University of Michigan not interested in Borders store property in downtown Ann Arbor

U-M's main campus is located just steps away from the former Borders store, which closed Monday, leaving 42,000 square feet of high-profile real estate empty for the first time in about 15 years. But the university is apparently not interested in the Liberty Street space.

The university's lack of interest in the space comes after the University of Chicago announced in July that it had purchased the 25,000-square-foot former Borders building in Hyde Park.

The University of Chicago said in a statement that it "is seeking retail, home goods, entertainment or restaurant tenants for the" former Borders store.

At the former Borders store in Ann Arbor, a repositioning effort is already well underway. Michael Lippitt of real estate firm Landmark Commercial Services told AnnArbor.com last week that Landmark is in discussions with a possible tenant for the space.

“We have received a legitimate letter of intent that we are reviewing,” he said without revealing details. “I hope we can announce it soon.”

Lippitt said it would fit “very, very well” with the needs of the community.

It is unclear whether the tenant would occupy the entire store or just parts of the building, which had served as the flagship Borders store until the company announced its liquidation.

Contact AnnArbor.com's Nathan Bomey at (734) 623-2587 or nathanbomey@annarbor.com. You can also follow him on Twitter or subscribe to AnnArbor.com's newsletters.