A New York-based investment firm is in the process of acquiring the 330 Kilbourn office towers in downtown Milwaukee, according to industry sources.
Group RMC will be buying the property, at 330 E. Kilbourn Ave., from fellow New York firm Tishman Speyer, the current property owner.
The sale could close as early as tomorrow, according to a source.
The news was first reported in the Milwaukee Business Journal.
A spokesperson on behalf of Tishman Speyer declined to comment on the pending deal. Group RMC did not return a phone call seeking comment.
330 Kilbourn was constructed in 1981. The two connected buildings total 488,000 square feet, according to city records.
The property is assessed at $40.97 million.
Some of its tenants include Founders 3, Mandel Group Inc., the Milwaukee Journal Sentinel and Wisconsin Institute for Law & Liberty.
If the sale goes through, it would be the largest Milwaukee office deal completed during the COVID-19 pandemic.
Another downtown office building changed hands about a month ago, though it may be converted to other uses.
The Sentinel Building, located at 225 E. Mason St., was sold to Milwaukee-based investor group Mason St Ventures LLC for $2.1 million. A representative of that group said the building may be converted into apartments.
Otherwise, investment sales and new leases have been minimal. Many users are opting to renew leases short-term, until they see where things stand following the pandemic.
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