New York-based investor Group RMC purchased the Chase Tower office building in downtown Milwaukee for $34.25 million, state records show.
BizTimes first reported on the deal earlier this month. The sales price was not known at the time. State records recorded last week indicate a Group RMC affiliate acquired the building, located at 111 E. Wisconsin Ave.
It is the second downtown Milwaukee office property that Group RMC has acquired this year. It also bought the 330 Kilbourn office towers in March.
The seller is an affiliate of Southfield, Mich.-based Farbman Group.
The 22-story building totals 480,654 square feet and has an assessed value of $26.94 million, according to city records. It was built in 1961.
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.
Colliers | Wisconsin is representing Group RMC in leasing the building to tenants. The brokerage firm released a statement to BizTimes earlier this month regarding the deal.
“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,” Matt Fahey, an office broker with Colliers, said. “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.”
Farbman bought the building in 2016 for $30.5 million, and renovated the building, beginning in 2017.
