Last updated on May 15th, 2019 at 05:03 pm
A health care research and consulting company will move its Milwaukee area office from Greenfield to downtown Milwaukee where it will lease the entire 15th floor of the newly renovated 411 Building.
Decision Resources Group, which currently has an office at 4600 W. Loomis Road in Greenfield, has signed a long-term lease for 24,000 square feet in the 411 Building, located at 411 E. Wisconsin Ave.
DRG has more than 900 employees world-wide and about 200 in Greenfield.
Matt Hunter and Jim Cavanaugh with CBRE are the leasing agents for the 411 Building.
“This is a huge win for 411 East Wisconsin,” Hunter said. “It’s new absorption to downtown Milwaukee and the overall occupancy to 411 is now over 90 percent.”
The last time the 411 Building was 90 percent occupied was in 2003, Hunter said.
When Chicago-based Riverview Realty Partners purchased the 30-story building in May 2014 for $87.7 million, it was 76 percent occupied.
Since purchasing the 33-year-old building, Riverview Realty has invested $15 million in upgrades to the facility. The work included modernizing the lobby, upgrading the elevators, HVAC systems and parking structures and adding new conference rooms and business lounges.
“The building has an amenity package that no other building downtown has, plus more parking than any other tower downtown,” said Jeff Patterson, CEO of Riverview Realty Partners.
Patterson also noted tenants’ access to the 35,000-square-foot Wisconsin Athletic Club, which recently extended its lease on the sixth floor of the 411 Building for 10 years and leased an additional 7,500 square feet of space on the fifth floor.
“Our tenants have access to a state-of-the art fitness center, plus a new business lounge and quite a number of other improvements we have made, “ Patterson said. “The building was quickly on its way to becoming Class B (before Riverview bought it). It is a solid Class A again in the market and all of those things play into leasing success.”
In December, the 411 Building attained the U.S. Green Building Council’s LEED Gold Certification, becoming the first and only multi-tenant office building in Milwaukee’s central business district to achieve the designation.
The building also received the U.S. Environmental Protection Agency’s Energy Star certification, earning a score of 91, which means the building is more efficient than 91 percent of all other buildings in its class.
Other tenants in the building include Northwestern Mutual, Morgan Stanley, PNC Bank, von Briesen & Roper and anchor Quarles & Brady, which leases the most space in the 654,165-square-foot building. Quarles & Brady signed a 10-year lease extension in 2014 for seven floors, leasing 186,000 square feet.