Irgens

What Irgens does

Irgens Partners, LLC is a privately held commercial real estate development and management firm founded in 1983 and headquartered in Milwaukee, Wisconsin, with additional offices in Chicago (Riverwoods, IL) and Phoenix (Tempe, AZ). The firm operates as an integrated developer, owner, lessor, and property manager across four core product types: healthcare/medical office, Class A commercial office, industrial/R&D, and horizontal mixed-use. Notable developments include the 380,000 SF BMO Tower in downtown Milwaukee (acquired for $127.5M in 2017), the 358,000+ SF 833 East Michigan (LEED Gold recertified 2019), the 506,195 SF GE Healthcare Research Park (sold 2007 for $62.5M), the 66-acre master-planned Corridor development in Brookfield, WI, and a portfolio of medical office buildings across Wisconsin, Illinois, and Arizona. The firm also acts as a development manager and broker for third-party owners.

Revenue is generated through four streams: (1) rental income and capital appreciation on owned commercial, medical office, retail, and industrial properties; (2) development management fees for engagements where Irgens is retained as development manager without taking equity (e.g., Prospect Medical Commons for a major Milwaukee health system); (3) brokerage commissions on leasing transactions for both the owned portfolio and third-party owners; and (4) gains on the sale of stabilized assets. Pricing is quote/negotiation-based and not publicly disclosed. The firm targets enterprise healthcare systems (Froedtert, Medical College of Wisconsin, ProHealth Care, Children's Hospital of Wisconsin, Cigna, USPI, Vista Health), large corporate tenants (BMO Harris Bank, GE Healthcare, A.O. Smith, Michael Best & Friedrich, Silvercrest Asset Management, Hydrite Chemical, Milliman, Markel American, Trans-Coil International), and institutional capital partners via joint ventures and the Research Park Partners Fund. Customer acquisition is sales-led and enterprise-focused, supported by a dedicated in-house brokerage team (Kevin Armstrong, Alyssa Geisler), broker partnerships with CBRE and Colliers, VTS marketplace listings, and NAIOP/IREM industry association involvement.

The technology stack is conventional CRE tooling: a Mrisoftware tenant portal for availability listings and tenant login, plus standard building automation on trophy assets (touchless door and light sensors, programmed elevator service, enhanced HVAC at BMO Tower). Differentiated capabilities center on complex capital stack structuring (TIF, New Market Tax Credits, EB-5 financing, ground leases, layered mortgages), an at-risk development model where the firm commits its own equity alongside institutional partners, and a multi-decade track record of LEED, Green Globes, and Sustainable SITES certifications including Wisconsin's first LEED-certified building in the Milwaukee County Research Park (Mayfair Woods, 2007).

Name

Irgens

Legal name

Irgens Partners, LLC

Website

https://irgens.com

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

51–100 employees

Short description

Irgens Partners, LLC is a privately held, full-service commercial real estate developer, owner, and manager founded in 1983, headquartered in Milwaukee with offices in Chicago and Phoenix. The firm develops, owns, and leases Class A healthcare, office, industrial, and mixed-use properties across Wisconsin, Arizona, and Illinois for enterprise health systems, corporations, and institutional investors.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development and Management

NAICS

Rental and Leasing Services (532), Lessors of Other Real Estate Property (531190), Other Activities Related to Real Estate (531390)

SIC

Real Estate Dealers (For Their Own Account) (6532), Land Subdividers & Developers (No Cemeteries) (6552), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH)

akta.pro secondary industry

Land & Development Site Brokerage (BPAJABAG)

Keywords

• Commercial real estate development
• Medical office buildings
• Build-to-suit development
• Property management services
• Commercial leasing services

Headquarters

HQ city

Milwaukee

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure, Technology or R&D, Others

Revenue model

1. Commercial Real Estate Development & Ownership: Irgens develops, owns, and manages commercial, healthcare, industrial, and mixed-use real estate properties. Revenue is generated through development fees, property leasing (rental income), and capital appreciation upon sale of owned assets. Properties include Class A office buildings, medical office buildings, retail centers, and industrial facilities in Wisconsin, Arizona, and Illinois. The company acts as both developer and equity investor in many projects.
2. Leasing & Tenant Representation: Irgens brokers leasing transactions for its own portfolio as well as third-party owners. Brokerage commissions are earned on new leases and lease renewals for commercial and medical office tenants.
3. Development Management Services: Irgens is retained by health systems and other property owners to manage the development process (site selection, financing, design, construction oversight) as development manager, earning fees for these services without necessarily taking equity ownership.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Irgens develops, owns, leases, and manages commercial, healthcare, industrial, and mixed-use real estate properties across Wisconsin, Arizona, and Illinois. The company provides end-to-end real estate services including site selection, complex financing (TIF, NMTC, EB-5, ground leases), design, construction oversight, leasing, and ongoing property management, with deep expertise in healthcare and Class A office development.

