Downtown Tower Attracts Federal Agency

Founders 3 landed a new tenant for the 20-story Two Fifty office building, 250 E. Wisconsin Ave.

The federal Bureau of Land Management (BLM) signed a 15-year lease for 8,797 square feet of space on the building’s 11th floor.

The office building, located at the intersection of N. Broadway and E. Wisconsin Ave., had a 20% occupancy rate before being acquired by Illinois-based real estate firms Fulcrum Asset Advisors and Millbrook Properties in 2015 for $9.75 million. The firms invested approximately $8.8 million in overhauling the building.

“It’s no surprise that while activity in the office market continues to increase month-over-month, construction costs and high competition make getting the deal across the finish line substantially more difficult than in the past. Thankfully with Millbrook’s creative deal structuring and tenacity, we were able to secure this win…making the bureau a long-term tenant for Downtown,” said Founders 3 broker John Davis in a statement.

Part of the U.S. Department of the Interior, BLM’s mission is “to sustain the health, diversity and productivity of public lands for the use of and enjoyment of present and future generations.”

BLM’s Northeastern States District Office, responsible for public land in 20 states stretching from Minnesota to Maine, has been located alongside U.S. Forest Service offices for several years in the Wisconsin Gas Building, 626 E. Wisconsin Ave.

Built in 1973, Two Fifty has 193,031 square feet of space according to city assessment records. An attached parking structure includes approximately 440 stalls.

HNTB, an engineering firm, is the anchor tenant in the building, leasing 27,000 square feet of space across the building’s top two floors. It moved to the building in 2019 and expanded its footprint in 2021.

An Associated Bank branch is located on the building’s first floor. In 2018, the bank installed a massive sign that wraps around the exterior of the building. Freshii, a fast-casual, health-focused restaurant, also opened on the first floor in 2018.