The 22-story Chase Tower, the third largest office building in downtown Milwaukee, is for sale, according to Milwaukee commercial real estate sources.
The 472,507-square-foot building is located along the Milwaukee River and southwest of Wisconsin Avenue and Water Street at 111 E. Wisconsin Ave. It is owned by Toronto-based Brookfield Asset Management Inc.’s Brookfield Real Estate Opportunity Group, which in 2006 purchased the building and several others from J.P. Morgan Chase & Co.
The building has an assessed value of $28.6 million, or about $60.52 per square foot, according to city records.
Chase Tower is considered a class B office building in the downtown Milwaukee office market. By comparison, the 35-story, 432,092-square-foot 100 East Wisconsin Ave. building, which is considered a class A office building, was sold last year by Northwestern Mutual Life Insurance Co. to Newton, Mass.-based CommonWealth REIT for $81.3 million, or about $188.15 per square foot.
The Chase Tower, constructed by Marine Bank in 1961, was the first modern high-rise office building in downtown Milwaukee.
The building has an occupancy rate of about 80 percent, according to a commercial real estate source. J.P. Morgan Chase. It occupies about 240,000 square feet, Infinity HealthCare occupies about 60,000 square feet and Milwaukee Public Radio WUWM occupies about 20,000 square feet, according to the source.
