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MILWAUKEE-The city’s Third Ward will get its first new office building in decades if developer Hawley Strigenz LLC is able to build its planned 150,000-sf building at the northwest corner of Milwaukee and Menomonee streets. The five-story building, to be called Catalano Place on the Park, is expected to cost about $25 million to build and to have about 65,000-sf of office space, 20,000-sf of first floor retail space and 158 indoor parking spaces.

Siegel-Gallagher Inc. is marketing the building. Marianne Burish, a principal with the company, says tenants have committed to almost 20,000-sf of office space. She tells GlobeSt.com that while smaller tenants are welcome, they’d really like to get an anchor to start construction. “It always helps to get it in one fell swoop,” she says. “But we would take a few smaller tenants, we just need another 10,000 sf to 15,000 sf to get started.”

If enough space is signed, the developer says it will tear down the 33,819-sf Beck Carton Corp. building on the site for the new mixed-use building. Hawley says it could have the building done by mid-2008.

However, Burish admits it’s a slow office market now for Milwaukee, and tenants looking for space have many options. “There’s not a lot of spec construction, not in office space certainly,” she says.

The Catalano building, however, is unique in that it will be new space surrounded by warehouse-turned-loft offices. “We’ll have a floorplate that’s 30,000 sf, which should attract corporate users needing large floors,” she says. The likely average lease rate will be between $15 and $16.50 triple net, and lease terms will vary, with 10 years expected for an anchor, Burish says.

She says that if the building goes up and does well, a phase two is planned, with two more floors of 30,000-sf each. The building is being designed by locally-based La Macchia Group LLC.

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