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9/27/2016 Suburbanfirmsmovingdowntowntoattractandkeepmillennials
http://archive.jsonline.com/business/suburban­firms­moving­downtown­to­attract­and­keep­millennials­b99679651z1­371224511.html 1/7
0   
BUSINESS
Suburban rms moving downtown to
attract and keep millennials
The former Laacke & Joys building at 1433 N. Water St. is shown south of development taking place last
week along N. Water St. just north of downtown. The building will be combined with a ve-story addition
to create 113,830 square feet of of ce space. Credit: Mark Hoffman
ByTomDaykinoftheJournalSentinel
March06,2016
AsHSABankcontinuesaddinghundredsofemployeestoits
downtownMilwaukeeoperation,thecompanyisgoingtohire
moremillennialslikeMichaelZimmerman.
Zimmerman,28,joinedHSABankinJune,andworksasan
informationtechnologyprofessional.Zimmermanlives
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9/27/2016 Suburbanfirmsmovingdowntowntoattractandkeepmillennials
http://archive.jsonline.com/business/suburban­firms­moving­downtown­to­attract­and­keep­millennials­b99679651z1­371224511.html 2/7
downtown,andwantedtoworkthereafterpreviouslycommuting
toaBrookfieldbusinesspark.
Henowwalkstowork,savingalotofmoneyongas.
Zimmermancanwalktorestaurantsorfoodtrucksforlunch,
insteadofdriving.Also,it'seasiertomeethisfriendsafterwork—
becausemanyofhisfellowmillennialshavejobsinthedowntownarea.
ThosefactorsmakeHSABank'sSchlitzParkofficesmoreappealingto
millennials,sometimesdefinedaspeoplebornfrom1981through1996.
Theneedtoattractandretainyoungerprofessionalsisdrivingmore
employerslikeHSABanktomovedowntownfromMilwaukee'ssuburbs,
businessoperatorsandofficedeveloperssay.
"Thelocationispartoftheattraction"foryoungerworkers,saidChad
Wilkins,presidentofHSABank,whichmanageshealthsavingsaccounts.
"Asagreaterportionoftheworkforcebecomesmillennial,theemployers
arelookingforsitesthatwillattractthebesttalent,"saiddeveloper
StewartWangard,who'slininguptenantsforhisnewdowntownoffice
project."Theurbansiteshavebetteralignmentwithmillennialvalues."
APublicPolicyForumsurveyofMilwaukee­areamillennialsfoundthat
37%agreedthatdowntownisthelocationinthemetroareawherethey
wouldmostliketowork.
Thatsurvey,releasedinDecember,said29%oftherespondentsdisagreed
withthatstatement,while34%neitheragreednordisagreed.
Also,32%ofareamillennialssaidit'simportanttolivewithinwalking
distanceofwork,with39%sayingitwasnotimportantand29%sayingit
wasneitherimportantnorunimportant.
BankMovedFromGlendale
HSABankmovedto1515N.RiverCenterDrive,withinSchlitzPark's
RiverCenterBuilding,inOctober2014fromGlendale'sBayshoreTown
Center.It'sleasing50,000squarefeet.
Fire ghters union chief
played role in high-rise
zoning ght
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9/27/2016 Suburbanfirmsmovingdowntowntoattractandkeepmillennials
http://archive.jsonline.com/business/suburban­firms­moving­downtown­to­attract­and­keep­millennials­b99679651z1­371224511.html 3/7
Thecompanyhassinceexpandedthatoperationfrom71employeesto
269employees,andexpectstohavearound500employeesatSchlitzPark
bytheendof2018,Wilkinssaid.
SchlitzParkhasotherbusinesses,suchasCorvisaCloud,Infosysand
TrustedMediaBrandsInc.,formerlyknownasReader'sDigest
AssociationInc.,thathavemovedtherefromsuburbanlocationsoverthe
pastthreetofouryears.
