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New Corporate Headquarters, 130 jobs for Downtown

February 25th, 2024 - MILWAUKEE, WI

Despite national concern about the future of cities amid a surge in work-from-home arrangements, downtown Milwaukee continues to lure new companies and more jobs.

Enerpac Tool Group Corp. will relocate its corporate headquarters from its longtime home in Menomonee Falls to the ASQ Center, 648 N. Plankinton Ave. in Westown. The company is leasing 56,000 square feet of space, encompassing the entire fourth floor, for 130 employees.

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Sneak peek at LaSalle's planned renovations, including pickleball, golf simulators

February 18th, 2024 - MINNEAPOLIS, MN

Renovations now underway at LaSalle Plaza will add a pickleball court, golf simulators and more to the downtown Minneapolis office building.

After Hempel Real Estate purchased the 30-story office building last summer, the Eden Prairie commercial real estate firm has been busy signing on new tenants, acquiring neighboring properties and planning a future in and around LaSalle.

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Hempel buying another well-known downtown Minneapolis building

February 14th, 2024 - MINNEAPOLIS, MN

A joint venture of three investors plans to buy the Loews Minneapolis Hotel in downtown, one of which is Eden Prairie-based Hempel Real Estate that has recently bought several prominent buildings in the area.

Milwaukee-based Marcus Hotels & Resorts and Oklahoma City-based Robinson Park Investments are the other investors. The sale should close in early March, though no parties have disclosed terms of the deal.

The hotel, across North First Avenue from the Target Center arena between North Sixth and North Seventh streets, is Hempel's third major purchase in the past year. This past summer, it bought the LaSalle Plaza office building for $46 million, a steep discount. And in the fall, it bought the older, smaller Pence Building, which connects to LaSalle Plaza by skyway. Both of those building are about two blocks away from the Loews Hotel.

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Marcus, Hempel, Robinson Park to buy Loews Minneapolis Hotel by Target Center

February 14th, 2024 - MINNEAPOLIS, MN

A joint venture between Marcus Hotels & Resorts, Hempel Real Estate and Robinson Park Investments plans to acquire the Loews Minneapolis Hotel.

The partnership announced Wednesday morning that it had reached an agreement to buy the hotel for an undisclosed amount. Once it closes, Marcus Hotels & Resorts, the lodging division of Milwaukee-based Marcus Corp. (NYSE: MCS), will manage the hotel.

 
The hotel will be rebranded under another major global hotel system, which was left unnamed in the news release. The deal is expected to close at the beginning of March.

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3rd St. Market Hall will soon showcase national comedians

January 30th, 2024 - MILWAUKEE, WI

Laughs are coming to the 3rd St. Market Hall.

Beginning this February, the 3rd St. Market Hall in downtown Milwaukee will present a new national touring comedian series called "Standup in the Starlight Room."


“Being on Wisconsin Avenue in this iconic downtown location, among some of the city’s best theaters and venues, stand-up comedy just fits here. It feels great to bring a comedy club experience back to downtown,” the 3rd St. Market Hall general manager Eric Kaye said in a press release.

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2024 Projects to Watch

January 19th, 2024 - MINNEAPOLIS, MN

When Eden Prairie-based Hempel Real Estate purchased the 30-story LaSalle Plaza in downtown Minneapolis, the real estate firm said it would make about $20 million in improvements to the office tower.

Now, "it's time to put the rubber on the road," said Josh Krsnak, CEO of Hempel.

Those improvements include adding indoor pickleball courts, a fourth-floor amenity space with a rooftop deck, bar and golf simulator, as well as five speculative suites and a concierge service that allows tenants to use the building's two Cadillac Escalades to travel to meetings.

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Experts weigh trends and sales in office market

December 25, 2023 - MINNEAPOLIS, MN

The next largest sale was the LaSalle building, which sold to Hempel Cos. for a bargain, around $50 million for over 651,000 square feet. Krosschell said the building owners now have an opportunity to create a “beautiful asset” because of the “advantageous price” it was purchased for.

“That is going to allow them to completely transform and add some really cool amenities and just completely reposition that building,” she said. “Much like we saw six or seven years ago with Fifth Street Towers, how that owner got them very cheap and it’s a really cool kind of groundbreaking thing.”

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What do Office Tenants Want?

