A subsidiary of the Milwaukee County Research Park Corp. has purchased the Technology Innovation Center in Wauwatosa from Milwaukee County for $1.
The 138,000-square-foot building was built in 1913 as the Muirdale Tuberculosis Sanitarium and once housed the county’s mental health operations until that use ceased in 1992.
Today, the Technology Innovation Center is home to 45 businesses employing more than 300 people. The building is about 90 percent occupied.
As of today, Milwaukee Regional Innovation Center Inc. assumed all the assets and operations associated with the research park, business incubator and entrepreneurial support.
The Research Park Corporation was created on May 13, 1987, by Milwaukee County to develop approximately 175 acres of excess Milwaukee County-owned land into a research and technology park.
At some point in the future this entity will be dissolved.
Most of the board members of the Research Park Corporation will transition to a new MRIC board, which will include representatives of Marquette University, Milwaukee Area Technical College, the Medical College of Wisconsin and the University of Wisconsin-Milwaukee.
The Milwaukee County Research Park has grown into the largest Milwaukee-area office complex, with approximately 1.85 million square feet of space.
It is currently home to 115 businesses and more than 4,600 employees.
The research and technology focus of the park has helped attract many innovative companies, such GE Healthcare, Zywave, Advicent, FujiFilm TeraMedica and Agro BioSciences.