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Northwestern Mutual Life Insurance Co., which is building a new 32-story 1.1 million-square-foot office building at its headquarters campus in downtown Milwaukee, has signed a lease for 56,320 square feet of office space at the 411 East Wisconsin building in downtown Milwaukee.

Northwestern Mutual is leasing space on the seventh and eighth floors of the building, as well as the lower-level concourse area.

Even though the company is building a large new office building that will be complete in 2017, the lease at the 411 East Wisconsin building is not necessarily going to be temporary, said Steve Palec, managing principal for the Milwaukee office of Cresa, who brokered the deal for Northwestern Mutual. Jim Cavanaugh and Matt Hunter of CBRE were the listing brokers for the deal.

The root of (the deal) is they are growing, Palec said. It is not as Band-Aid-ish as you may think.

(Northwestern Mutual has) had a significant amount of job growth, said Jeffrey Patterson, president and CEO of Riverview Realty Partners, which owns the building.

The lease with Northwestern Mutual is significantly longer than the 2017 completion date for the companys new office building, Patterson said. He declined to disclose the length of the lease.

We dont believe (the Northwestern Mutual lease) is temporary, Patterson said.

Northwestern Mutual plans to have about 250 employees in the 411 East Wisconsin building by the end of this year, company spokesman John Gardner said. The employees will work in the technology area, on efforts to enhance the companys technological experience for its policy holders, he said.

The technology employees added at the 411 East Wisconsin building are part of additional growth on top of the 1,900 employees that the company has said it plans to add at the new building that is under construction on its headquarters campus, Gardner said.

Long term, we have not yet determined how (the 411 East Wisconsin) building will play a larger role beyond 2017 (when the new building is completed), Gardner said.

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Northwestern Mutual leases large office space at 411 East Wisconsin

Mivne Gazit has acquired the share of Paz Oil Company Ltd. (TASE:PZOL) in an office building on Yigal Alon St. in Tel Aviv for NIS 34 million, sources inform "Globes." The two companies had a partnership for many years in the office building on a lot at 148 Yigal Alon St.

The 3.5-dunam (0.875-acre) lot currently contains a four-storey office building built in 2001 and designed by Lerman Architects. All the office floors are occupied. The lot also contains a Paz filling station and convenience store, which Paz will retain. Sources also inform "Globes" that the company previously promoted an Urban Building Plan for adding 16 floors above the existing structure, and even took out a building permit for its construction, but the project was delayed by disagreement between the partners. Now, after acquiring Paz's rights in the building, Mivne Gazit plans to go ahead with construction of the additional storeys.

Mivne Gazit VP marketing Roni Carmon told "Globes" today that the additional floors that the company was planning to build above the existing structure would contain only office space, which Mivne Gazit planned to sell, not lease. The price per sq.m. in the building is expected to vary from NIS 12,000 per sq.m. to NIS 14,000 per sq.m. in shell condition. Mivne Gazit also said that because it was only necessary to renew a building permit it had already obtained before, it believed that the process would be quicker than the usual process at the Tel Aviv municipality. The company plans to be both the developer and the performance contractor for the project. Beit Mivne Gazit is located in northwestern Tel Aviv. Various projects, including high-rises, are being built or planned for future construction nearby.

Among other things, these include a 28-storey project slated for construction by a purchasing group near Beit Kardan and a midtown project with two 50-storey buildings: one for housing and one for offices. p>Published by Globes [online], Israel business news - http://www.globes-online.com - on January 21, 2015

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Mivne Gazit to build Tel Aviv office high rise

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