Irgens Development Partners, a full-service real estate solutions firm based in Milwaukee, recently acquired the 51,000-square-foot Park West I building in Madison, Wis. The multi-tenant commercial office building is located in Madison’s University Research Park.
“Our team is continually looking for acquisition opportunities that meet our strict criteria for investment,” said Ryan Marks, vice president of finance and investment for Irgens. “Park West I stood out as having significant potential, and we are pleased we were able to add this important property to our growing portfolio.”
Irgens will make a substantial capital investment into the building and add management and ownership stability to the project. Deferred maintenance items will be addressed, and some of the building’s mechanical components will be replaced to increase efficiency and achieve operational cost savings.
“Our team is fully committed to upgrading the property for the tenants and managing the building in an environmentally conscious manner to maximize the benefits that can result from the efficient use of energy and materials,” said the building’s new property manager, Heidi Berres, who is a vice president at Irgens and oversees the firm’s sustainability program.
The building’s location in Madison’s University Research Park was a selling point for Irgens.
“We’re thrilled about the new, stable ownership in Park West I,” said Mark Bugher, director of University Research Park. “Irgens is a high-quality owner and operator of real estate, and this is a key building for us in the Park due to its gateway location on Whitney Way and Mineral Point Road.”