Product overview

Irgens is a national real estate solutions firm offering comprehensive real estate development, property management, and leasing services across healthcare, commercial office, industrial/R&D, and mixed-use sectors. The company's core offering is its development expertise, which includes build-to-suit services, at-risk development, acquisition and ownership, and project management. Irgens operates a portfolio of Class A properties across Wisconsin, Arizona, and Illinois, with notable projects including BMO Tower and 833 East (Class A office towers in downtown Milwaukee), The Corridor (66-acre mixed-use development in Brookfield), Wood Lake Business & Technology Center (three-building research campus), and numerous medical office buildings and healthcare facilities throughout its markets. The firm also provides portfolio leasing services and property management for its owned and operated assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Healthcare Real Estate Development Development of medical office buildings, outpatient facilities, and healthcare campuses for health systems, physicians, and medical practices across Wisconsin, Arizona, and Illinois.
• Commercial Office Development Development of Class A office buildings, multi-tenant facilities, and corporate headquarters for commercial tenants including financial institutions, law firms, and insurance companies.
• Industrial and R&D Facilities Development Development of industrial and research & development facilities with flexible space configurations for manufacturing, technology, and R&D firms.
• Mixed-Use Development Horizontal mixed-use developments combining retail, hospitality, healthcare, fitness, and corporate office uses with unified design concepts (e.g., The Corridor in Brookfield, WI).
• Build-to-Suit Development Services Custom development solutions tailored to specific tenant requirements, including site selection, design, construction oversight, and complex financing for healthcare systems and corporate clients.
• Property Management Services Ongoing property management services for owned and leased commercial and healthcare properties, including operations, tenant relations, and sustainability/LEED certification maintenance.
• Portfolio Leasing and Brokerage Leasing strategies and broker collaboration for commercial real estate portfolios across multiple markets, including brokerage commissions on new leases and lease renewals.
• Development Management Services Retained development management services for health systems and property owners covering site selection, financing, design, and construction oversight, earning professional services fees.
• Stone Ridge Medical Commons 58,223 rentable square foot Class A office-to-medical conversion in Waukesha's Stone Ridge Business Park featuring heated underground parking and full-building generator.
• Cielo Vista Medical Commons Two-phased medical office building development at 26425 North Lake Pleasant Parkway in Peoria, Arizona, breaking ground in October 2025.

Quantifiable outcome

• GE Healthcare Research Park sold for $62.5 million (purchase price $47.4 million, equity $7.7 million) — a $15.1 million gain on equity invested.
• +5 more outcomes

Named customers32 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

26 partnerships are on record, tiered core and minor.

