875 East Wisconsin

Details

Milwaukee, Wisconsin

224,924 SF

 

Responsibility

  • At-Risk Development
  • Leasing
  • Property Management
  • Site Search

 

Value Added

Purchase Date: July | 2002
Purchase Price: $47.4 million
Equity: $7.7 million
Sale Price: $62.5 million
Sale Date: July | 2006

  • Site search for prelease occupancy
  • Leasing
  • Entitlements
  • Joint venture with US Bank and other equity investors
  • Tax Increment Financing

When Artisan Partners, a Milwaukee based global investment firm, wanted a premiere office building and location, they turned to Irgens to find a site to build a Class A office building to serve their current and planned business requirements. Irgens secured an urban infill site on US Bank’s downtown Milwaukee complex of buildings.


Irgens preleased the project to 45% with Artisan and four other tenants. As part of the transaction with US Bank, the developer agreed to limit the project height to eight stories allowing occupants of the US Bank Tower to maintain views of Milwaukee’s lake front, art museum and parks. Irgens also secured a permanent easement through the US Bank complex of buildings to the US Bank Galleria which provides restaurant and other retail amenities. Irgens developed the project in 2002 for $47.4 million and sold it for $62.5 million in 2006.