SchlitzParkdeveloperGaryGrunauandhispartnerssince2010have
madeinvestmentstohelpthebusinessparkattractthosefirms.
ThatincludesdemolishingtheformerSchlitzbrewhouseandreplacingit
withapublicsquare;newfitnesscenters;abike­sharingstation,and
renovationsattheBrownBottlerestaurant.
GrunauinAugustannouncedanotherseriesofimprovementsatthe
businesspark.Herecentlylandedasoftwarefirmthatwilllease20,000
squarefeet,butdeclinedtoprovidemoreinformationuntiltheleaseis
final.
OtheremployersthathavemovedtothedowntownareaincludePlunkett
RaysichArchitects.ThefirminMaymovedfromParkPlacebusiness
park,eastofHighway45andnorthofW.GoodHopeRoad,to209S.
WaterSt.,inWalker'sPoint.
Thefirmhassincehiredyoungeremployeeswhoprimarilyliveinthe
downtownandeastsidearea,saidDavidRaysich,managingpartner.
Someemployeesnowwalkorbiketowork,hesaid,andco­workersoften
joineachotherforlunchbywalkingtonearbyrestaurants.
"Thatneverhappenedinouroldlocation,"Raysichsaid.
DirectSupplyInc.,basedonMilwaukee'snorthwestside,in2012opened
atechnologycenterat1020N.Broadway,withinMilwaukeeSchoolof
Engineering'sdowntowncampus.Ithassinceexpandedthecenter,which
has70employees.
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9/27/2016 Suburbanfirmsmovingdowntowntoattractandkeepmillennials
http://archive.jsonline.com/business/suburban­firms­moving­downtown­to­attract­and­keep­millennials­b99679651z1­371224511.html 4/7
Thecompany,whichhelpsbuild,equipandoperatelong­termcareand
seniorlivingcommunities,openedthedowntownfacilityinparttohelp
attractyoungeremployees,saidBobKlein,seniorvicepresident.
DirectSupply,whichalsoisexpandingitsheadquarters,haslonghired
collegeinterns.Thedowntowntechcentermakesiteasierforthemto
workforthecompanywhilealsotakingclasses,Kleinsaid.
"And,ofcourse,wehopethattheirpositiveexperienceswithusasinterns
leadsthemtowantfull­timeemploymentwithus,"hesaid.
TowerBuiltWithYouthInMind
Meanwhile,downtown'slargestongoingofficeproject,Northwestern
Mutual's32­storyofficetower,ispartlytiedto"thegrowingpreference
amongyoungprofessionalstoworkinanurbanenvironment,"saidSandy
Botcher,vicepresidentoffacilityoperations.
"Webelievetheuniquenatureofbeinglocatedonthelakefrontandinthe
centerofdowntownenhancesourabilitytorecruittoptalentlocally,
regionallyandnationally,"Botchersaidinastatement.
The$450milliontowerandcommonsareawilltotal1.1millionsquare
feetwhenit'scompletedsouthofE.MasonSt.,aboutablockwestofN.
ProspectAve.,bytheendof2017.Thecompanywilladd1,900jobsby
2030toitsdowntowncampus,whereitnowhas3,600employees.
Otherinvestorsanddevelopersarepitchingtheirdowntownlocationsto
suburbanbusinesses.
WangardPartnersInc.planstocreatea113,830­square­footoffice
buildingbycombiningtherenovatedfour­storysouthernportionofthe
formerLaacke&Joysbuilding,1433N.WaterSt.,withafive­story
addition.Thatadditionwouldreplacethebuilding'snorthernportion,
whichwouldbedemolished.
Wangardsaidhisfirmhasseveralprospectiveofficetenants,including
twopotentialanchors.
