Chase Tower taken off the market

The 22-story Chase Tower, the third largest office building in downtown Milwaukee, is no longer for sale.

The owner of the building, Toronto-based Brookfield Asset Management Inc.’s Brookfield Real Estate Opportunity Group, decided to take the building off the market at end of 2011, according to a commercial real estate source familiar with the property’s status.

The 472,507-square-foot building is located along the Milwaukee River and southwest of Wisconsin Avenue and Water Street at 111 E. Wisconsin Ave. The building has an assessed value of $28.6 million, or about $60.52 per square foot, according to city records.

The building was on the market for sale for most of 2011.

The Gonzalez, Saggio & Harlan LLP law firm recently signed a lease for 18,732 square feet of space in the building. The firm plans to move its offices from the historic Mackie Building in downtown Milwaukee to the Chase Tower. That lease boosts the Chase Tower’s occupancy rate up to 84 percent.

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