ANN ARBOR, MI - The University of Michigan is spending $5 million to purchase part of a building it co-owns in the Detroit's Cultural Center.

The Board of Regents unanimously approved the purchase of the Horace H. Rackham Educational Memorial Building at its Thursday, July 20 meeting.

The university and the Rackham Engineering Foundation each own part of the building at 100 Farnsworth Street, near the Detroit Institute of Arts in Detroit's Cultural Center Historic District.

UM will purchase four acres of property, a 300-space parking structure and 49,000 square feet of the 121,000-square-foot historic building. The university already owns the west wing and central core of the building after working with the foundation to acquire it in 1936.

The Rackham Engineering Foundation supports the Engineering Society of Detroit.

Wayne State University has leased the building for 23 years, and the lease continues though 2019.

The sale is expected to close by January 20, 2018, according to UM Chief Financial Officer Kevin Hegarty.

"I'm excited the university is making a great commitment to Detroit with this purchase. There are many good things to look forward to from this," said Regent Denise Ilitch.