Compass Properties, LLC
735 N. Water Street Suite 735, Milwaukee
Industry: Real estate
Innovation: The City Center at 735
In 2010, Compass Properties LLC combined one of downtown Milwaukee’s most significant historic buildings with a long vacant building next door to create a single entity, called The City Center at 735. The company combined the 99-year-old 735 N. Water St. building, designed by legendary architect Daniel Burnham, and a long vacant building next door into the new entity. A Gold’s Gym health club moved into the former vacant building, and part of the 735 N. Water St. building. The Gold’s building is now mostly occupied and is connected to the 735 N. Water St. building.
Previously, Compass Properties renovated the lobby and did exterior renovations and interior remodeling to the 735 N. Water St. building.
At the end of 2009, the occupancy of the 735 N. Water St. building was less than 60 percent. Currently the occupancy is now at 73 percent and Compass Properties wants to achieve a 95 percent occupancy rate within the next two years which would require leasing an additional 60,000 square feet, said Sheldon Oppermann, vice president of Compass Properties.
Compass Properties’ innovative approach has filled long vacant space and revitalized a major downtown block.
“It is critical for building owners to think about how a building can stay competitive with newer or updated buildings in the area,” Oppermann said.
Next year will be the 100th anniversary for the 735 building. The renovations and improvements made to the building were necessary to keep it competitive for the next 100 years, Oppermann said.
“We kept investing in this project even when everyone else in the real estate industry was cutting back (during the recession),” he said.
