Office v Wisconsin

Milwaukee's Schlitz Park hits 100-percent occupancy

Milwaukee's Schlitz Park hits 100-percent occupancy,ph01

The developers of Milwaukee’s Schlitz Park announced that a new lease with National General Insurance will bring the 800,000-square-foot office complex to 100 percent occupancy.

National General Insurance leased 31,315 square feet of space in Schlitz Park’s RiverCenter building, 1555 River Center Drive. It will be the final tenant to move into the complex’s $6.73 million South RiverCenter renovation project, which included the conversion of former warehouse space into office suites.

In 2011, Schlitz Park announced a $30 million renovation plan designed to reinvigorate downtown development and occupancy with work spaces and amenities that would attract new employers, services and talent to downtown. Since then, Schlitz Park has signed more than 20 new or expanded leases with tenants including the Milwaukee Bucks, UMB Fund Services, Infosys and AECOM. Several Schlitz Park tenants relocated downtown from suburban offices including Badger Liquor, HSA Bank and Trusted Media Brands.

Most of Schlitz Park’s new tenants moved to support aggressive growth plans and cited the office complex’s riverfront location, renovated buildings, green space and amenities as key to attracting young, diverse professionals. The leasing activity has brought 4,200 jobs to Schlitz Park, including more than 1,000 new positions to downtown.

National General Insurance brings the number of Schlitz Park tenants to 39. Founders 3 Real Estate Services’ Ned Purtell, partner, and Jenna Maguire, broker associate, represented Schlitz Park, and Oakbrook Corporation’s Chris Richards, senior real estate associate, represented National General in negotiating the lease.