A new program aimed at helping Washtenaw County startups overcome early-stage growing pains has been launched, Oxford Companies announced.
Designed to minimize up-front costs, the Oxford Instant Office Simple Agreement for Future Equity (OXIO SAFE) program, offers young companies short-term leases for move-in-ready office spaces throughout Tree Town.
The expansive program provides a pathway for startups to lease office space without the significant financial risk that comes with the typical commercial real estate leasing process. Qualified startup businesses can receive up to a year’s worth of rent, in exchange for future equity.
“Ann Arbor has earned a reputation as a vibrant tech hub, and Oxford recognizes the immense impact that new businesses have in our community,” said Jeff Hauptman, Oxford’s CEO. “We’re proud to provide additional options for innovators and entrepreneurs that continue to rely on Ann Arbor office space to facilitate development and team building.”
Oxford Companies’ Director of Asset Management Wonwoo Lee, who will be running the OXIO SAFE program, said “The new OXIO SAFE program will deepen our organization’s commitment to furthering economic growth in the Ann Arbor area. We want startups to know that Oxford is here to support them and get them into their perfect office space.”
Open to startup companies currently working with one of the incubator and economic development organizations in the area – such as Ann Arbor SPARK, U-M Innovation Partnerships, Desai Accelerator, TechArb, etc – OXIO SAFE leases are available for 6 to 12-month terms, for move-in ready office suites in various geographic areas throughout Ann Arbor.
Oxford’s Instant Office program provides the basis for the new OXIO SAFE initiative, with inclusions in the lease like janitorial fees, utilities, wi-fi accessibility, and in some cases, furniture. The entire package rounds out to be an incredible opportunity for Ann Arbor startup companies, especially in the field of technology, that generate much excitement and economic activity in the community.
“Growing startups need flexibility and a range of options to fit not only their budget, but also the size of their operations, both of which have the potential to change quickly,” said Paul Krutko, president and CEO of Ann Arbor SPARK.
“One of the ways we continue to attract and keep entrepreneurial endeavors in Ann Arbor is by having a strong ecosystem that delivers those options, including commercial real estate. The team at Oxford recognizes the importance of these emerging businesses and this new program is a great way to meet them where they are now to support their future potential.”
For more information about the OXIO SAFE program, click here.