Last updated on May 15th, 2019 at 05:00 pm
Zilber Property Group sold the ABB office building in Wauwatosa to an affiliate of Wells Fargo for $19.3 million, according to state records.
The three-story, 95,000-square-foot ABB office building, located at 1425 Discovery Parkway, was the first private sector development at Innovation Campus, northeast of U.S. Highway 45 and Watertown Plank Road in Wauwatosa.
Milwaukee-based Zilber Property Group developed the class A office building in 2013 to house ABB’s businesses operations in southeastern Wisconsin. The building has an assessed value of about $14.2 million, according to county records.
Wells Fargo Private Bank’s Real Estate Asset Management group advised the buyer, The Private Bank, on the purchase of the ABB Building, said Scott Bennett, real estate advisory specialist for Wells Fargo Private Bank’s Real Estate Asset Management Group.
“Given the high quality of the property, strong location and investment-grade tenant, this should serve as an excellent long-term investment,” Bennett said. “Wells Fargo Private Bank also will be providing asset management for the property going forward, and we look forward to building on a great relationship with ABB at the University of Wisconsin’s Innovation Campus.”
Madison-based M3 Insurance, a commercial insurance broker, moved its Pewaukee offices to the ABB building in April.