Irgens Partners LLC is bullish on the Wauwatosa office market.
The Milwaukee-based developer recently acquired the five-story, 130,000-square-foot office building southeast of Research Drive and North Mayfair Road. Irgens said the recently vacated building will undergo significant renovations and be marketed to either one single large tenant or multiple tenants.
The building was constructed in 1995 and was the inaugural development within the Milwaukee County Research Park. Irgens bought it for $9.5 million, well under its assessed value of $16.5 million, according to county records.
The acquisition comes as Irgens is developing two new office buildings at the UWM Innovation Campus, also in Wauwatosa.
“The acquisition of this premier property is indicative of our continued belief in the strength of the Research Park and immediate area,” said Tom Irgens, executive vice president of Irgens Partners.
Address: 10701 Research Drive
Buyer: 10701 Research Drive Development Partners LLC, an Irgens affiliate