Last updated on May 15th, 2019 at 04:57 pm
Chicago-based real estate investment firm Bentall Kennedy and Warba Bank, a Kuwaiti public shareholding company paid $66.5 million for the ManpowerGroup corporate headquarters building at the Schlitz Park complex in downtown Milwaukee.
The four-story, 280,000-square-foot building was sold last week by Riverbend Place LLC, according to state records.
The building was developed in 2007 by Schlitz Park developers Gary Grunau and Scott Sampson for ManpowerGroup. It is located at 201-229 W. Cherry St., along the Milwaukee River and adjacent to the former Schlitz brewery complex, which Grunau and Sampson converted into an office park in the 1980s.
The ManpowerGroup building has an assessed value of $59.3 million, according to city records.
In February, ManpowerGroup, which employs about 900 people downtown, extended its lease at Schlitz Park through 2031. The lease will not be effected by the sale of the building.
Warba Bank recently partnered with Bentall Kennedy to begin acquiring properties with strong and stable returns, according to the news release. The ManpowerGroup building purchase was their first joint purchase.