An affiliate of two Chicago firms paid $9.75 million for the 250 Plaza office building in downtown Milwaukee, according to state records.
On Monday, real estate firm JLL announced that Fulcrum Asset Advisors and Millbrook Properties had acquired the 20-story office tower at 250 E. Wisconsin Ave. The building was sold by Dallas-based Lone Star Funds.
The building was acquired by Lone Star Funds in 2013 for $7.5 million, after the building had gone into receivership in 2009. Its current assessed value is about $7 million, according to city records.
The 200,044-square-foot 250 Plaza building was constructed in 1973 and has struggled in recent years with a high amount of vacancy. The building’s current occupancy rate is just 31.6 percent, according to one source. Tenants in the building include Regus, Brown and Caldwell, Regal Investment Group and Scottrade.
Fulcrum and Millbrook plan to make numerous improvements to the building, including upgrades to the building’s amenities with a fitness center with a bike room and shower facilities, wi-fi lounge, conference center and attached covered parking. Renovations will include the main lobby and entrance, the common corridors and restrooms, a comprehensive elevator modernization including new elevator cab interiors, and major work in the parking garage to add lighting.
The building will be rebranded as Two Fifty East.
