The 14-story, 154,111-square-foot First Financial Centre office building, located at 700 N. Water St. in downtown Milwaukee, will be sold in an online auction on auction.com.
The auction starts on Monday, Aug. 25 and ends on Wednesday, Aug. 27. The starting bid will be $1 million.
The 86-year-old building has an assessed value of $6,165,000 according to city records.
The building’s occupancy rate is 32.87 percent, according to auction.com. Tenants in the building include Capital Investment Services, Lawyertemps Inc., Nicholas Compan, Inc., Lubar & Co., and Weiss, Berzowski, Brady LLP. The Associated Bank branch on the first floor is expected to move out soon.
The building was acquired in 2012 in a deed in lieu of foreclosure action by a trust created by J.P. Morgan Chase Commercial Mortgage Securities Corp. Patrick Gallagher and Matson Holbrook of Siegel-Gallagher handling the sale for the property owner.
“It provides a great opportunity for another office building investor to come in and reposition the property,” Holbrook said. “It’s at such a great location (the northeast corner of Water Street and Wisconsin Avenue) on ‘Main and Main’ in downtown Milwaukee. It could easily become a viable office building again.”