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U-M Purchase of Former Pfizer Facility Nears Completion, Paving the Way For Research Expansion and Job Creation
Date:5/15/2009

ces and other disciplines, which have been hampered in recent years by lack of research space.

The purchase includes four parcels of land and 30 buildings encompassing nearly 2 million square feet of sophisticated laboratory facilities and administrative space, along with furnishings. In all, the campus will expand U-M research capacity by 10 percent.

The funds for the purchase will be drawn almost entirely from U-M Health System reserves -- money that has been set aside over the years to meet emerging strategic needs. The University's investment proceeds will fund the rest of the purchase of the property. Renovation and operating costs will be borne by the Health System and by other University units whose researchers and staff will occupy the campus. No state taxpayer or tuition dollars will be used to fund this purchase.

A strategic planning process, begun earlier this year, will determine how the new campus will be put to use, and how existing space on the medical, main and north campuses will be repurposed as some functions move to the new campus. U-M leased space for related administrative functions will also be examined to allow for the most efficient use of resources.

The purchase of the Pfizer property is the University's largest since 1950, when U-M bought 300 acres to develop what is today North Campus. U-M originally owned the majority of the land contained in the purchase, and sold some of it to the Parke-Davis pharmaceutical company in 1957. Parke-Davis, a division of Warner-Lambert, became part of Pfizer in 2000. U-M sold the additional land to Pfizer in 2002, with a right to purchase that parcel if Pfizer ever decided to sell it.

This news release was issued on behalf of Newswise(TM). For more information, visit http://www.newswise.com.


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SOURCE University of Michigan Health System
Copyright©2009 PR Newswire.
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