Schlitz Park lands major tenant, hits full occupancy

National General Insurance leases space

Downtown Milwaukee’s Schlitz Park office park has landed a major tenant — and is now fully leased.

National General Insurance has agreed to lease 31,300 square feet in Schlitz Park’s RiverCenter building, 1555 River Center Drive, co-developer Gary Grunau announced Wednesday.

National General is now at 501 W. Michigan St.

It will be the final tenant to move into RiverCenter after the building’s $6.7 million renovation project, which included the conversion of former warehouse space into offices.

Also, National General’s lease brings the 800,000-square-foot Schlitz Park to 100 percent occupancy, Grunau said.

Other downtown tenants that have moved to Schlitz Park or expanded there in recent years include UMB Fund Services and the Milwaukee Bucks.

Also, the business park has landed companies that have moved from the suburbs. They include HSA Bank, from Glendale’s Bayshore Town Center; Trusted Media Brands, from Greendale; and Badger Liquor, from West Allis.

Tenants have been attracted by a location along the Milwaukee River that features historic buildings, Grunau said. Schlitz Park’s amenities include fitness centers, a public square and a Bublr Bikes docking station.

With Schlitz Park now full, Grunau might redevelop the Powerhouse building with an addition to create 75,000 square feet of office space.

Another option to accommodate new tenants is a new four-story, 125,000square-foot office building overlooking the river between ManpowerGroup’s headquarters and Spectrum/Charter Communications Inc.’s regional headquarters.

“With the opening of the Milwaukee Bucks arena and the startup of the Milwaukee Street Car later this year, along with a downtown housing boom, we couldn’t be more excited about the future of Schlitz Park and the surrounding area,” Grunau said in a statement.

The National General lease was brokered by Founders 3 Real Estate Services and Oakbrook Corp.