• Podolsky Northstar CORFAC InternationalcoreStrategic or Co-development PartnerIrgens partnered with competing developer Podolsky Northstar CORFAC International to co-develop the Riverwoods Corporate Center in Riverwoods, Illinois. Irgens handled development administration, construction services, and ongoing property management, while Podolsky focused on development administration and leasing. The partnership resulted in a successful joint venture where Irgens' Chicago office is also housed.
• CB Richard Ellis (CBRE)coreChannel Partner/ Reseller/ DistributorIrgens worked with CB Richard Ellis (CBRE) to attract major retail tenant Whole Foods Market to Prospect Medical Commons in Milwaukee. CB Richard Ellis represented the prospective tenant in the lease negotiation.
• EUAminorImplementation/ SI/ Consulting PartnerEUA served as the architect for the Stone Ridge Medical Commons office-to-medical conversion project in Waukesha, Wisconsin.
• Catalyst ConstructionminorImplementation/ SI/ Consulting PartnerCatalyst Construction served as the general contractor for the Stone Ridge Medical Commons conversion project in Waukesha, Wisconsin.
• ColliersminorChannel Partner/ Reseller/ DistributorBen Anderson of Colliers represented Visage Facial Plastic Surgery in its lease at Stone Ridge Medical Commons in Waukesha.
• CBRE (Milwaukee and NYC offices)coreChannel Partner/ Reseller/ DistributorCBRE's Milwaukee and New York City offices represented Silvercrest Asset Management Group in its lease of 11,194 SF at BMO Tower. CBRE brokers Adam Leshowitz, John Mazza, and Nick Becker were involved in the transaction.
• Williams Development CorporationcoreStrategic or Co-development PartnerIrgens and Williams Development Corporation co-developed the ASQ Center project, transforming a historic 1880s department store building into a 400,000 SF mixed-use property. The team assembled a sophisticated financing package including TIF, conventional financing, private investments, and historic tax credits.
• City of WauwatosacoreStrategic or Co-development PartnerThe City of Wauwatosa provided a second mortgage through the creative financing structure for the GE Healthcare Research Park project, contributing to a nearly $30 million incentive package.
• Milwaukee County Research Park Corporation / Milwaukee Regional Innovation Center, Inc.coreStrategic or Co-development PartnerMilwaukee County Research Park Corporation (predecessor to Milwaukee Regional Innovation Center, Inc.) partnered with Irgens and the City of Wauwatosa on the Wood Lake Business & Technology Center development, transforming vacant land into a campus-like environment for R&D and office enterprises employing 4,000+ people.
• Children's Health SystemscoreStrategic or Co-development PartnerIrgens entered into a joint venture with Children's Health Systems for the Oakwood Center development in the Milwaukee County Research Park. Children's Health Systems executed a long-term lease for 90% of the 66,643 SF building.
• City of WauwatosaminorStrategic or Co-development PartnerThe City of Wauwatosa collaborated with Irgens to maximize density on one of the last remaining sites in the Milwaukee County Research Park, resulting in tax increment financing that supported structured parking and an expanded building footprint for Meadowland Research & Technology Center.
• NAIOP (Commercial Real Estate Development Association)minorOthersIrgens is an active member of NAIOP and recognizes and upholds the sustainability policies of the organization, embracing responsible land use, development, and building management practices.
• IREM (Institute of Real Estate Management)minorOthersIrgens is an active member of IREM and recognizes and upholds the sustainability policies of the association.
• U.S. Green Building Council (USGBC)minorOthersIrgens has actively pursued LEED credentials from the U.S. Green Building Council and Green Globes credentials from The Green Building Institute for its projects.
• The Green Building Institute (GBI)minorOthersIrgens has actively pursued Green Globes credentials from The Green Building Institute for its projects, including achieving Green Globes certification for the Vista Medical Office Building.
• U.S. Environmental Protection Agency (Energy Star)minorOthersIrgens is an Energy Star Affiliate partner of the U.S. Environmental Protection Agency, demonstrating commitment to energy efficiency across its building portfolio.
• Hiffman (Brian Edgerton)minorChannel Partner/ Reseller/ DistributorBrian Edgerton of Hiffman represents The York Health Center development opportunity at 1800 York Road in Oak Brook, Illinois.
• Froedtert and the Medical College of WisconsincoreStrategic or Co-development PartnerFroedtert and the Medical College of Wisconsin engaged Irgens to identify real estate opportunities for their continued expansion into the southwest suburbs of Milwaukee, resulting in the Moorland Reserve Health Center project — a 137,000 SF regional outpatient hub.
• ProHealth Care, Inc.coreStrategic or Co-development PartnerProHealth Care engaged Irgens to reposition their services from a lower profile location to a highly sought-after retail corridor along Bluemound Road. Irgens delivered the 50,000 SF outpatient care center within 11 months of lease signing. ProHealth is also the anchor tenant at Oconomowoc Physician Center.
• Medical College of WisconsincoreStrategic or Co-development PartnerMedical College of Wisconsin (MCW) has maintained a 35+ year relationship with Irgens as development partner and landlord. Irgens developed Tosa Health Center (1998), expanded it by 40,977 SF (completed 2016), and formed a joint venture with MCW to own and finance the 10000 Innovation Drive acquisition.
• Milwaukee County Research Park CorporationcoreStrategic or Co-development PartnerMilwaukee County Research Park Corporation (predecessor to Milwaukee Regional Innovation Center) worked with Irgens to develop the park from stalled vacant land into a thriving campus employing 4,000+ people, with three Wood Lake buildings totaling 157,387 SF.
• Major Milwaukee Health System (Prospect)coreStrategic or Co-development PartnerA major Milwaukee health system engaged Irgens as development manager to create a five-story medical office and retail complex with attached parking structure adjacent to its hospital campus transformation in Milwaukee. The city required street-level retail for project approval.
• Children's Hospital of WisconsincoreStrategic or Co-development PartnerIrgens was engaged by Children's Hospital of Wisconsin to perform an extensive site search and develop a 74,600 SF pediatric and specialty outpatient clinic in New Berlin, WI. Irgens also identified a collaboration opportunity with a non-competing health provider to create a destination campus.
• CBRE (Peter Glaser, Ben Weiland)minorChannel Partner/ Reseller/ DistributorCBRE brokers Peter Glaser and Ben Weiland represent The Shoppes at The Corridor-Midbox and The Corridor retail opportunities in Brookfield, Wisconsin.
• Milwaukee CountycoreStrategic or Co-development PartnerMilwaukee County, the City of Wauwatosa, and Milwaukee County Research Park Corporation collectively engaged Irgens to revitalize the stalled development of the Milwaukee County Research Park. Wood Lake Business & Technology Center was a collective effort between these public stakeholders and Irgens.
• Non-competing Health Provider (Unnamed)minorStrategic or Co-development PartnerIrgens identified an opportunity for two competing health systems to collaborate on a shared ambulatory care campus in New Berlin, Wisconsin, brokering the agreement between the parties.

