|MADISON – The State of Wisconsin is continuing its effort to lower the number of private leases and reduce operational costs by exercising an option to purchase the Tommy G. Thompson Commerce Center located at 201 W. Washington Avenue in Madison. The building is currently owned by the Wisconsin Housing and Economic Development Authority (WHEDA), an independent state authority.
“Over the remaining life of the building, the purchase will save Wisconsin taxpayers an estimated $85 million in operational costs,” Secretary Scott Neitzel said. “The purchase of the Tommy G. Thompson Center advances our long-term strategy to lower the overall cost of housing state agencies.”
The 153,000 square-foot building, built in 1997, is currently 70 percent occupied by several state agencies, including the Departments of Tourism, Veteran’s Affairs, and Financial Institutions, and the Wisconsin Economic Development Corporation. The remaining 30 percent of the building is occupied by WHEDA.
The building will be owned by the state and managed by the Department of Administration Division of Facilities Development and Management. The approximately $29 million purchase is expected to save Wisconsin taxpayers an estimated $85 million over the remaining life of the building. The purchase is funded through existing bonding and was approved by the State Building Commission.
The closing is anticipated to occur in early March.