While Milwaukee high-rise office towers have been selling for record sale prices, developer Irgens acquired the 20-story BMO Harris Bank office building and adjacent seven-level parking structure for a mere $7.1 million according to state records.
The property has an assessed value of $13.6 million, according to city records.
The sale is part of a deal in which Irgens will redevelop the tower and build a new 25-story BMO Harris Financial Center south of Wells Street between North Water Street and North Broadway, next to the existing BMO Harris building.
The redevelopment plans to the existing BMO Harris building, and its future use, have not been determined. The project won’t begin until the new building is complete in late 2019.
The new tower will become the Wisconsin headquarters for BMO Harris Bank and law firm Michael Best & Friedrich LLP.
BMO Harris will lease 124,000 square feet and occupy the new building’s first and 11th through 16th floors. Michael Best & Friedrich LLP will lease 60,000 square feet in the top three floors. The building’s remaining space is available for lease.
The initial construction phase of utility relocations for the new tower will begin this month, with demolition of the parking structure shortly afterwards. The 379,400-square-foot building and 647-stall parking ramp is scheduled for completion in December 2019.
JH Findorff & Son is the contractor for the project. The architect is Kahler Slater.
