The Reinhart, Boerner, Van Deuren
law firm has hired a Chicago-based real estate broker and a Chicago architectural firm to explore its office space options before its lease at 1000 North Water expires in 2019.
[caption id="attachment_129882" align="alignright" width="300"]
1000 North Water building in downtown Milwaukee.[/caption]
The firm, which leases 114,000 square feet in the downtown Milwaukee office building, is the largest tenant at the 283,000-square-foot building.
During the fourth quarter of 2015, members of Reinhart's Real Estate Practice, led by Joseph Balistreri, met with local real estate brokers from CBRE, JLL, Colliers International|Wisconsin, the Boerke Company and two Chicago firms.
In the end, the law firm hired CBIZ Gibraltar Real Estate Services and Nelson architectural firm, both from Chicago, which pitched the business as a team, according to sources.
The local brokers presented several land options for Reinhart to be an anchor tenant in a new office building.
Those options included:
- Joel Lee’s property at the southeast corner of East Mason and North Jefferson streets.
- 143 N. Milwaukee St. in the Third Ward. Irgens has an option to purchase the property.
- Weas Development Co.’s property at the southeast corner of North Broadway and East Michigan Street.
- The site Marcus Corp. purchased in November at 1301-1357 N. Edison St. near the northwest corner of Knapp and Water streets.
- A site owned by Hammes Co. at 210 E. Knapp St.
According to numerous local commercial real estate sources, Reinhart is seeking 90,000 square feet of office space and would like to be the anchor tenant of a new office building downtown. However, one commercial real estate source predicted that the firm is exploring the market to create leverage with its existing landlord and ultimately will renew its lease at 1000 North Water.
"The firm has multiple relocation opportunities, but isn't ruling out the possibility of renewing," said Matt Hunter, CBRE. "If they were to move, this would be a huge transaction for the office market. It's also a huge win for Tony Palermo if he were to keep them in the building."
When Milwaukee’s newest office tower 833 East opens March 1, it will be anchored by law firm Godfrey & Kahn.
Balistreri could not be reached for comment.