Power tool maker Milwaukee Tool has bought an office building in Menomonee Falls in a move that the company says will support its continued growth.
The building, located at 100 Heritage Reserve, is currently the local offices of Charlotte, North Carolina-based Allspring Global Investments, a wealth management firm that is planning to move its local office to Milwaukee’s Historic Third Ward early next year. The building was previously the home of Strong Capital Management until it was acquired in 2004 by Wells Fargo. Allspring was previously the asset management division of Wells Fargo, but became an independent firm in November 2021
Allspring confirmed the Menomonee Falls office building sale to Milwaukee Tool, but a sale price was not disclosed or available through public records as of Monday. The property, which spans 22 acres, has an assessed value of $15.8 million, according to Waukesha County records.
Milwaukee Tool said that plans for the new facility have not yet been finalized.
“Milwaukee Tool continues to experience tremendous growth, driven by our commitment to delivering innovative solutions that enhance safety and productivity on jobsites worldwide,” the company said in a statement. “To support this momentum, we have purchased a facility in Menomonee Falls, strategically located near our existing corporate facilities in the area.”
In recent years, Milwaukee Tool has expanded, driven by rapid sales growth. The company is headquartered in Brookfield and last year opened a new office in downtown Milwaukee, at 551 N. 5th St., and recently opened a factory in Mississippi, its largest plant in the United States, where the company expects to employ more than 800 people.
The Heritage Reserve building is Milwaukee Tool’s fourth Menomonee Falls facility. The company already has about 211,000 square feet at N74 W12528 Leatherwood Court and 53,000 square feet at W127 N7564 Flint Drive, both of which are within walking distance of the Heritage Reserve property. The company also occupies 388,000 square feet at N58 W15350 Shawn Circle.
Allspring announced in January that it would move its 300 local employees from Menomonee Falls to 417 E. Chicago St. in Milwaukee’s Third Ward.
“We at Allspring couldn’t be happier to confirm that our beautiful Menomonee Falls complex will begin a new and exciting chapter,” said Jon Baranko, Wisconsin-based chief investment officer for Allspring, in a statement. “Milwaukee Tool’s purchase means that these buildings will continue to be occupied by another company with deep roots in Wisconsin.”
