An affiliate of Chicago-based commercial real estate firm M & J Wilkow Ltd. purchased the iconic Gas Light Building in downtown Milwaukee for $20.5 million, according to state records.
The 20-story, 131,727-square-foot Art Deco inspired building sold for well above its assessed value of $10,678,000, according to city records.
The building was sold by 626 East LLC, a group of Wisconsin-based investors. The agent for the group is Joe Weirick, according to state records.
Located at 626 E. Wisconsin Ave., the Gas Light Building was constructed in 1930 by the Wisconsin Gas Company and was designed by Eschweiler & Eschweiler. It is known for the weather beacon “flame” lamp mounted on top of the building that changes color based on forecast weather conditions. In 2013 the neon tube lighting system in the weather beacon “flame” lamp was replaced with an LED lighting system. The new LED system allows for millions of colors and other lighting schemes outside of the beacon’s tradition red-gold-blue system (red light for warm weather, gold for cold weather, blue for no change in the weather, blinking light for precipitation).
As of last fall the building’s office space was 87 percent occupied, according to JLL, which listed the property for sale. The building is anchored by the United States Forest Service, which occupies 91,767 square feet on nine floors with a lease through August of 2023. The building is the headquarters for the U.S. Forest Service’s Eastern Division, which covers the agency’s operations in 20 states.
The property also has a six-story, 212-space parking structure that was built in 2002, plus 42 surface parking spaces.
The building was renovated in the mid 2000s at a cost of nearly $3 million, according to JLL. Additional improvements done in 2013 and in 2014, including façade repair, security system and parking garage enhancements and electric system upgrades, cost about $310,000.
