The land where Brown Deer-based
Rite-Hite Holding Corp. intends to build its new headquarters in Milwaukee has been sold to an affiliate of the company for $12 million, according to state records.
Rite-Hite, a global industrial equipment manufacturer and supplier,
announced in March its plans to relocate to the Reed Street Yards business park in Milwaukee's Walker's Point neighborhood. SIXSIBS LLC, an affiliate of Rite-Hite, acquired the 10 acres from Building 41 LLC last week, records indicate. Building 41 is registered to Peter Moede, a co-developer of Reed Street Yards along with Fox Point-based
General Capital Group.
Rite-Hite plans to construct a roughly 240,000-square-foot campus and bring about 350 jobs to Reed Street Yards.
The project consists of a 137,000-square-foot, five-story office building on land north of Freshwater Way, and a 103,000-square-foot, two-story research and development building and attached 450-stall parking structure to the south. The two buildings would be connected via skywalk.
The site also allows for
potential expansion in later years. Project plans filed with the city depict a potential 51,000-square-foot expansion of its office building, 30,000-square-foot expansion of its R&D building and another 29,000-square-foot building on land directly west of the office building.
Infrastructure work is already underway at the site, in preparation for vertical construction. Existing sewer lines are being relocated to make way for the new buildings.
A company spokesperson did not immediately respond to a request for comment on the transaction. Rite-Hite previously said it could begin construction of its new headquarters sometime this year. The project is expected to be finished by 2022.
“The new headquarters will afford us the space and resources to expand our operations, attract and retain talent, and continue to support our customers in a first class manner,” Paul Maly, chief executive officer of Rite-Hite, said in a statement this spring.
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