didn't use bank financing for the transaction.
- Ann Arbor's The Collegian building enters foreclosure as second owner faces financial pressures, Ann Arbor Business Review, March 2009
County records show that the property has a total of $8.9 million in debt in three different loans. The owner is Lorne J. Darnell and Associates, which purchased the building from the original developer, Jeffrey Spoon, in 2005 for $6.45 million, city records show.