Contact: Guy T. Mascari
Milwaukee County Research Park
Corporate transition completed
The purchase of the incubator building at the Milwaukee County Research Park, known as the Technology Innovation Center, has closed. Technology Innovation Center LLC purchased the 138,000 square foot building from Milwaukee County on March 31 for $1.00. The building was built in 1913 as the Muirdale Tuberculous Sanitarium and once housed County mental health operations until that use ceased in 1992.
Technology Innovation Center LLC is a wholly owned subsidiary of Milwaukee Regional Innovation Center, Inc. (“MRIC”), the successor organization to the Milwaukee County Research Park Corporation. As of April 1, 2016, MRIC assumed all the assets and operations associated with the Research Park, business incubator, and entrepreneurial support. The Research Park Corporation was created on May 13, 1987 by Milwaukee County to develop approximately 175 acres of excess County owned land into a research and technology park. At some point in the future this entity will be dissolved. Most of the board members of the Research Park Corporation will transition to a new MRIC board. Notable additions to the MRIC board will be representatives of Marquette University and the Milwaukee Area Technical College, who will join board members from the Medical College of Wisconsin and the University of Wisconsin-Milwaukee.
MRIC and Research Park executive director Guy Mascari stated that in spite of the corporate transition, the development will always be known as the Milwaukee County Research Park. Mascari said, “the Research Park is a great brand.”
The Research Park has grown into the largest Milwaukee-area office complex with approximately 1,850,000 square feet of space. It is currently home to 115 businesses that house over 4,600 employees. The research and technology focus of the park has helped attract many innovative companies such GE Healthcare, Zywave, Advicent, FujiFilm TeraMedica, and Agro BioSciences.
The Technology Innovation Center is home to 45 businesses employing over 300 people. The building is slightly less than 90% occupied. However, 12,000 square feet of laboratory space is currently 100% occupied.