Last updated on August 30th, 2019 at 11:21 am
Three office buildings used by BMO Harris Bank N.A. in Brookfield have been sold for $43 million, according to state real-estate transaction records.
The buildings, located at 180, 395 and 401 N. Executive Drive, were sold to an affiliate of Radnor, Pennsylvania-based real estate investment firm Livingston Street Capital LLC. The buildings were acquired from their previous Atlanta-based owners, an affiliate of SunTrust Robinson Humphrey.
The state records list the entire parcel at 395 N. Executive Drive as changing hands. According to city assessment records, that parcel also includes a second building at 401 N. Executive Drive.
The buildings total roughly 192,000 square feet, with each building greater than 60,000 square feet. Over roughly the last year, each building has undergone or is still undergoing significant renovations, according to assessment records.
Commercial alterations on 395 N. Executive Drive total around $1.7 million, work on 401 N. Executive Drive totals $1.8 million and work to 180 N. Executive Drive comes out at nearly $1.3 million.
Chicago-based BMO Harris sold the Brookfield buildings for $40.3 million in 2017 in a sale-leaseback transaction. BMO spokesman Patrick O’Herlihy said the company has long-term leases on these buildings and nothing is changing on the bank’s end as a result of the transaction.
O’Herlihy added many of BMO’s product operations and support staff work in the buildings. About 700 BMO employees work at its Brookfield campus. The bank has about 3,000 employees in the Milwaukee market, and has two divisions based in Milwaukee.
Livingston Street did not immediately respond to a request for comment.
According to its website, Livingston focuses on what it considers essential investments, including multi-family, healthcare and mission-critical properties.