Marcus & Millichap presents the Social Security Administration (SSA) building located at 3971 Research Park Drive in Ann Arbor, Michigan. The 11,300-square-foot building was constructed in 1979, was remodeled in 2006, and is situated on 4.50 acres of land. This Social Security Administration building presents the opportunity for an investor to acquire a building tailored for this government agency. This facility provides a very attractive risk-adjusted yield with a highly rated credit tenant with S&P AA+ designation. General Services Administration leases offer long-term stability to an investor, as these federal agencies occupy the facilities for more than 30 years on average, with a firstgeneration renewal rate of approximately 96 percent.
The SSA is an independent agency of the United States federal government that administers Social Security, a social insurance program consisting of retirement, disability, and survivor’s benefits. To qualify for most of these benefits, most workers pay Social Security taxes on their earnings; the claimants’ benefits are based on the wage earners’ contributions. SSA is headquartered in Woodlawn, Maryland, just to the west of Baltimore, at what is known as Central Office. The agency includes 10 regional offices, eight processing centers, approximately 1300 field offices, and 37 Teleservice Centers. As of 2007, about 62,000 people were employed by SSA. Social Security is the largest social welfare program in the United States. The Social Security Administration has been named the sixth best place to work in the federal government.
Ann Arbor is a city in the state of Michigan and is the county seat of Washtenaw County. In 2017, the city had an estimated population of 121,477, making it the fifth largest city in Michigan. The city is easily accessible via Interstate 94, U.S. Route 23, Michigan State Route 14, rail lines, and the Detroit Metropolitan Airport, only 20 minutes away. Ann Arbor is home to the University of Michigan, which shapes Ann Arbor’s economy significantly, as it employs more than 30,000 workers. The city’s economy is also centered on high technology, with several companies drawn to the area by the university’s research and development infrastructure. The larger Ann Arbor metropolitan area, which includes more than 367,627 people, has consistently ranked as one of the state’s fastest growing areas in recent years.
- 18,986-square-foot building constructed in 1979 with 11, 300-square-foot leased to SSA
- Leased to the Social Security Administration through J une 2020
- United States government guarantee (AA+ credit rating, S&P)
- First-generation lease
- Located in Ann Arbor, MI—5th largest city in the state and home to the University of Michigan