Action At The Greenway Center Office Park In Middleton

Wisconsin State Journal :: BUSINESS :: B8
Friday, June 29, 2007
By MARV BALOUSEK mbalousek@madison.com 608-252-6135

Two new buildings at the Greenway Center office park in Middleton are part of 550,000 to 750,000 square feet of office space that developer Terrence Wall could add to the area over the next decade.
With about 2.3 million square feet of office space, T. Wall Properties may be the Wisconsin’s largest commercial developer.

T. Wall Properties, which bought eight office buildings at Greenway Center 14 months ago for over $100 million, announced this week that the Clifton Gunderson accounting firm has leased 33,000 square feet in a $12.5 million, six-story, 130,000-square-foot office building at 8215 Greenway Boulevard that will be finished by April 2008. The accounting firm will consolidate its Madison-area offices, said Wisconsin managing partner Ted Hart.

Bouril Design Studio, LLC is the Architect-of-Record, and Plunkett Raysich Architects, LLP is the Associate-Architect for the T.Wall Properties project at 8215 Greenway Boulevard.

A $4.6 million, four-story retail building at 8333 Greenway Boulevard is slated for completion in January and another retail building is planned. The company has raised $55 million to support its projects over the past five years through equity offerings to over 220 shareholders.

Wall said the two retail buildings will be built close to the street with parking in the rear. The office buildings are across the street from the Greenway Station Shopping Center.

“The idea is when you drive down Greenway, you’ll get more of an urban flavor,” he said.

Wall said the office space he plans to add won’t be all new buildings. The Wisconsin Trade Center, for example, has two wings of 11 stories and seven stories could be added to its third wing of four stories.

Van Nutt, director of the Middleton Chamber of Commerce, said he likes the synergy between the Greenway Center office park and the Greenway Station Shopping Center.

“Hopefully, it helps bring some business into the region that don’t currently exist here because we’ll have space to accommodate them,” he said. “They’re talking about a lot of space, but they’ll only build as the market’s ready to absorb it.”

A key component of the area is a planned commuter rail station nearby, which Wall said he expects to become a reality in five years.

Besides the Greenway Center projects, Wall also plans to develop the Tribeca urban neighborhood of housing, retail and office space between Parmenter Street and the Beltline and the Harvard Square office park near the Middleton Municipal Airport.

He has received TIF (tax incremental financing) approval for Harvard Square and has proposed a huge $65 million developer-funded TIF for Tribeca.

The company also is developing the West End urban neighborhood in Verona and owns other properties on Madison’s East and West sides.

Wall said he believes the commercial real estate market will support additional office space because the Madison area has a lot of growing companies.

“It’s a very good market,” he said. “It’s difficult to find land to build on.”

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