TROY, Mich., July 12, 2007 (PRIME NEWSWIRE) -- The Hayman Company recently announced that it has acquired the Troy Technology Park, an office research park, in Troy, Michigan.
Troy Technology Park was built in 1988 exclusively for General Motors and was primarily occupied by them until recent years. The Hayman Company purchased this property from ARCAP Special Servicing Unit. ARCAP took this property back from its borrower in 2006.
Troy Technology Park is the world headquarters for the global alliance of hybrid engine development between General Motors, Daimler-Chrysler and BMW. As part of this joint venture, they are developing the next generation of hybrid engines. Other tenants within the development include Raytheon Professional Services, Hutchinson Automotive Extrusion and Compact Power, a division of LG.
Andrew Hayman, the Executive Vice President of The Hayman Company, says: "We feel that our recent acquisition of Troy Technology Park is an exciting opportunistic purchase. We were able to acquire this property at approximately 50% of replacement costs with the ability to create value by leasing up vacant space at aggressive rental rates. In addition, Troy Technology Park is the epicenter for new automotive technology such as hybrid engines and electric vehicle technology. Compact Power recently received the contract from General Motors to develop the Volt, which will be their new electric automobile. Since our acquisition, we have had a tremendous amount of leasing activity at the property and expect to get the property substantially leased and stabilized within the next six to twelve months."
When The Hayman Company recently purchased the property, occupancy was at 65%. Hayman plans on investing over $1 million in capital improvements to enhance and upgrade the property. The Hayman Company will manage and lease the property.
The Hayman Company is one of the nation's largest privately owned real estate companies providing management, leasing, brokerage, advisory and real estate accounting services to institutional and private investors. In addition, The Hayman Company owns and manages apartments, offices and hotels throughout the United States. The Hayman Company was founded in 1965.