November 2, 2023 - MINNEAPOLIS, MN

“When you walk into one of our projects, we want you to feel like you've entered someplace different,” Krsnak said, noting that the real estate firm typically adds music and machines that boost the space with a hotel-like scent.

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Minneapolis Downtown Summit: Challenges and hope in the Twin Cities’ urban core

October 30, 2023 - MINNEAPOLIS, MN

Hempel Properties has been an active local investor making big bets downtown. Josh Krsnak shared more details about the recent purchase of LaSalle Plaza, a 650,000-square-foot, 30-story office building.

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2023 Fast 50: PACE Loan Group is a first-time honoree, debuting on The List at No. 3

October 26, 2023 - MINNEAPOLIS, MN

[Rafi Golberstein, CEO PACE Loan Group] "We admire Hempel Cos. They’ve charted a new path after the untimely death of their founder, Jon Hempel, in 2018. Under the leadership of Josh Krsnak, the company has built a portfolio of more than $750 million in new and adaptive re-use office and retail properties. They are out-of-the-box thinkers who come up with creative solutions for structuring deals and bringing back to life major local assets, such as their recently acquired Shops at West End and LaSalle Plaza in downtown Minneapolis."

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Discount retailers working on side-by-side Rochester stores

October 26, 2023 - ROCHESTER, MN

California-based off-price apparel and home fashion chain Ross Dress For Less and Burlington plan to divide the 50,000-square-foot former Dick's Sporting Goods in southeast Rochester into two stores.

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Kohl's To Test Smaller, Urban Concept in Headquarters' Hometown

October 24, 2023 - MILWAUKEE, WI

The new Kohl's store will also open directly into the 3rd St. Market Hall, a ground-floor food hall located within The Avenue, completing the total redevelopment of a former downtown mall.

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160 workforce apartments planned near The Avenue in downtown Milwaukee

July 11, 2023 - MILWAUKEE, WI

The developers of The Avenue in downtown Milwaukee could build 160 apartments in a vertical addition to the nearby former Gimbels parking structure.

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Downtown Minneapolis' LaSalle Plaza trades at a steep discount

June 28, 2023 - MINNEAPOLIS, MN

Distressed downtown Minneapolis office tower LaSalle Plaza has been acquired by a local developer at a steep discount from the previous sale price.

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3rd Street Market Hall named Best Renovation - Retail by Milwaukee Business Journal

May 17, 2023 - MILWAUKEE, WI

Marketed as an all-ages space, the hall includes entertainment like Topgolf Swing Suites, Photoverse Selfie Museum and a 50-seat central bar. Free attractions include shuffleboard, a gaming lounge, and backyard games such as giant Jenga and bags.

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Defying Doomsday - As work-from-home continues, downtown Milwaukee buildings holding their own. 

March 3, 2023 - MILWAUKEE, WI Downtown defies doomsday: Milwaukee offices hold their own in WFH era.

Captal First Trust is doing its best to keep employees happy, and this year plans to leave its current Walker's Point office space. 

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MMAC moving offices to The Avenue in downtown Milwaukee

May 27, 2020 - The Metropolitan Milwaukee Association of Commerce and Milwaukee 7 are moving their offices to The Avenue redevelopment in downtown Milwaukee by early fall.

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Milwaukee's Coolest Offices: Graef converts downtown mall food court into unique space

April 13, 2020 - What for more than three decades was a popular downtown Milwaukee food court has now become home to one of Milwaukee's most prominent engineering firms, complete with skylights, open space and its own cafe named after the former Grand Avenue Mall. Check out this winner in our annual Milwaukee's Coolest Office contest.

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St. Paul Dept. Store Transformed Into Wild Facility, Shopping Center

January 16, 2018 - "It's definitely one of the more challenging projects we've ever had," said Josh Krsnak, president of Hempel Companies. In just 12 months, Hempel's contractors transformed the building, putting walls of glass where before there was only artificial lighting . . . What had at one time been a rooftop surface parking lot is now a sparkling sheet of ice.

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Minnesota Wild signs lease for new practice facility at Wabasha Center in Downtown St. Paul

December 22, 2016 - The partners of Go Wild, LLC, the joint venture between Hempel Companies and the Saint Paul Port Authority, today announced that the Minnesota Wild has executed a lease for a practice facility at Wabasha Center in downtown Saint Paul.

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