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Fast-Growing M&I Bank Consolidating Operations

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By DAVE SIMANOFF, The Tampa Tribune

Published: January 18, 2008

TAMPA - Marshall & Ilsley Bank, the Milwaukee-based financial institution that took root here two years ago with its acquisition of Gold Banc Corp., is relocating and consolidating its local operations to accommodate a growing work force.

The company, which has grown locally from 25 to more than 100 employees spread among three buildings in downtown Tampa, is moving its workers in May into the 20-story, 295,000-square-foot office building at 501 E. Kennedy Blvd. in downtown Tampa.

The building, once named One Mack-Cali Center and now called 501 East Kennedy, will be renamed M&I Bank Plaza. M&I Bank will rent 20,000 square feet of office space and 6,000 square feet of first-floor retail space for a banking center, becoming the building's second-largest tenant. A decision about placing M&I Bank's logo atop the building's exterior has not been made.
Cypress Creek Capital, a Fort Lauderdale-based real estate investment group, purchased the building in June for $45.8 million, according to county records. The firm plans to invest $3.5 million in capital improvements, said Sharon Rogers-Barron, senior vice president.

Those upgrades are to begin early this year. Once M&I moves in, the building will be 84 percent occupied, Rogers-Barron said.

M&I Bank has about 250 employees in West Central Florida. Charles M. Britton, regional president, said he anticipates that the West Central Florida work force, including Tampa, will grow to about 325 employees.

Reporter Dave Simanoff can be reached at (813) 259-7762 or dsimanoff@tampatrib.com.

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