The incubator building at the Milwaukee County Research Park in Wauwatosa has been sold.
According to a news release from Guy Mascari, executive director of the park, the 138,000 square foot building was purchased by Technology Innovation Center LLC on March 31 for $1.
The building was constructed in 1913 as the Muirdale Tuberculous Sanitarium and once housed county mental health operations until that use ended in 1992.
Technology Innovation Center LLC is a wholly owned subsidiary of Milwaukee Regional Innovation Center, Inc., the successor organization to the Milwaukee County Research Park Corporation. As of April 1, MRIC assumed all assets and operations associated with the Research Park, business incubator and entrepreneurial support, according to the news release.
The Milwaukee County Research Park Corporation, which was created in May 1987, will dissolve, according to the release. Most of the Research Park Corporation's board members will transition to a new MRIC board. Notable additions to the MRIC board will be representatives from Marquette University and Milwaukee Area Technical College.
Mascari said in a statement that despite the corporate transition, the development will always be known as the Milwaukee County Research Park.
'The research park is a great brand,' he said.
The research park has grown into the largest Milwaukee-area office complex with approximately 1,850,000 square feet of space. The park currently houses 115 businesses that employ more than 4,600 employees.
The Technology Innovation Center is home to 45 businesses employing more than 300 people. The building is nearly 90 percent occupied. Twelve thousand feet of laboratory is currently 100 percent occupied in the center.