Charlotte, North Carolina-based
Allspring Global Investments is spending upwards of $7.6 million on the renovation of its new local office space in Milwaukee's Third Ward.
That's according to four permits filed with the City of Milwaukee filed for the building at 417 E. Chicago St., where the global asset management firm plans to move its 300 local employees by February.
Interior renovations will cost $7 million, plus another $480,000 in HVAC costs, and approximately $200,000 has been spent on interior demolition, the permits show.
San Francisco-based
Gensler is the project's architect and Chicago-based
Pepper Construction is the contractor. Pepper Construction has an office in Milwaukee.
Allspring announced in January that it would occupy the one-story, 42,000-square-foot building, moving from its longtime office in Menomonee Falls.
With 20 offices globally, the company oversees about $551 billion of assets. It manages mutual funds that the company gained through its prior iteration as Wells Fargo Asset Management. It also manages assets from larger institutions such as public pension funds, endowments, retirement plans, foundations and insurance companies.
In its announcement, Allspring cited the Third Ward office’s proximity to the lakefront, Milwaukee Public Market and transit connections including the streetcar, bus network and Amtrak station, as well as the neighborhood’s vibrancy, as reasons the firm was attracted to the space.
“Consistent with its Charlotte headquarters and other major offices in New York and London, the company plans to incorporate green building practices in the renovation and to showcase the work of local artists in the space,” the announcement said.
Representatives from Allspring were not available for comment.
