Milwaukee-based developer Irgens Partners LLC has purchased the five-story office building at 10701 Research Drive in Wauwatosa and says it's planning to make "substantial improvements" to it.
According to state records, an affiliate of Irgens acquired the building for $9.5 million from a Louisville, Kentucky-based investors group. The building totals 130,000 square feet and lies southeast of Research Drive and Mayfair Road.
The building, constructed in 1995, was the inaugural development within the Milwaukee County Research Park, Irgens stated in a news release. It is assessed at $16.5 million, according to county records.
Planned improvements include new common-area finishes and a distinctive amenity package. The large floorplates will be custom-designed for future tenants. It also presents an opportunity for a large user to take over the entire building.
“The acquisition of this premier property is indicative of our continued belief in the strength of the Research Park and immediate area,” Tom Irgens, executive vice president of Irgens Partners, said in a statement.
Irgens Partners is additionally developing two new office buildings at the UWM Innovation Campus, also in Wauwatosa.