Foxconn pays $9.5 million for Madison office building

Last updated on July 2nd, 2019 at 09:11 pm

An affiliate of Foxconn Technology Group has paid $9.5 million for the BMO Harris building located on the Capitol Square in downtown Madison, according to state real estate records.

FE One West Main Madison LLC acquired four parcels at 1 W. Main St. with a combined assessed value of nearly $6.3 million, according to Dane County records.

Foxconn originally announced plans in April to purchase the building on the southeast side of the square and across the street from the Capitol building. BizTimes Media was first to report on the company’s interest in the property in early March.

The building will be renamed Foxconn Place Madison and the company plans to convert it into one of its innovation centers around the state. BMO Harris will continue to occupy a portion of the building with around 100 employees and a bank branch on the first floor.

Foxconn previously announced plans for innovation centers in Milwaukee, Green Bay, Eau Claire and Racine. The Madison center will serve as a connection to the University of Wisconsin-Madison. The company announced a $100 million research partnership with the university in 2018.

The company has said its centers will combine to have more than 1,000 employees, but critics have pointed to a lack of progress in building out the facilities.

Under its contract with Wisconsin, Foxconn can receive tax incentives for jobs created around the state if the positions benefit its work in Mount Pleasant. Capital investments in the centers, however, are not eligible for tax credits.

Foxconn has now spent more than $54 million on real estate purchases in Wisconsin outside of the main campus where it plans to establish manufacturing operations.

Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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