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TMCNet: Stark Investments postpones new buildings in St. Francis

[September 23, 2008]

Stark Investments postpones new buildings in St. Francis

(Milwaukee Journal Sentinel, The Via Acquire Media NewsEdge) Sep. 23--Hedge fund operator Stark Investments has postponed plans to expand its St. Francis corporate campus by developing new office buildings overlooking Lake Michigan, a company spokeswoman said Monday.

Stark put those plans on hold because this spring's expansion of its St. Francis building, 3600 S. Lake Drive, coupled with space the firm leases in a downtown Milwaukee office tower, 1000 N. Water St., is providing enough room "for the time being," said Cam Stephenson, Stark's director of communications.

Stark still has eventual plans for 13 vacant acres it bought this year south of its headquarters, Stephenson said. That land will help secure the company's long-term growth needs, she said.

But there is no timetable for when Stark might need additional office space, Stephenson said.

Stark in January disclosed plans to build two office buildings, each with around 100,000 square feet, in a $35 million development. The company said then that it hoped to begin construction on the first office building by late summer or early fall.

Stark planned to move its downtown employees to the St. Francis location once that building was completed.

The current turmoil in the financial markets was not a factor in Stark's decision to postpone the expansion plans, Stephenson said. Stark in August announced it had laid off less than 10% of its more than 400 employees.

Stark has worked with local developer General Capital Group on the office project.

Stark and General Capital had previously shown interest in buying the 44-acre Cousins Center property, 3501 S. Lake Drive, for an expansion of Stark's headquarters. Stark later dropped those plans in favor of buying the land adjacent to its headquarters.

The Roman Catholic Archdiocese of Milwaukee is selling the Cousins Center to help pay for a multimillion-dollar settlement of clergy abuse lawsuits, and so it can move to smaller offices that are less costly to operate.

In July, Cardinal Stritch University reached an agreement with the archdiocese to buy the Cousins Center property. The purchase would enable Stritch to expand beyond its largely landlocked 38-acre main campus, which straddles the Fox Point/Glendale border at 6801 N. Yates Road.

To see more of the Milwaukee Journal Sentinel, or to subscribe to the newspaper, go to http://www.jsonline.com.

Copyright (c) 2008, Milwaukee Journal Sentinel
Distributed by McClatchy-Tribune Information Services.
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