Last updated on May 15th, 2019 at 04:55 pm
An Atlanta buyer paid a total of $40.3 million for the three Brookfield buildings it recently purchased from BMO Harris Bank N.A. in a sale-leaseback transaction.
The Chicago-based bank sold the properties, located at 180, 395 and 401 N. Executive Drive in Brookfield, to an LLC affiliated with SunTrust Robinson Humphrey on July 27.
The second transaction, which included 395 and 401 and totaled $29.4 million, was recorded late on Aug. 8. According to the City of Brookfield, those buildings were valued at $20 million.
The transactions, part of BMO’s “sale-leaseback initiative” were first reported by BizTimes Milwaukee Tuesday.
BMO has signed long-term leases at the three buildings, where it occupies the entire combined 210,000 square feet. BMO also leases a fourth building at 235 N. Executive Drive on the Brookfield campus, where it employs about 1,000 at an operations center, call center and in various corporate functions.
BMO Harris Bank has approximately 200 branches in Wisconsin, which is one of the company’s largest markets. BMO has about 3,000 employees in the Milwaukee market. The bank has two divisions based in Milwaukee.