Chicago-based real estate investment firm Fulcrum Asset Advisors LLC has a contract to purchase the 20-story 250 Plaza office building in downtown Milwaukee, according to commercial real estate sources. The sale is expected to close this week, according to one source.
Located at 250 E. Wisconsin Ave., the 193,031-square-foot 250 Plaza building was constructed in 1973 and has struggled in recent years with a high amount of vacancy. The building’s current occupancy rate is just 31.6 percent, according to one source.
The building was acquired by Lone Star Funds in 2013 for $7.5 million, after the building had gone into receivership in 2009. Its current assessed value is about $7 million, according to city records.
Sources say the building needs significant renovations. But if improved, they say the new owner could take advantage of the building’s Wisconsin Avenue location and attached parking structure.
“It’s got everything going for it,” one source said. “It just needs a little TLC.”
