The Milwaukee School of Engineering has a new home for its art collection. MSOE announced Tuesday that it purchased the former Federal Reserve Bank of Chicago building at Broadway and State Street.

The three-story, 38,000-square-foot building at 1008 N. Broadway -- built in 1924 as an automobile dealership - was purchased for $1.845 million and will provide space to display MSOE's major art collection, "Man at Work: The Eckhart G. Grohmann Collection at Milwaukee School of Engineering."

Many of the works from the collection already hang on campus walls, but this new acquisition will allow more of if to be displayed and in a more cohesive way. The building will also house faculty office for the General Studies Department.

Renovations, including a new roof and a more welcoming entrance, are planned for the building, which has been empty since the Federal Reserve Bank vacated it in July 2004.