Manitowoc Co. moving headquarters, 50 jobs to Milwaukee's Park Place business park

The Manitowoc Co. is moving its headquarters to Milwaukee's Park Place business park, shifting around 50 jobs to the city's far northwest side.

The crane manufacturer is leaving the city for which it's named in order to have a headquarters that is more accessible for its customers, shareholders and employees, said Barry Pennypacker, president and chief executive officer.

"The state has an impressive roster of global manufacturing businesses with a top-level talent pool, and we are excited about the move of our corporate headquarters," Pennypacker said in a statement.

Manitowoc Co. is leasing a floor with around 16,300 square feet at the One Park Plaza office building at Park Place, which is east of I-41 and north of W. Good Hope Road, according to real estate brokerage CBRE Inc.

The company plans to complete its move there by end of March.

Manitowoc Co.'s relocation is good news for the underused Park Place, which is getting improvements financed by the city.

The overall occupancy rate of the office and retail buildings in Park Place's southern portion, between W. Good Hope and W. Calumet roads, is around 60%, according to a Department of City Development report released last summer.

The business park's signature twin 12-story office buildings, One Park Plaza and Two Park Plaza, have occupancy rates of 44% and 65%, the report said.

Park Place's 1.5 million square feet amount to the largest concentration of office space in Milwaukee outside downtown. The business park has about two dozen buildings, with thousands of office workers, on roughly 300 acres east of I-41 between W. Good Hope and W. Bradley roads.

The business park received a boost last year when A.O. Smith Corp. said it would develop a new 42,700-square-foot research technology center at 11000 W. Park Place. It is to open by November.

Also, the Common Council and Mayor Tom Barrett in September approved a financing proposal that includes a $125,000 grant for the $8.5 million A.O. Smith facility, which is being developed by Irgens Partners LLC; $300,000 to attract and retain other businesses at Park Place; and $450,000 to repave and create improved landscaping for W. Good Hope Road, from N. 107th St. to I-41.

Manitowoc Co. last year ended more than 100 years of manufacturing in Manitowoc. The company had said it would keep its corporate headquarters in Manitowoc.

It is instead selling its former headquarters to Investors Community Bank.

Tom Daykin can be emailed at tdaykin@jrn.com, and followed on Twitter and Facebook.