Ehlers Inc., a financial advisory firm for public sector clients, purchased a 19,985-square-foot office building at N21 W23350 Ridgeview Parkway in the City of Pewaukee from entrepreneur Norm Yerke for $2.825 million.
The building was constructed in 2001 on a property with 34 wooded acres and a recreational cabin. The propery has an assessed value of nearly $3.5 million, according to Waukesha County records.
Yerke was represented by Tom Shepherd and Lyle Landowski of Colliers International|Wisconsin and Ehlers was represented by Rachel Schmidt of NAI MLG Commercial.
Roseville, Minn.-based Ehlers plans to move its Wisconsin office to the Pewaukee building, said Michael Harrigan, chairman of the board and senior financial advisor. The firm’s Wisconsin office is currently located at 375 Bishops Way in Brookfield. Ehlers leases 7,000 square feet of space in Brookfield and plans to occupy 10,000 square feet of space in the Pewaukee building and will lease out the other half, Harrigan said.
The company has leased space in the Brookfield building since 1992, when its Wisconsin office only had four employees. The firm now has 21 employees in the office, including two financial advisors that were added recently, Harrigan said. The firm does work for 480 units of government in Wisconsin.
“We’ve outgrown our space (in Brookfield),” Harrigan said.
The Godfrey & Kahn law firm currently leases about 16,000 square feet in the Pewaukee building, Shepherd said. The firm is evaluating its space needs and Ehlers hopes to retain it as a tenant, Harrigan said.
“We believe we can accommodate them in our building,” he said.
Yerke will move out of the building to a small private office, Shepherd said.