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9/27/2016 Suburbanfirmsmovingdowntowntoattractandkeepmillennials
http://archive.jsonline.com/business/suburban­firms­moving­downtown­to­attract­and­keep­millennials­b99679651z1­371224511.html 5/7
Hedeclinedtonamethem,butonecommercialindustryrealestatesource
saidtheyareBrookfield­basedbusinessmarketingagencyBaderRutter&
AssociatesInc.andOakCreek­basedMasterLockCo.Executivesfrom
bothcompaniessaidtheywereconsideringnewlocations,butdeclinedto
commentontheLaacke&Joyssite.
WangardsaidtheLaacke&Joyslocation,withinwalkingdistanceof
restaurants,storesandapartments,wouldhelpitattractofficetenants.
"Theywantauniqueenvironmentthatwillattractthebestandbrightest
talent,"hesaid.
ThenewChicago­basedownersofdowntown'sTwoFiftyofficetower,
250E.WisconsinAve.,alsohopetotapintothattrend.That20­story
buildingisundergoingextensiverenovations.
"Ithinkemployersarelookingforabiggerlaborpool,amoretalented
laborpool,"saidJenSweeney,directorofpropertymanagementat
MillbrookProperties,oneofthebuilding'snewowners.
Butmillennialsaren'tdrivingeverycompanymove.
LifesciencesconsultingfirmDohmenCo.shifteditsheadquartersfrom
MenomoneeFallsto190N.MilwaukeeSt.,intheHistoricThirdWard,in
January2015,andisexpandingtoasecondbuilding.
But"thedesiretoattractmillennialswasnottheprimaryreason"for
Dohmen'smove,saidSarahZwicky,publicrelationsdirector.
And,whileitwasn'tamajorfactorinTrustedMedia's2014movefrom
GreendaletoSchlitzPark,thedowntownlocationhasprovided"apositive
sideeffect,aswe'verecentlyseenanuptickinmillennial­agednewhires,"
saidCatherineCassidy,chiefcontentofficer.
Meanwhile,downtownparkingisaconcernforrelocatingsuburban
businessesthatusesurfaceparkinglotsfortheiremployees,saidWilliam
Bonifas,aMilwaukee­basedexecutivevicepresidentatCBREInc.
commercialrealestatebrokerage.
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9/27/2016 Suburbanfirmsmovingdowntowntoattractandkeepmillennials
http://archive.jsonline.com/business/suburban­firms­moving­downtown­to­attract­and­keep­millennials­b99679651z1­371224511.html 6/7
Downtownofficesoftenneedmorecostlyparkingstructures,although
some,suchasSchlitzParkandthenewDohmenandPlunkettRaysich
offices,includeparkinglots.
"Itisacomplicatingfactor,"Bonifassaid.
Indeed,thePublicPolicyForumsurveysaid74%ofMilwaukeearea
millennialsnamedaffordableparkingasanimportantfactorintheirideal
workplace.
ThatwastheNo.1factorcited.Havingavarietyofrestaurantoptions
withinwalkingdistancewastheNo.2factor,selectedby50%ofthose
surveyed.
Otherfactorswerehavingavarietyofretailandshoppingwithinwalking
distance,46%;aworkplaceclosetomasstransit,44%;avarietyofnight
lifeandentertainmentoptionswithinwalkingdistance,42%;andaneasy
bikeridetowork,38%.
ForDougKunde,walkingtoworkisabigadvantage.Kundeandhiswife
aremovingfromGermantowntoacondobuildingjustafewblocksfrom
hisjobatPlunkettRaysich.
Kunde,32,saidworkingdowntownalsomeansmoreoptionsforlunch,
andsocialeventsafterwork.
"There'sjustsomuchmoretododownhere,"hesaid.
Facebook:facebook.com/JSBusiness
Twitter:twitter.com/TomDaykin
About Tom Daykin
Tom Daykin covers commercial real estate and development.
@tomdaykin tdaykin@journalsentinel.com 414-224-2131
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9/27/2016 Suburbanfirmsmovingdowntowntoattractandkeepmillennials
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