Two Park Plaza
197,600 sf Office Building
Milwaukee, WI
Major Tenants: Metavante/Marshall & Isley Corporation, Ford Motor Company, Metropolitan Life Insurance
Built in 1984 by the Trammell Crow company, Two Park is a 12-story, Class A suburban office building. Beginning in 1999, significant renovations were completed at Two Park, including rebuilding all of the HVAC systems, remodeling over 70% of the building’s tenant spaces, and improving the 792-space attached parking structure. Two Park is situated on 8.5 acres at the entrance of the 305-acre Park Place Business Park, which is located within the Park Place Office Corridor of Milwaukee’s Northwest Office Submarket. With high visibility along Highway 45/51 and close proximity to executive housing in the Mequon and River Hills communities, this “infill” market caters to a wide variety of tenants interested in an institutional quality business park environment.
Two Park is approximately 68% leased to 13 tenants, including Metavante, Ford Motor Company, Metropolitan Life Insurance Company, Mutual of America, Ameriquest, and ARC Services. Metavante is the building’s largest tenant, leasing approximately 101,000 square feet. Syndicated views this acquisition as a “value-add” investment with a higher than typical risk/reward ratio. The ownership strategy consists of leasing the existing vacancy, addressing deferred maintenance items, and extending the Metavante lease to position the property for a sale or refinance within six years.
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