Green Bay-based Associated Bank, which has a significant portion of its executive, administrative and back-room operations in downtown Milwaukee, is now looking at more office space and may potentially consolidate all of its Milwaukee operations into one location, according to Nick Papachristou, the bank’s vice president and chief marketing officer.
“We’re always looking for new space,” he said. “We’re dispersed now and are looking at a lot of alternatives.”
Associated occupies space in three different office buildings in downtown Milwaukee: 23,000 square feet of space in the Two Plaza East building; three floors and a branch at 401 E. Kilbourn Ave.; and a branch and its marketing department in 815 N. Water St.
The bank moved into its space in Two Plaza East in early 2007.
If it finds the right building and space, Associated may decide to consolidate all of its operations into one place, Papachristou said. The bank also might expand one or more of its offices in downtown, or decide to not do anything, if it does not find a deal to its liking, he said.
“They have had some flirtations (with developers),” said one commercial real estate source. “But they haven’t really begun the process.”
“We’re adding people here, and as we do that, we need to look at space,” Papachristou said. “We’re looking at a number of alternatives, none of which are driven by a core burning strategy to do one thing or another, other than what is best for our people and position in the market.”
Associated Bank has a significant number of people working in Hales Corners and Waukesha, and the bank also is looking at office space in places other than downtown Milwaukee in the region.
“We’re expanding our presence, and we need to be strategic about our decisions,” Papachristou said. “We’re looking both short- and long-term.”
Associated Bank has not set a deadline for its decisions, Papachristou said.
“A timeline will manifest itself once we’ve looked at all of the options,” he said. “We’re gathering information now. And if we look at all of the alternatives and none precipitates a decision, we would defer and continue to look at alternatives.”
While Associated is not certain what, if any, changes it will make in relation to its commercial office space in metro Milwaukee, the bank will continue growing its presence here, Papachristou said.
“The great news for this market is that we’re intent on increasing the number of people who are here for lots of reasons,” he said. “This is a great community for business.”
