Downtown Milwaukee office building sold for $2 million

Chicagoland firm buys building on East Wisconsin Avenue

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An affiliate of Synergy Behavioral Healthcare purchased an underutilized seven-story office building on East Wisconsin Avenue in downtown Milwaukee for $2 million.

312 E. Wisconsin Ave.
312 E. Wisconsin Ave.

The affiliate of the Hoffmann Estates, Ill.-based health care company bought the 68,655-square-foot building from Northbrook, Ill.-based Next East LLC.

A real estate broker who had the property listed from 2013 to mid-2014 said the building is only about 20 percent occupied. O’Brien Financial Group Inc., is the latest tenant to leave. The company was occupying about 3,500 square feet of the third floor but moved to the City Center at 735 building, 735 N Water St. at the end of 2015.

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Several real estate brokers familiar with the property said $2 million was a good price for the building. The property, which was built in 1926, is assessed at $1.97 million.

Jeffrey Bergren, president of Synergy Behavioral Healthcare, did not return phone calls.

According to the company’s website, Synergy manages behavioral health care services for adolescents and adults.

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