Address: 310 W. Wisconsin Ave., Milwaukee
Buyer: An affiliate of Time Equities Inc.
Seller: RAIT Reuss Federal Plaza LLC
Closing date: December 29, 2017
Sale price: $19.5 million
The landmark cobalt blue, 14-story office building on West Wisconsin Avenue in downtown Milwaukee, formerly known as the Henry S. Reuss Federal Plaza, was purchased at the end of 2017 by a New York-based investment firm.
The 578,000-square-foot structure is the third-largest multi-tenant office complex in the state, behind the U.S. Bank Center and 411 E. Wisconsin Ave. buildings in downtown Milwaukee.
The building is currently just more than 50 percent occupied, but occupancy is expected to fall to the mid-30 percent range as Bon-Ton Stores consolidates its employees in the downtown Boston Store building and another large tenant downsizes.
Brad Gordon, director of acquisitions at Time Equities, said the company is planning to invest more than $10 million in common building upgrades and amenities to bring it up to a Class A office space.
“We feel the timing is perfect to accomplish this and intend to be a member of the Milwaukee business community indefinitely,” Gordon said.
The property has an assessed value of about $28.3 million, according to city records.
