Mayfair Woods Business & Technology Center
- At-Risk Development
- Development Management
- Property Management
Purchase Date: March | 2007
Purchase Price: $29.7 million
Equity: $5.2 million
Sale Price: $33.5 million
Sale Date: September | 2019
- Lease during great recession
- Part of RPP fund
- Springboard for new development – Meadowland and Muir Woods
This innovative, Class A development is located on 11 acres in the 175-acre Milwaukee County Research Park. Mayfair Woods Business & Technology Center embraces a whole project approach to sustainable design including sustainable site development, water management, energy efficiency, renewable materials and indoor environmental quality. The project introduced the City of Wauwatosa’s first Leadership in Energy and Environmental Design (LEED) certified building in the park, which acknowledges the design, construction and operations of a high-performance “green” building.
Upon completion, technology-based and ancillary companies became occupants in the building. Four of the five floors are above grade and the building features an exposed lower level overlooking a scenic pond and wooded area. The project features a 548-car, three-level precast parking structure and 117 surface stalls. The site design incorporates the building and parking structure within the existing topography, creating cost-effective and efficient amenity. The suburban structured parking was supported by the city with developer funded tax increment financing as a means of maximizing project density while respecting the natural surroundings.
The building and site design drove the lease-up by offering a unique and welcomed product to market. As the successful occupants continued to increase their demand for space Irgens collaborated with its investors on new opportunities anchored by expansion.