The Marcus Corp. to Relocate Downtown Milwaukee HQ

Associated Bank River Center rises 28 stories in downtown Milwaukee. Image courtesy of CommercialEdge

Theater and hotel company The Marcus Corp. will expand and relocate its Milwaukee headquarters, to occupy 52,000 square feet at the Associated Bank River Center. The firm inked a lease with landlord Associated Bank and plans to finalize the relocation by mid-2024. CBRE represented the tenant in the transaction, while Colliers worked on behalf of the owner.

The company previously occupied space at the 100 E. Wisconsin Ave. building, which recently changed hands. The new owner is planning to convert the property into residential use.

The new space will be designed by Eppstein Uhen Architects to meet the tenant’s needs. The Marcus Corp. currently employs 3,400 associates in the state of Wisconsin and more than 7,800 nationally.

Built in 1987, the Associated Bank River Center rises 28 stories and spans 373,700 square feet, with 19,423-square-foot floorplates. Associated Bank acquired the high-rise in 2016 for $60.5 million, according to CommercialEdge data. Other tenants at the property include the Republican National Committee and Chicago Title, along with various financial and law firms.

Considerable rent growth in Midwestern markets

Located at 111 E. Kilbourn Ave., the property is within downtown Milwaukee, across the street from the Milwaukee City Hall. It is also adjacent to The Marcus Corp.’s Saint Kate – The Arts hotel and the Marcus Performing Arts Center. The building is less than a mile from the company’s previous headquarters.

As of September, vacancy rates in the Midwest had been in line with the national average of 17.8 percent. Chicago’s rate stood at 17.9 percent, while Twin Cities’ vacancy clocked in at 16.9 percent, a recent CommercialEdge report shows.

Listing rates in the region are on an upward trend, with the Windy City’s average reaching $28.11 in September—marking a 220-basis-point increase year-over-year. Rents within the Minneapolis–St. Paul market grew by 4.2 percent over 12 months to $26.71, according to the same source.