Featured Deal: Underwriters Exchange Building

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The historic Underwriters Exchange Building in downtown Milwaukee has been purchased by a Chicago-based development company.

The eight-story building is about 20 percent occupied with five or six office tenants, according to Paul Dincin, principal of Catapult. His preliminary plans are to add apartments on the second through eighth floors. The first floor will be used for the lobby, retail and possibly co-working space, Dincin said.

Catapult was attracted to the property, built in 1923, because of its prime location within the central business district and the building’s façade, Dincin said.

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This will be Catapult’s first project in Milwaukee, but Dincin and partner Charles Davidson will be looking for more development opportunities.

“I like the way downtown Milwaukee is shaping up,” Dincin said. “The new Bucks stadium, the BMO tower, the streetcar, all of the universities and entertainment, and of course the Third Ward.”

Address: 828 N. Broadway

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Buyer: 850 W. Jackson LLC, registered to Catapult Realty

Seller: James Cadd of Brookfield

price: $1.25 million   

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