Waukesha State Bank announced that it has acquired a three-story, 78,065-square-foot multi-tenant office building in Pewaukee to “support its expanding workforce and long-term operational needs,” according to a news release.
The 24-year-old building is located at W233 N2080 Ridgeview Parkway in the RidgeView Corporate Park, located northwest of I-94 and County Highway F.
A sale price for the building was not disclosed. The property has an assessed value of $10.2 million, according to Waukesha County records.
The bank did not disclose how much space it plans to use in the building. But it did say that it plans to accommodate existing tenants in the building, which include civil engineering firm Ruekert & Mielke Inc., wealth management and investment banking firm Stifel, Ferrito & O’Gorman Financial Group, Wisconsin Institute of CPAs and DJA CPAs S.C.
Additional details regarding renovation plans and occupancy timelines will be shared as they become available, the bank said in its news release. The bank has yet to determine who will be working in the Ridgeview Parkway building.
Founded in 1944, Waukesha State Bank is currently headquartered at 151 E. St. Paul Ave. in Waukesha. It has $1.6 billion in total assets, according to the FDIC, and 14 full-service branch locations throughout Waukesha County.
“Over the past several years, Waukesha State Bank has experienced significant growth across the organization, including continued expansion of its commercial banking operations and business customer relationships. As a result, the bank has increasingly faced space constraints, leading employees to be distributed across multiple buildings to accommodate growth,” the bank said in its news release. “While that approach has helped meet immediate needs, bank leadership recognized it was not the most effective long-term solution for employee collaboration, operational efficiency, or future expansion.”
“This is a good challenge to have,” Ty Taylor, president and CEO of Waukesha State Bank said in the news release. “Our growth over the last several years has been strong, especially in commercial banking, and we’ve been feeling the effects of that growth for quite some time. We’ve reached a point where we’ve effectively outgrown our existing office space and have employees working across multiple locations. While we’ve made that work, it isn’t the most efficient way to operate as we continue to grow. This investment positions us to support our customers, our employees and our organization for the next decade and beyond.”
“This new office location will better reflect the organization we are today—forward-looking, collaborative and committed to serving businesses with a high level of expertise,” said Tony Laszewski, senior vice president and commercial banking manager. “As our commercial banking team and business customer relationships continue to grow, this investment provides the space and resources needed to support that momentum well into the future.”
Waukesha State Bank partnered with Strang, Inc., an architectural and design firm, to conduct a comprehensive evaluation of its long-term space needs.
“The Ridgeview Parkway building will provide the capacity needed to better centralize employees who are currently spread across multiple locations while creating room for future growth,” the bank said in its news release. “Planning is underway to determine how various departments and teams will utilize the new space, with employee transitions expected to occur in phases.”
Waukesha State Bank said the acquisition of the Pewaukee office building is one component of its broader long-term facilities strategy. In addition, the bank says it is exploring opportunities to expand its nearby Prairie Trust and Wealth Management facility at N16 W23321 Stone Ridge Drive, Pewaukee, to accommodate the continued growth of those teams.
Its downtown Waukesha location remains the bank’s busiest branch, and it is also evaluating renovation opportunities there.
“Together, these investments reflect the bank’s continued growth and are designed to ensure it has the space and infrastructure necessary to support customers, employees and future expansion for years to come,” the bank said in its news release.
