Northwestern Mutual leases large office space at 411 East Wisconsin

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