One of downtown Milwaukee’s largest office towers has been sold to a Chicago-area investment firm.
The 30-story 411 East Wisconsin Center, 411 E. Wisconsin Ave., has been acquired by an affiliate of Middleton Partners, a private real estate investment firm based in Northbrook, Ill., according to Friday’s announcement.
“411 is an ideal fit for our capital and we look forward to continuing to lease-up the property and attract desirable new tenants at attractive rents,” Middleton’s Keith Jaffe, said in a statement.
Riverview bought the building, with just over 693,100 square feet, in June 2014 for $74.3 million. The property then had a 77% occupancy rate.
That rate is now more than 89%, and it has achieved rental rate growth of 21% over the past three years, said Jeffrey Patterson, Riverview president and chief executive officer.
Riverview made improvements totaling $17.3 million. They include renovations and upgrades to the lobby, atrium, cafe, business center, elevators, parking garage, and heating, air conditioning and ventilation system.
As a result, the office tower is now the largest Milwaukee-area building to receive a gold rating from the Leadership in Energy and Environmental Design program operated by the U.S. Green Building Council.
That rating is the second-highest ranking just below the platinum level, provided by the council’s LEED program. That program recognizes buildings that meet various standards for environmentally sustainable construction and operating practices.
Tom Daykin can be reached at firstname.lastname@example.org