BROOKFIELD, WI-State Farm Insurance has renewed its anchor tenant lease at 245 S. Executive Dr. here. The company will again lease about 35,000 square feet at the four-story building, which is 95% occupied.

The insurance firm signed on at the 72,000-square-foot building as the anchor back in 2005, after owner Liberty Property Trust completed a $1.7 million renovation project there. Other tenants include Ottawa University, Lepoidevin Group and Apex Systems.

Neal Driscoll, VP at Liberty, said that it’s believed in Milwaukee office circles that the bottom has been reached in the market. “Downsizing activity has lessened dramatically and inquiries for space are up,” he said in a statement. “Tenants such as State Farm are maintaining space requirements while others are inquiring about expansion opportunities for next year.” Driscoll did not return a call for comment.

In April, Ottawa University renewed its lease of 14,515 square feet at the building and expanded the agreement to include an additional 3,500 square feet. The university has leased space in the building for several years. 

The lease rate and term for the two transactions have not been released, though the asking rate is $12.75 per square foot.  The average lease rate for the market is $18.51 per square foot, according to a Grubb & Ellis first quarter report.