GE Healthcare Research Park
- At-Risk Development
- Single-Tenant Build-to-Suit & Lease
Purchase Date: August | 2004
Purchase Price: $47.4 million
Equity: $7.7 million
Sale Price: $62.5 million
Sale Date: July | 2007
2005 NAIOP-Wisconsin Chapter Development of the Year
2006 The Daily Reporter and Wisconsin Builder TOP PROJECTS OF 2006
After a competitive regional search for a new site to locate three GE Healthcare divisions, the company selected Irgens’ proposal for a new headquarters building to be developed and owned by Irgens on 25 acres assembled in the Milwaukee County Research Park. Irgens successfully competed for the project with a team assembled to provide an exceptional building environment for its operations serving as a show place for its innovative products and services. The creative financing structure included a long-term ground lease, a first mortgage conventional loan, a second mortgage through the City of Wauwatosa, private equity, tax incremental financing and New Market Tax Credits. The complicated capital stack resulted in a nearly $30 million incentive package for GE and was reflected in the overall economics of the lease transaction.
Although not marketed for sale, the highly coveted investment was conveyed to a buyer seeking trophy assets at the height of the pre-recession economy.