Foxconn has officially closed on a deal for it’s North American corporate headquarters in downtown Milwaukee.

Northwestern Mutual sold the building to Foxconn and handed the keys to the company on Friday.

This building will not only serve as a corporate headquarters, it will work with local startups on artificial intelligence displays.

Foxconn says in the next couple of weeks they will start hiring contractors to modernize the 130,000 square foot facility.

Mayor Tom Barrett says it should create 500 jobs.

“For me this is all about jobs, and i’m very very excited for the opportunity for people to have jobs not just in the heart of the city, but throughout the city," Barrett said. "Because i think our challenge now is how to we get jobs for people throughout the city of Milwaukee including those neighborhoods that have fallen behind.”

Foxconn left open the possibility of eventually building a skyscraper downtown.