The Taiwanese-based electronics giant along with BMO Financial Group announced Friday it had bought the six-story building for an innovation center. BMO has a branch on the main floor and it will remain there.
Foxconn is building a manufacturing facility near Racine where it says it will produce liquid crystal display panels. But the company has been besieged with doubters about whether it will fulfill its promise of hiring 13,000 people for the project and investing $10 billion.
The Madison innovation center is to house a research center Foxconn says it will operate as part of a partnership with the University of Wisconsin-Madison.
Foxconn has also purchased buildings in Milwaukee for its North American headquarters and in Green Bay and Eau Claire for innovation centers.