The 176,960-square-foot Riverwood Corporate Center building is now available for lease in Pewaukee, adding another large block of class A office space to the Waukesha County real estate market.
The property, located at N1 7 W24300 Riverwood Drive, off Interstate 94 at Highway 164, is currently the home of the AT&T administrative offices, but will be vacant by Jan. 1, 2017.
An AT&T spokesperson declined to say why the company is leaving the building and where those operations are going. She only said that the company isn’t planning on reducing its local workforce and is planning on looking for alternative locations for its staff in the area. She did not say how many people work out of that office.
John Mazza, of CBRE, said there are not a lot of large blocks of class A space in the Pewaukee market, so the Riverwood Corporate Center will present a good opportunity for a corporate headquarters. Mazza is the listing broker for the building.
Riverwood Corporate Center could provide competition for Milwaukee developer Irgens, who is currently developing The Corridor project in Brookfield, along I-94 at Calhoun Road. Plans for the $153 million, 66-acre mixed-use development include more than 500,000 square feet of class A office space along the freeway.
Bader Rutter & Associates’ 80,000 square feet of office space in Bishops Woods in Brookfield will also be available in May 2017. The marketing firm is moving its headquarters to downtown Milwaukee to anchor an office building development planned by Wangard Partners at the former Laacke & Joys site, 1433 N. Water St.
Mazza said the competition for office tenants in the Waukesha County submarket will be heavy, but believes the sites will be filled with clients wanting the large floor plates these sites can offer. He cited Aurora Health Care leasing about 80,000 square feet of space at Park Place on Milwaukee’s far northwest side after Kohl’s Corp. vacated.
“Over the last couple of quarters, big block space has leased quickly,” Mazza said. “There is a lot of competition this time, with The Corridor, but we are unique with this big beautiful building.”
