The 34-story 100 East office building in downtown Milwaukee was sold by Chicago-based Equity Commonwealth as part of a four-property, $416.9 million office portfolio sale to California-based Hertz Investment Group LLC, the two firms announced today.
The 435,067-square-foot 100 East building, located at 100 E. Wisconsin Ave., is assessed by the City of Milwaukee at $72.46 million. The building is 88.2 percent occupied. Tenants include law firm Michael Best & Friedrich and entertainment and hospitality firm The Marcus Corp.
The portfolio sale also included two properties in Indianapolis and a building in Cleveland. The total square footage in the transaction is 3.1 million square feet.
Hertz owns and manages more than 54 urban properties, representing about 20.3-million square feet of office space in the central business districts of 20 U.S. cities across 15 states, according to the company’s website. This is the company’s first property in Milwaukee.
The acquisition is the largest Hertz has made to date.
“One of Hertz’ primary growth strategies has been to acquire best-of-class office buildings in the central business districts of mid-sized markets, and we feel very fortunate to include four such properties in one deal,” Judah Hertz, company chairman said in a statement.
Local commercial real estate sources familiar with the sale told BizTimes last week a sale was imminent.
