ANN ARBOR, MICH. — University of Michigan’s Board of Regents has approved the $108 million purchase of pharmaceutical firm Pfizer Inc.’s Ann Arbor property. Situated adjacent to the University’s North Campus, the 174-acre site includes approximately 2 million square feet of laboratory and administrative space in 30 buildings. While the specific uses for each building will be set throughout the next year, the property will be used for the university’s research activities in health, biomedical sciences and other disciplines. As a result of the expansion, the university has anticipated the need to hire 2,000 researchers and staff members during the next 10 years. The majority of funding for the acquisition is coming from the university’s health reserves, with the institutions investment proceeds funding the remainder of the purchase. The university plans to close on the Pfizer property in June following successful due diligence and compliance with any state and regulatory requirements.