The Chase Tower in downtown Milwaukee is being sold to Group RMC, the New York-based investment firm that also recently acquired the 330 Kilbourn office towers in downtown Milwaukee.
That's according to numerous real estate industry sources familiar with the deal. The sources did not disclose the sales price.
Matt Fahey, an office broker with Colliers | International, confirmed the deal in a statement to BizTimes. Colliers will represent Group RMC in leasing the building to tenants.
"Colliers is thrilled about Group RMC’s acquisition of Chase Tower and the continued commitment they are making to the Milwaukee market," Fahey said. "There are significant improvement plans already in the works to upgrade the building lobby, tenant amenities, parking structure, and RiverWalk, all of which will create a vastly improved environment for existing and future tenants of the building. Group RMC has a proven track record, and a great vision for Chase Tower, and we’re excited to be working with their team on the future lease up of the asset."
No record of the sale has yet been recorded with the Milwaukee County Register of Deeds office.
Chase Tower is located at 111 E. Wisconsin Ave. It was built in 1961 and totals 480,654 square feet, according to city records. It has an assessed value of $26.94 million.
It is 73% leased, according to CoStar Group data. Its tenants include Chase Bank, Empower Retirement LLC, O'Neil, Cannon, Hollman, DeJong & Laing S.C., WUWM and Infinity HealthCare, among others.
Southfield, Mich.-based Farbman Group is the owner of the 22-story building. A Farbman affiliate bought the building in 2016 for $30.5 million, and renovated the building beginning in 2017.
Farbman does not list Chase Tower on its list of properties on its website. The firm did not immediately respond to a request for comment.