Scale indicators8 records

Expansion highlights5 records

Direct peers

• NexCore Group: National healthcare real estate developer specializing in MOBs, ambulatory care centers, and specialty hospitals. Directly comparable to Irgens in healthcare development expertise, tenant roster (regional health systems), and at-risk equity development model.
• Anchor Health Properties: Real estate investment and development firm focused exclusively on medical office buildings and healthcare facilities for health systems and physician groups. Comparable business model, customer base (health systems), and product type to Irgens' healthcare development segment.
• Hammes Partners: Healthcare-focused national real estate development and investment firm specializing in medical office buildings, outpatient facilities, and healthcare campuses. Closest direct peer to Irgens given comparable healthcare MOB focus, build-to-suit development model, and similar Midwest operational roots.

Broad incumbents

• Hines: Global real estate investment, development, and management firm with portfolios in office, residential, industrial, healthcare, and mixed-use. Comparable to Irgens in Class A office development and mixed-use execution, but at far larger scale and with discretionary fund capital.
• Trammell Crow Company: One of the largest commercial real estate developers in the U.S., with a broad portfolio spanning office, healthcare, industrial, and mixed-use assets. Overlaps with Irgens in healthcare MOB and Class A office development but operates at materially greater scale and geographic breadth.

Regional players

• Opus Group: National commercial real estate developer and builder of office, industrial, healthcare, retail, and residential properties with strong Midwest presence. Comparable to Irgens in build-to-suit development, healthcare MOB execution, and integrated development/construction capability.
• VanTrust Real Estate: Full-service real estate development company operating across the Midwest and Southwest U.S., with portfolio including office, industrial, healthcare, and mixed-use. Comparable to Irgens in geographic focus (Midwest + Arizona) and product type mix.
• Mortenson: Minneapolis-based development and construction firm with significant commercial real estate activity across the Midwest and Mountain West, including healthcare and office. Comparable scale and regional Midwest orientation to Irgens.
• Cawley Partners: Commercial real estate developer and investor headquartered in the Chicago suburbs with focus on office, medical office, and mixed-use projects across the Midwest. Closest geographic and scale peer to Irgens' Chicago-area operations.

Emerging players

• Caddis Partners: Healthcare-focused real estate investment and development firm that owns and develops MOBs and outpatient facilities. Comparable healthcare tenant focus and product type to Irgens, though at smaller scale and with narrower geographic footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/irgenspartners
• Facebookfacebook.com/irgens-140720182690807
• LinkedInlinkedin.com/company/275924

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Irgens