Commercial real estate firm JLL will move its Milwaukee area office from Brookfield to the newly re-branded Two Fifty East tower at 250 E. Wisconsin Ave. in downtown Milwaukee.
Dan Jessup, executive vice president and head of JLL’s Wisconsin office, said the firm is hoping to relocate its 15 employees in the first quarter of 2016.
The company currently leases 4,800 square feet at 245 S. Executive Drive in Brookfield. Jessup doesn’t know how much space JLL will lease at Two Fifty East, but expects it will be roughly the same.
Chicago-based JLL, formerly known as Jones Lang LaSalle, opened its first southeastern Wisconsin office in October 2012. The company has corporate offices in 48 U.S. cities and 70 countries.
“We’ve been marketing the (Two Fifty East) building for lease, so I’m there on an almost a daily basis,” Jessup said. “The current ownership has an extensive and aggressive capital improvement plan and the building is being re-positioned to be a Class A office tower.”
In August, two Chicago firms, Fulcrum Asset Advisors and Millbrook Properties, paid $9.75 million for the 250 Plaza office building, a 20-story tower at 250 E. Wisconsin Ave.
Last month, Scott Stahr, principal of Fulcrum Advisors, said his company was starting a “major multi-million dollar capital improvement program.”
Improvements include new elevators, a new main lobby, restrooms and major parking garage work.
The building is currently only 31 percent occupied. Tenants include Regus, Brown and Caldwell, Regal Investment Group and Scottrade.
“I believe we will have a construction timeline and a direction relative to building improvements and building finishes momentarily,” Jessup said. “We’ve had tremendous interest in the property. It is being very well received in the market and I do believe some leases will be executed by first quarter 2016.”
