Compass Properties Announces Promotions
Compass Properties is pleased to announce the promotion of Todd Greenwald to Vice President of Real Estate Operations and Kim Kindler to Corporate Controller.
“Todd and Kim have made major contributions to the growth of Compass Properties and each are excellent representatives of our principled approach to doing business,” said Tyler Noel, Compass Properties President. “In their new roles, both will continue to be an important part of our sustainable growth and long-term future.”
Greenwald is actively involved with the Madison Chapter of the International Facility Management Association (IFMA) and currently serves as its president. Prior to joining Compass Properties, Greenwald held property and operations management roles in commercial real estate. In Greenwald’s new and expanded role, he will oversee the company’s property management teams, manage day-to-day operations and continue to handle brokerage services for the Madison area and oversee leasing activities for our markets outside of Madison.
Kindler joined Compass Properties in 2012 and previously worked for its parent company Noel Group in the early 2000s. In her new role, she will oversee the company’s accounting and financial reporting, tax finance project management and payroll processes.
Vario Equity & Compass Properties Purchase Two Office Buildings in Madison’s American Center Business Park.
Wisconsin-based companies Vario Equity and Compass Properties recently completed their 1st joint venture with the purchase of two Class A office buildings located in Madison’s American Center Business Park. The 4600 American Parkway and 5133 West Terrace buildings were purchased from American Family Insurance for approximately $19 million, according to Compass Properties President Tyler Noel.
“This was a great opportunity to acquire two properties that provide Class A office space inventory in one of Madison’s premier office parks,” said Eric Heiting, Vario Equity’s managing director. “The Madison office market continues to be very strong, with some of the lowest vacancy rates in the Midwest. Current and future commercial real estate development on Madison’s far east side — including UW Health’s plans to build a $255 million clinic near the hospital it opened three years ago — will drive office space demand well into the future.”
Vario Equity is the lessor of the properties. Vario Equity was formed in 2018 with a vision to create an alternative investment portfolio of Wisconsin-based real estate assets for accredited investors. Compass Properties will provide property management and development services.
4600 American Parkway
Noel said the properties were bought “off market” and a key part of the deal structure was the property management component. “American Family wanted to make sure its employees and other tenants in the two buildings would continue to get outstanding maintenance and other property management services,” he said. “They knew of our reputation for superior tenant service and our commitment to sustainability.”
5133 West Terrace
The American Center Business Park is located on 447 acres near the intersection of Interstate Highway 90/94/39 and U.S. Highway 151. The park was developed with an eye toward protecting and preserving natural habitats and includes a mix of open space, ponds, wooded hills and more than three miles of biking and walking trails.
American Family Insurance recently completed an extensive capital improvement that updated the common areas of the buildings and upgraded many of the buildings’ amenities. Noel said that Compass Properties will implement sustainable building management practices that reduce waste, encourage healthy lifestyles, and conserve energy.
Compass Properties Now Owns Park West I Building in Madison’s University Research Park
Compass Properties recently purchased the Park West I office building in Madison’s University Research Park at 406 Science Drive. The acquisition of the 4-story, 50,000+ square foot building expands the company’s footprint in the internationally recognized University Research Park, as it currently owns the adjacent Park West II building, as well as other prime office buildings in the greater Madison area.
Noel said extensive capital improvements have already been made to the Park West I building, including HVAC systems, updated elevators, lobby upgrades, interior lighting upgrades and upgrades to the conference room facilities. The building is currently 97% occupied and its tenants include Rogers Memorial Hospital, Prosthetic Dental Associates and Madison Endodontic Associates.
“We’re excited to leverage the client-focused property management services we provide to our tenants in Park West II to meet the needs of our new tenants in Park West I,” Noel said. “We have deep roots here and are pleased to strengthen the commitment to our clients in the Madison area.”
The Park West I office building is located near the entrance of University Research Park, a research and technological oriented business park on 351 acres that is home to approximately 128 companies and generates almost a billion dollars in economic impact each year.