Related Financial institution River Heart rises 28 tales in downtown Milwaukee. Picture courtesy of CommercialEdge
Theater and lodge firm The Marcus Corp. will develop and relocate its Milwaukee headquarters, to occupy 52,000 sq. toes on the Related Financial institution River Heart. The agency inked a lease with landlord Related Financial institution and plans to finalize the relocation by mid-2024. CBRE represented the tenant within the transaction, whereas Colliers labored on behalf of the proprietor.
The corporate beforehand occupied area on the 100 E. Wisconsin Ave. constructing, which not too long ago modified palms. The brand new proprietor is planning to transform the property into residential use.
The brand new area might be designed by Eppstein Uhen Architects to fulfill the tenant’s wants. The Marcus Corp. at the moment employs 3,400 associates within the state of Wisconsin and greater than 7,800 nationally.
In-built 1987, the Related Financial institution River Heart rises 28 tales and spans 373,700 sq. toes, with 19,423-square-foot floorplates. Related Financial institution acquired the high-rise in 2016 for $60.5 million, in response to CommercialEdge knowledge. Different tenants on the property embrace the Republican Nationwide Committee and Chicago Title, together with varied monetary and legislation companies.
Appreciable lease development in Midwestern markets
Situated at 111 E. Kilbourn Ave., the property is inside downtown Milwaukee, throughout the road from the Milwaukee Metropolis Corridor. Additionally it is adjoining to The Marcus Corp.’s Saint Kate – The Arts lodge and the Marcus Performing Arts Heart. The constructing is lower than a mile from the corporate’s earlier headquarters.
As of September, emptiness charges within the Midwest had been in keeping with the nationwide common of 17.8 %. Chicago’s charge stood at 17.9 %, whereas Twin Cities’ emptiness clocked in at 16.9 %, a current CommercialEdge report exhibits.
Itemizing charges within the area are on an upward development, with the Windy Metropolis’s common reaching $28.11 in September—marking a 220-basis-point improve year-over-year. Rents inside the Minneapolis–St. Paul market grew by 4.2 % over 12 months to $26.71, in response to the identical supply.
