The Medical College of Wisconsin (“MCW”), located at the Milwaukee Regional Medical Center, was seeking ancillary office space intent on keeping its growing research and education programs on its campus. An office building was identified in the nearby Milwaukee County Research Park. It was known in the marketplace that the owner-occupier was having financial difficulties and the college asked Irgens to represent its interests in inquiring about its availability. In short order, Irgens conceptualized an overall investment plan and optioned the property. The owner agreed to a sale combined with a short-term, lease-back of a portion of the building allowing for conversion of the headquarters into a multi-tenant facility. Irgens and MCW formed a joint venture to own and finance the acquisition. The joint venture then leased MCW one-third of the building and preleased another 20% to a national accounting firm headquartered in Milwaukee.

Several years after MCW had significantly expanded its footprint in the building, they approached Irgens with a desire to monetize their investment. Irgens, already an equity partner, extended MCW’s commitment to the project through a long-term lease and then formed a new LLC to purchase the membership interest from the Medical College/Irgens joint venture. Through a recapitalization of the company, Irgens improved the investment property by completing a 65,735 square foot addition and renovation of the building’s common areas.