News Release: UNIQUE Office Conversion to Medical Underway In Waukesha

Stone Ridge Medical Commons to Open in Spring 2025

Waukesha, Wis. (December 10, 2024) – Irgens is injecting new life into a Class A suburban office property in Waukesha’s Stone Ridge Business Park. Located at N14W23800 Stone Ridge Drive, Irgens will repurpose the asset to accommodate medical and other complementary healthcare and wellness users.

The 58,223 rentable square foot building features heated, underground parking for physicians, a full-building generator, visibility from Interstate 94 and Highway164, ample patient and customer parking, passenger and gurney-sized elevators, and floor-to-floor heights that are optimal for medical use. Irgens recapitalized the project and construction is set to begin later this month. Renovations will include HVAC upgrades, lobby and common area updates, new fitness and conference center, and new external signage.

EUA is the architect, Catalyst Construction is the general contractor, and Summit Credit Union is providing financing. A grand reopening will be held in spring 2025.

“The market fundamentals for this building are very strong and we knew we had an opportunity to reimagine the asset for a new group of users,” said Rob Oldenburg, vice president of development for Irgens. “Medical was an optimal use because of the highly accessible location, the solid structural condition, the unique features that the building offers, and the fact that there are no other multi-tenant medical offices of comparable quality in the area.”

Visage Facial Plastic Surgery and Retina & Vitreous Consultants of Wisconsin have signed leases and will open offices in the building next year. Visage was represented by Ben Anderson of Colliers. Additional prelease tenants will be announced in the future. Markel, the building’s original anchor tenant, is relocating to Research One at 10701 Research Drive in the Milwaukee County Research Park.

“Stone Ridge Medical Commons provides a unique value proposition to prospective healthcare occupiers. Investing in an existing asset allows us to offer effectively ‘new’ real estate at rental rates significantly below new construction costs,” said Tom Irgens, executive vice president at Irgens and the property’s asset manager.

For more information on Stone Ridge Medical Commons, click here. For more information on Irgens, visit Irgens.com.

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