Charlotte, North Carolina-based
Allspring Global Investments will move 300 employees to from its longtime office in Menomonee Falls to Milwaukee’s Historic Third Ward, in what the company says is an effort to attract and retain talent.
The global asset management firm will fully occupy the one-story, 42,000-square-foot building at 417 E. Chicago St. It plans to make the move in February 2025, according to a Wednesday announcement.
Allspring, which has 20 offices globally, oversees about $551 billion of assets. It manages mutual funds that the company gained through its prior iteration as Wells Fargo Asset Management. It also manages assets from larger institutions such as public pension funds, endowments, retirement plans, foundations and insurance companies.
“Allspring’s guiding principle is to elevate investing to be worth more, and that certainly applies to this initiative,” said Ann Miletti, chief diversity officer and head of fundamental equity for Allspring. “This move represents a long-term bet on one of America’s great cities and an investment in our ability to truly engage with our clients, partners, and the community—as well as to continue to attract and retain top talent.”
In its announcement, Allspring cited the Third Ward office's proximity to the lakefront, Milwaukee Public Market and transit connections including the streetcar, bus network and Amtrak station, as well as the neighborhood's vibrancy, as reasons the firm was attracted to the space.
"Consistent with its Charlotte headquarters and other major offices in New York and London, the company plans to incorporate green building practices in the renovation and to showcase the work of local artists in the space," the announcement says.
The company's Milwaukee-area workforce is currently located in a nearly 40-year-old building off of Good Hope Road in Menomonee Falls, at 100 Heritage Reserve. That was the home of Strong Capital Management until it was acquired in 2004 by Wells Fargo.
Allspring's future location in the Third Ward was most recently occupied by life sciences company
Eversana.
Originally constructed in 1964, the building was completely renovated in 2013 as a build-to-suit for the headquarters for Milwaukee-based
The Dohmen Company. For several years the building was used for their affiliate company, Dohmen Life Science Services.
Dohmen Life Science Services vacated the building in 2018 turning it over to Water Street Healthcare Partners and JLL Partners, which own Eversana.
Eversana vacated the space in 2023, according to a report from the Commercial Association of Realtors Wisconsin.
Allspring will be joining a list of suburban and outstate companies that have moved to or opened an office in the downtown Milwaukee area in recent years including
Milwaukee Tool, Rite-Hite, Twin Disc, Regal Rexnord and Church Mutual, which collectively occupy more than 810,000 square feet of office space.
Even more area companies are planning to move their offices to downtown Milwaukee including Veolia North America and Fiserv. Northwestern Mutual has began a 540,000-square-foot renovation of one of its existing downtown office buildings and will close its Franklin campus, moving those employees downtown.
