Northwestern Mutual Life Insurance Co. has purchased an aircraft hangar at Mitchell International Airport for $3.3 million to accommodate its corporate jet.
The property includes a 47,000-square-foot building on a 6.5-acre lot, located at 530 E. College Ave.
"Northwestern Mutual has purchased a different hangar at Mitchell International Airport to permit more efficient servicing and maintenance of our airplane in a less congested area," said company spokeswoman Betsy Hoylman. "We do not have plans to purchase additional aircraft."
Northwestern Mutual currently leases and has an active hangar at General Mitchell International Airport. Holyman said the company will talk to Milwaukee County officials about its options for the current hangar.
Northwestern Mutual originally entered into an agreement with the airport in 1983 to lease land for a hangar for an initial term of five years with six additional renewal options of five years. The company is in its final option term.
According to documents filed with Milwaukee County in 2015, the current hangar no longer serves the corporate aviation needs of Northwestern Mutual.
Harold Mester, airport spokesperson, would not comment on the purchase and referred questions to Northwestern Mutual.