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MILWAUKEE — Northwestern Mutual plans to invest more than $500 million to expand its downtown Milwaukee campus and move operations from its Franklin campus to new spaces, the company announced Thursday.
The project will help increase the number of workers at the downtown location, with officials promising over 5,375 employees upon completion.
Addressing future growth, attracting the next generation of workers, and bringing employees together in one unified space for collaboration are all part of the company’s goals.
Northwestern Mutual Chairman, President and Chief Executive Officer John Shlifsky said: in a statement. “As we expand our world-class campus, our team helps clients and policyholders financially by protecting what they have already built and creating future prosperity. We can provide the best service so that you can achieve financial stability.”
About 20 years ago, the company opened its first suburban office in Franklin, Wisconsin.
The 880,000-square-foot office building is surrounded by parking lots, boardwalks and ponds, with approximately 16 additional acres available for future development. Over the years, it has helped attract development in both the Franklin and Oak Creek communities.
But now, Schilfske said it’s time to move the roughly 2,000 employees at the location to the downtown area so the new company can meet its goals.
Over the next three to five years, the company will work to make that transition a reality. There are currently no active plans to sell or lease buildings on campus.
But there are big plans for the North Office Building at 818 East Mason Street in downtown Milwaukee.
The 540,000-square-foot North Office Building was completed in 1990, nearly 30 years before Northwestern Mutual built its 1.1 million-square-foot tower and commons building.
The building is currently undergoing an interior and exterior restoration that reflects the award-winning Tower and Commons Building.Renovations include new event spaces, enhanced employee amenities, and more.
Schlifske said the update will not only “change the skyline of Milwaukee,” but it will also help provide North Office Building employees with an experience that more closely matches their experience at the Tower and Commons.
“Our decision to build the Tower and Commons downtown made a major statement in the Milwaukee Subway as an attractive place to live and work, creating employment opportunities for the wider community that continue to have a ripple effect to this day. The project builds on the success of the 2017 Tower and Commons project.
The company said it is also considering creating a pedestrian plaza between Mason and Cass streets. This is intended to make the area more accessible to the public, employees and visitors by eliminating vehicular traffic on a portion of Cass Street.
There is no doubt about the impact the new space will have on the community. Since 1992, the company’s foundation has donated more than $465 million of his to nonprofits nationwide, and Wisconsin has given him $248 million. They are also pouring support into the Milwaukee neighborhood.
Milwaukee Common Council President Jose Perez said: “Their growth, success and investment in Milwaukee benefits our entire community.”
“Northwestern Mutual has been a great community partner and our investment in Milwaukee demonstrates where Milwaukee is in the state, region and country. of It’s where we do business,” added Milwaukee Mayor Cavalier Johnson. “Their broad investment in our city has moved Milwaukee forward and will continue to do so.”
Project planning is contingent on the City’s approval of a financing scheme that could generate additional property tax revenues for the City.
Subject to city approval, construction is expected to begin in fall 2023 and be completed by 2027. Early blueprints have already been drawn up, but details are expected by his mid-2023.
“We believe in Milwaukee, our hometown, for nearly all of our 165-plus year history. We were up to the challenge,” said Schlifske.
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