CBRE Arranges $28.75 Million Sale of 435,000-SF Office Complex in Milwaukee

CBRE has arranged the sale of 100 East, a 435,000-square-foot office complex in Milwaukee. 100 East PropCo, LLC, purchased the property from Michael S. Polsky, Esq., the court-appointed receiver for Hertz Milwaukee 100 East Wisconsin, LLC, for $28.75 million.

CBRE’s Patrick Gallagher, Matson Holbrook, Bill Bonifas and Matt Cariello represented the seller in the transaction.

“We’re excited for the buyer and the new life they will infuse into this classic asset in the heart of Milwaukee’s central business district,” said Gallagher. “New ownership intends to reposition 100 East into a multifamily property, capitalizing on the city’s solid apartment fundamentals and downtown’s continued resurgence driven by numerous company relocations and expansions that will grow the employment base by thousands of new employees.”

The 35-story building is located at 100 E. Wisconsin Ave. in the Downtown East submarket, three blocks from the Third Ward and proximate to I-794 and I-43 interchanges. The property was built in 1989 and has direct access to the RiverWalk along the Milwaukee River, the 1.75-mile skywalk system and 750 parking spaces contained in both the building and a nearby 10-story parking garage at 720 North Water St.

The tower was 46.5% occupied at the time it was marketed for sale.

According to CBRE Research, Milwaukee had the fifth-lowest vacancy (3.1%) out of the top 69 multifamily markets in the U.S. in Q2.