Milwaukee-based financial services firm Baird announced Thursday that it has extended its lease at the U.S. Bank Center in downtown Milwaukee by five years and that the company will be adding signage to the top of the building.
Baird is the largest tenant in the U.S. Bank Center, occupying 21 of the building’s 42 floors. The company’s lease has been extended to 2033 for 456,000 square feet of office space, in the 1.1 million-square-foot building, the tallest in Wisconsin.
Founded in Milwaukee in 1919, Baird moved its headquarters to U.S. Bank Center (then known as the First Wisconsin Center) shortly after the building’s construction was completed in 1973, with approximately 200 employees occupying three floors. Today, Baird has more than 1,600 associates working in downtown Milwaukee, according to a press release.
Last year, Baird posted its second highest net revenue ever at $2.79 billion.
Under the lease extension deal, Baird will add signs on the north and south sides of the office tower, as well as to its parking garage. The existing U.S. Bank signs on the top of the building will remain on the east and west sides of the building, a spokesperson with Baird said. The building, located at 777 E. Wisconsin Ave., will still be named the U.S. Bank Center.
“Every few years we conduct a thorough review of our current and future space needs then look at our options to ensure we are providing the best experience for our associates and clients,” said Steve Booth, Baird chairman and CEO. “Milwaukee is a great place to do business and U.S. Bank Center has proven to be an excellent location for Baird as we’ve continued to add new talent to best serve our clients. We are committed to the local community and pleased to be a major part of its future.”
In 2013, Baird extended its lease at U.S. Bank Center for 15 years. At the time it was leasing 13 floors and had 1,100 employees in the building. The company then did a significant renovation project for its space in the building.
Representatives with U.S. Bank, which owns the building, were not available for comment on the lease.
In addition to Baird and U.S. Bank, other major tenants in the U.S. Bank Center include Milwaukee-based law firm Foley & Lardner.
Dallas-based commercial real estate services firm CBRE Group, Inc. plans to move its downtown Milwaukee office from the U.S. Bank Center to BMO Tower, a newer downtown office building that opened in 2020. CBRE has submitted plans to the city for a 12,775-square-foot office space on the 18th floor of the 25-story, 379,637-square-foot BMO Tower office building at 790 N. Water St.
In April, leasing agent Jim Cavanaugh, a partner at Cushman & Wakefield | Boerke, told BizTimes Milwaukee that the U.S. Bank Center’s 32nd, 33rd and 34th floors were available. “It’s the three highest (available) floors of any building in Milwaukee,” he said at the time. Cavanaugh could not immediately be reached for comment today.
JLL represented Baird and Cushman & Wakefield represented U.S. Bank in brokering the lease extension.
Earlier this year, the Wisconsin Center District announced that Baird had agreed to be the new naming rights sponsor for the downtown Milwaukee convention center, which is now known as the Baird Center. A $456 million expansion of that facility will be completed next year.
