Milwaukee Condo & Real Estate Scene

The Business Journal of Milwaukee: Law firm considers anchoring new project - Second tenant looks at downtown office building

Hammes & Company of Brookfield, real estate developer of Lake Pointe Tower, is in search for the tower’s second prospective tenant. According to Pete Millard, writer for the Business Journal of Milwaukee, von Briesen & Roper SC, a law firm that has offices in the 411 Building, is seeking 75,000 square feet of office space and is considering a move to Lake Pointe Tower.

Lake Pointe Tower will be constructed where the parking structure of the U.S. Bank Tower currently stands.

Hammes has already been approached by Virchow Krause & Company, a regional CPA firm, which has offices at the Honey Creek Business Park near the zoo interchange.

Hammes faces the same challenges as other real estate developers - securing the financing needed to break ground.


My Thoughts

Lake Pointe Tower has been in and out of the news - but, of course, what real estate development in downtown Milwaukee hasn’t been in and out of the news in the past few years. Hopefully, Hammes will be able to secure the financing needed to get this project off the ground. In recent weeks, I have been reporting that developments are breaking ground in downtown Milwaukee. Therefore, as long as there is demand for downtown office space, Hammes should be able to get this building off the ground.

What concerns me is that there are current vacancies in many buildings in downtown Milwaukee. The move for von Briesen & Roper SC is right down the street from one downtown building to another; thus, creating a vacancy in the 411 Building. I know everyone wants to work in the newest building. For the past few years, everyone wanted to live in the newest condominium (which didn’t help the slightly older condominium associations). Unfortunately, I see a similar pattern for commercial and office space in downtown Milwaukee as the downtown condo market. Now, we have an oversupply of downtown condos. For the health of downtown’s economy, I’m not sure this is the right time to be building more office buildings.

Don’t get me wrong, I would love to see more real estate developments in downtown Milwaukee. However, after seeing the drastic shift in the condo market, I feel that Milwaukee needs to attract more jobs to fill the existing vacant spaces.


What are your thoughts?


Millard provides more details regarding Lake Pointe Tower. Click here to read more about this new office tower>>>


-----

Labels: Economy, Real Estate

posted by David Ray @ 3:00 PM