U.S. Venture, a privately owned distributor of energy products and parts, acquired and is renovating Appleton, Wisconsin’s iconic 222 Building — the city’s tallest tower — to serve as its new corporate headquarters starting later this year.
Located in the heart of the Fox Valley, the 10-story, 243,000-square-foot building was constructed in 1952 for the predecessor to Thrivent Financial, a Fortune 500 company. U.S. Venture, the employer of more than 4,200 people in 48 states, expects to invest more than $80 million in the project designed to house close to 650 employees by late 2025, providing a major boost for downtown Appleton and the region.
As a result, 222 Building has been selected by a panel of local industry professionals as the winner of the 2025 CoStar Impact Award for sale/acquisition of the year for the Green Bay market.
U.S. Venture had planned to build a new headquarters on a different site that it controls in downtown Appleton. But those plans were put on hold while the company reassessed its short- and long-term office space needs as a result of COVID-19.
The company acquired the 222 Building in April and designed a renovation program focused on energy efficiency with the use of recycled and reclaimed materials and involve structural improvements, cosmetic updates, new heating, cooling and plumbing. U.S. Venture expects to occupy all 10 floors after tenants including the Post-Crescent move out.
U.S. Venture’s move downtown “will generate an economic impact of $644 million annually, which includes payroll, taxes and capital expenditures, as well as the ripple effect of the surrounding businesses,” according to an analysis completed by the Fox Cities Chamber of Commerce and JobsEQ.
U.S. Venture also has a significant presence in Green Bay, where it occupies a large portion of a 150,000-square-foot, Class A office building — aptly named U.S. Venture Center — next to Lambeau Field, home to the NFL’s Green Bay Packers.
About the lease: The building will initially be the workplace of 600 U.S. Venture staff and have the capacity to accommodate 1,000 employees. U.S. Venture is guaranteeing an assessed property value of $29.3 million, representing a gain of $16.4 million over the property’s current value of $12.9 million. The company is also working toward listing the building on the national and state registers of historic places.
The city of Appleton will give U.S. Venture $2.1 million in relief via pay-go TIF incentives, as well as 650 discounted parking permits for employees in one of the city’s parking ramps.
What the judges said: “This renovation will help to drive the local economy by bringing jobs and talent to the market, as well as significant physical investment in the community that will benefit businesses and property owners in the immediate vicinity. This is a very clear winner,” said Michael Tesa, senior brokerage associate at Ogden & Co.
“Industrial investment properties in this region have remained strong despite the turbulent economic conditions the commercial industry has faced over the past several years. However, the sale and revitalization of the 222 building in Appleton stand out as the most impactful, given the buyer’s commitment to the downtown district,” said Adam Meyers, senior commercial real estate advisor with NAI Pfefferle.
