Old National Bank has signed a lease for 23,000 space feet of the Huron Building, occupying the entire eight floor of the 11-floor class A office building at 511 N. Broadway in downtown Milwaukee.
Old National also plans to open a retail branch in a Broadway-facing, ground-floor storefront of the building.
Milwaukee-based developer J. Jeffers & Co., which opened the building in 2020, announced the news on Thursday. The deal brings the building to 65% occupancy, and ground floor space to 100% occupancy, according to a press release. Other tenants include, Husch Blackwell, which leases the top two floors of the building, and restaurant Tupelo Honey.
“Old National Bank is a perfect addition to the building, and we welcome the company and its team,” said Josh Jeffers, president and CEO of J. Jeffers & Co. “The bank is growing and expanding its presence in Milwaukee and Wisconsin, and we are proud they will call the Huron home.”
The Old National office space, and its 2,500-square-foot branch, will be built out by contractor C.G. Schmidt and ready for Old National Bank occupancy in early 2023.
The deal comes on the heels of Old National Bank’s merger with First Midwest Bank, which positions the combined entity as a top 35 bank in the U.S. with more than 250 branches across seven states, including Wisconsin, Indiana, Illinois, Iowa, Minnesota, Michigan and Kentucky.
The bank’s Wisconsin leadership team, as well as its subsidiary Northern Oak Wealth Management staff, will occupy the Huron office space, the press release states.
Ned Purtell and Jeanine Sweeney of Founders 3 Real Estate Services represented J. Jeffers Co. in the lease negotiations.
“We are excited about this new space to inspire collaboration with our combined teams and better serve our clients. The added benefit of a first-floor retail branch makes the hub location complete,” said Kevin Anderson, Milwaukee market and business banking president of Old National Bank. “As a hub for the Wisconsin banking team, as well our Northern Oak advisors, the Huron is perfect. Its location provides visibility, flexibility and amenities that enable us to host clients, and it has a vibrant and collaborative space for partners to come together as one team. Access and convenience with The Hop (streetcar) line and on-site parking were important factors in site selection as well.”
It was not immediately clear on Thursday if the Old National Bank would continue to lease the 6,500-square-foot office space it occupies at 788 N. Jefferson St. off Cathedral Square in downtown Milwaukee.
“At this time, I don’t have an answer from our facilities team,” said Andrea Marquardt Finck, vice president for community relations for Old National Bank on Thursday. “With the merger, there are so many moving parts.”
Marquardt Finck also could not say whether the company would continue to operate a bank at the North Jefferson Street building.