Enerpac Relocates Downtown, See Its New Headquarters
Industrial tool maker relocates to Milwaukee from Menomonee Falls, plans growth.
Enerpac CEO Paul Sternlieb and Mayor Cavalier Johnson cut the ribbon on Enerpac’s new headquarters. Photo by Jeramey Jannene.
Enerpac Tool Group Corp., an industrial tool company known for making hydraulic equipment capable of lifting everything from train cars to the American Family Field roof, now proudly boasts a downtown Milwaukee headquarters.
The publicly-traded company held a ribbon-cutting ceremony Tuesday morning to celebrate its relocation from Menomonee Falls.
“I think this move reflects the next stage of our growth for our company and in three areas. Number one, growing our business. Number two, growing our highly-qualified employee base right here in Milwaukee. And number three, growing our presence in the Milwaukee community itself,” said CEO Paul Sternlieb.
Growing the company’s presence starts with a very visible change. As part of the move, the ASQ Center was renamed the Enerpac Center. The company leases the entire 56,000-square-foot fourth floor in the complex, originally built for Gimbels department store. A sign on the building’s roof, facing Interstate 794, makes its presence clear.
“We’re thrilled to be right here in the heart of downtown Milwaukee, in a space that reflects the historical and industrial feeling of our company, but also has, as you can see, all the modern amenities for our team to enjoy,” said Sternlieb. “And for them to be productive and innovative as we serve our customers around the world.”
The new space includes executive offices and conference rooms with views down Wisconsin Avenue to the lake, a view up and down the Milwaukee River from many offices and lots of space for gathering. Pods of cubicles are interspersed with conference rooms named after Milwaukee neighborhoods.
A 3,000-square-foot research and development lab, complete with 3D printing and metal bending and cutting equipment, is located alongside the office space. It’s an upgrade from the lab’s prior location: the basement of a suburban office building.
“What this new space in Milwaukee affords us is really speed to iterate,” said David Proeber, director of design and innovation. With an in-house CNC machine and other upgrades, the company no longer needs to go to outside vendors to make prototypes. “What that means is we can make something very quickly and bring it out to the field and talk to our customers, try to get a feel for whether or not they’re liking the idea or not liking the idea. We can make changes accordingly.” The Milwaukee lab focuses on hand tools, while development labs in Spain and the Netherlands focus on other product lines.
The company’s story is one of a century-long boomerang.
“Welcome back to downtown Milwaukee,” said Mayor Cavalier Johnson. Enerpac, long known as Actuant, has a complicated corporate history. An entire hallway in the new space is used to tell the story, with artifacts, signage and photos. The company’s origin story begins in 1910 as American Grinder Manufacturing Corp. on the downtown block that is now home to Johnson Controls.
“You guys are in for a treat because there’s a lot that’s happening in downtown Milwaukee,” said Johnson.
The office is currently occupied by approximately 130 employees, but Sternlieb said the company is already hiring
“I would say the response from our employees has been overwhelmingly positive. In fact, I’ve not heard one complaint to date, amazingly,” said Sternlieb. “We know that this will create a magnet for additional talent as we grow our team here in the coming years.”
The design of the space reflects the company’s industrial focus, including exposed ceilings and concrete floors, but with a substantial amount of natural light. The company’s products are prominently displayed in several locations. The space includes a large fitness center, locker rooms and gathering room. An outdoor deck is also planned.
Enerpac, which changed its name from Actuant in 2019 and divested other divisions, has approximately 2,100 employees. It has approximately 500 employees in Wisconsin, including two production facilities. In addition to the innovation lab and executive suite, several administrative functions are based in the downtown space.
Creative Business Interiors led the design. Kraus Anderson led the general contracting on the relocation project. CBRE handled the leasing, working with building owners Hempel Cos. and R2 Companies. Hempel, led by Josh Krsnak, had to buy space from the American Society for Quality (ASQ), which was willing to downsize, and secure the naming rights changes to enable the move.
Enerpac formally moved in on March 31, joining a long list of other companies that have made the jump to Downtown or made substantial investments. Northwestern Mutual is overhauling one of its office towers as part of a move to close its Franklin campus and bring workers Downtown, Fiserv moved its headquarters to HUB640 from Brookfield, Milwaukee Tool opened a large downtown office, Twin Disc relocated its corporate suite from Racine to the Historic Third Ward, Church Mutual Insurance Company established a lakefront office at 833 East while formally keeping its headquarters in Merrill in northern Wisconsin and Regal Rexnord announced it was changing its headquarters address from Beloit to 105-111 W. Michigan St., the building located just south of the Enerpac Center.
Built in five phases starting in 1901 as the flagship Gimbels department store, the complex has eight floors encompassing a Residence Inn Marriot hotel, Planet Fitness gym and approximately 250,000 square feet of office space. Veolia North America recently moved its regional headquarters and approximately 150 employees to 30,000 square feet on the building’s third floor. Milwaukee County is also moving employees to the building.
The city did not provide any financial incentives as part of the relocation. The Wisconsin Economic Development Corporation provided a $500,000 tax credit package based on the number of jobs created and total investment. The total investment was estimated at $15 million.
Enerpac recorded $589.5 million in revenue in its most recent fiscal year and net income of $82.2 million.
Photos
2024 Exterior Photos
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