Foxconn pays $9.5M for BMO building

Foxconn Technology Group has not spent a trivial amount to acquire BMO Harris Bank’s Capitol Square office building, according to a report in the Wisconsin State Journal.

Foxconn, a Taiwanese electronics manufacturer, has paid $9.5 million for the building, located at 1 W. Main St., and rename it Foxconn Place Madison. The property’s value was most recently assessed at $6.3 million, according to Dane County records.

BMO will still have a significant presence there, as a BMO bank branch will lease space from Foxconn and occupy a large portion of the property, a BMO spokesman confirmed.

Foxconn intends to use the building as an innovation center and as the company’s off-campus hub in collaboration with UW–Madison medical, materials, and computer-science research.