An office building on Executive Drive in Brookfield has been acquired by the building owner's lender in a deed in lieu of foreclosure action, according to state records.
Located at 200 S. Executive Drive and built in 1974, the 131,750-square-foot building has more than 101,000 square feet of space available for lease, according to marketing materials from commercial real estate firm
Newmark.
Texas-based
American National Insurance Co. acquired the building from Milwaukee-based
Blake Capital Corp., state records show. Blake Capital Corp. is a real estate investment firm with a portfolio of apartment complexes in southeast Wisconsin that included two Brookfield office buildings, including 200 S. Executive Drive, its website shows. American National Insurance Co. offers a variety of policies including life, health and property insurance, and also has a real estate investment portfolio. Neither could immediately be reached for comment.
Global talent acquisition and management firm
Cielo, formerly known as Pinstripe, was a tenant in the 200 S. Executive Drive building for many years, before
moving its headquarters last year to Wauwatosa, with an office at 10100 W. Innovation Drive, a building also occupied by the headquarters for Zywave.
The 200 S. Executive Drive building has an assessed value is just under $9.2 million, according to Waukesha County records. The deed in lieu of foreclosure transaction was valued at $3.1 million, according to state records.
The building is the second Executive Drive office building to find itself in financial trouble. Last year,
Executive Center IV, a 44-year-old Brookfield office building up the street at 235 N. Executive Drive, was sold at a sheriff's auction for $3.5 million.
The Brookfield submarket has an office space vacancy rate of 22.6%, according to the most recent report from the
Commercial Association of Realtors Wisconsin (CARW).
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