HSA Bank, a division of Waterbury, Conn.-based Webster Bank, will relocate its Milwaukee area office from Bayshore Town Center in Glendale to Schlitz Park in downtown Milwaukee. The move will bring 100 HSA Bank employees to downtown Milwaukee.
HSA Bank signed a lease for 16,000 square feet of space on the second floor of Schlitz Park’s RiverCenter building at 1555 RiverCenter Drive. The office relocation will take place in August. Schlitz Park was represented by Ned Purtell and Jenna Maguire of RFP Commercial and HSA Bank was represented by Drew Saunders and Dan Jessup of Jones Lang LaSalle in brokering the deal.
With $2.5 billion in total account footings, HSA Bank provides tax-advantaged health care savings plans to about 600,000 consumers nationwide. Originally founded as the State Bank of Howards Grove in 1913, the bank name was changed to HSA Bank in 2004 and acquired by Webster Bank, N.A., in 2005. HSA Bank was one of the first entrants in the health care savings account industry and in 2008 became the first administrator to exceed the half billion dollar mark in deposits and reach 200,000 active accounts.
“We continue to outpace our growth estimates. At Schlitz Park, we will have the flexibility and space to handle our current needs with room for expansion to support future growth,” said Charles “Chad” Wilkins, executive vice president of Webster Bank and head of HSA Bank. “Schlitz Park is a great location. The facilities, buildings and all of the amenities will help us attract new talent. Our employees will appreciate the abundance of natural lighting, plenty of free parking and the proximity to downtown restaurants and entertainment during and after work. The fact that there is dining on site, the riverwalk outside and easy access to public transit will make us an even more attractive place to work.”
HSA Bank is the latest of a growing list of new tenants that Schlitz Park has attracted recently. Previously announced new Schlitz Parks tenants UMB Fund Services, which will move from another downtown location, and Readers Digest Assocation’s Enthusiast Brands division, which will move from Greendale, will begin their moves later this month and into July. UMB will bring 250 employees and RDA’s Enthusiast Brands division will bring 200 employees to Schlitz Park.
“Schlitz Park is quickly becoming the place to locate for growing companies that are leaders in their sectors and looking to add smart and energetic employees that want a downtown work and play environment,” said Gary Grunau, Schlitz Park’s co-developer. “HSA Bank’s move and planned expansion is great news for the downtown and Milwaukee economy.”