A wealth management firm that's operated for nearly 40 years in Menomonee Falls is moving 300 employees to Milwaukee's Historic Third Ward.

Allspring Global Investments has leased a 42,000-square-foot building, at 417 E. Chicago St., and plans to move its regional portfolio management, distribution and support teams there by early 2025 after renovations are completed.

Those operations are now based at 100 Heritage Reserve, Menomonee Falls.

Allspring is headquartered in Charlotte, North Carolina, but has roots in the Milwaukee area. Its predecessor is Wells Fargo Asset Management, which in 2004 acquired Strong Capital Management.

The company that later became known as Strong Capital Management was founded in Milwaukee by fund managers Richard Strong and William Corneliuson in 1974. It moved to Menomonee Falls in 1988.

The Third Ward location's advantages include being near the lakefront, Milwaukee Public Market and The Hop streetcar, according to a Wednesday statement announcing the move.

“This move represents a long-term bet on one of America’s great cities and an investment in our ability to truly engage with our clients, partners, and the community — as well as to continue to attract and retain top talent," said Ann Miletti, Allspring chief diversity officer.

The Third Ward also offers amenities for clients and visitors, and is close to other financial services firms, said Greg Joslyn, an Allspring representative.

The employees moving include those who travel frequently but will be based from the Third Ward office, he said.

Allspring becomes the latest in a series of companies that have moved their offices from the Milwaukee suburbs to the downtown area in order to better attract and retain employees.

Those include Fiserv Inc., which plans to begin moving to its new downtown headquarters from Brookfield on Monday.

Fiserv, a global financial and payments technology provider, is leasing 144,200 square feet of offices at HUB640, the former Boston Store building, 640 N. Phillips Ave.

Other recent moves include Milwaukee Tool's 2023 expansion to a downtown office at 551 N. Fifth St. Milwaukee Tool still operates its headquarters in Brookfield.

Allspring's new home once housed Dohmen Co.

Tom Daykin can be emailed at tdaykin@jrn.com and followed on Instagram, X and Facebook.

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This article originally appeared on Milwaukee Journal Sentinel: Allspring Investments moving 300 employees to downtown Milwaukee