One of Ann Arbor's largest lease deals of 2010 concluded this month when Arbor Research Collaborative for Health signed a deal to lease the third floor of the former Ann Arbor News building at 340 E. Huron in downtown Ann Arbor.

The building was bought in June by the University of Michigan Credit Union, which will use the rest of the building for its own administrative offices as well as establishing an ATM presence at the location.

“After a thorough analysis of our current and future office space needs, we determined the third floor could be leased and generate additional income for the credit union and our members," said Jeff Schillag, vice president of marketing and community relations, in a news release this afternoon.

“While there was tremendous interest from several businesses in leasing this part of the building, we selected Arbor Research because of their well known reputation as being a locally-based organization that is nationally recognized for their work in improving the lives of patients by enhancing the practice of health care.

"We’re excited to have Arbor Research as a tenant in this historical building.”

The 8-year deal comes with a 4-year option, according to Schillag. The deal also includes space in the adjacent parking lot.

Arbor Research will relocate from its existing location at 315 W. Huron.

The University of Michigan Credit Union headquarters at 340 E. Huron. Over recent months, the former Ann Arbor News signs have come down and UMCU has been renovating offices for its own use.

The nonprofit conducts major studies in epidemiology and public health, with emphasis on biostatistical analysis, clinical practice, management and integration of large data sets, economics and public policy.

The three-story Art Deco-style building, made of limestone and polished granite, was built in 1936 and is the only Ann Arbor commercial building designed by famed architect Albert Kahn.

The building has 58,000 square feet of office space. The third floor listing, which became official in July, represented one the largest floor areas available in downtown Ann Arbor.

“(Tenants) have ruled downtown out because there’s not a building that can house their entire workforce,” said Mike Giraud of Colliers International, who listed the UMCU space, in a previous article.

The asking rate for the space was $23 per square foot per year.