Enerpac Joins Parade of Headquarters Moving to Milwaukee
Enerpac Tool Group is moving its headquarters from Menomonee Falls to downtown Milwaukee by late 2024 or early 2025, relocating into the ASQ building at 648 N. Plankinton Ave. and renaming the building as the “Enerpac Center.” They are leasing and renovating 56,000 square feet on the top floor of the building.
The company currently employs 2,100+ employees globally, of which only 130 are based in Greater Milwaukee and working in management/administrative roles, according to a company press release. These 130 will be moving from Menomonee Falls to the new Milwaukee location.
President and CEO Paul Sternlieb said, “We are incredibly excited about this move, as the new space will better accommodate our local workforce and enable Enerpac to better retain and attract top local talent. Our new Global Headquarters will offer a dynamic and inspiring workplace to spur strong collaboration and drive innovation. I’m excited for our company’s headquarters to take this prominent location in our community.”
The new location was once the Gimbel’s Department Store, and was converted to a mixed-use commercial development in the early 2000s. According to the Enerpac press release, “It features over 400 feet of frontage along the Milwaukee River, offering prime Riverwalk accessibility. The location offers excellent proximity to multiple dining and retail amenities nearby (including the 3rd Street Market Hall) and is within walking distance of the Fiserv Forum arena and the burgeoning entertainment district.”
This follows a parade of other companies that have gravitated out of Waukesha County the past few years, seeking more or better space, access to Milwaukee talent and/or a higher profile location to promote their brands. Should Waukesha County leaders be worried about this exodus?
Consider the following:
- Allspring Global Investments (formerly Wells Fargo Asset Management and Strong Capital Management) announced on January 17 that they are moving from their 40-year-old campus in Menomonee Falls to 417 E. Chicago Street in downtown Milwaukee in early 2025.
- Fiserv finally moved its headquarters starting in January 2024 from 255 Fiserv Drive in Brookfield to the former Boston Store building at 640 Vel Philips Avenue in downtown Milwaukee, leaving only its data centers at the Brookfield location.
- Milwaukee Tool is maintaining its “official” headquarters in Brookfield but moved 900 of its management and administrative staff in 2023 to the Red Beacon, a five-story building at 551 N. 5th Street in downtown Milwaukee, which is the former Assurant building.
- Herzing University moved its headquarters from Park Place in Menomonee Falls to 22,000 square feet in The Avenue in downtown Milwaukee in early 2022.
This does seem to be a concerning string of losses, but there are also businesses moving in the opposite direction, so perhaps it will all even out over time. Our economic development leaders and commercial real estate brokers have their work cut out for them as they look to find new companies to fill all of those empty former headquarters.