Last updated on October 11th, 2021 at 12:15 pm
ManpowerGroup‘s downtown Milwaukee corporate headquarters office building has been sold to a Colorado real estate investor for $70.43 million, according to state records.
The buyer is an affiliate of Louisville, Colorado-based Real Capital Solutions. It bought the 280,000-square-foot building at 201-229 W. Cherry St. from investors group One Hundred MP Way LLC. The group includes Chicago-based Bentall Kennedy and Warba Bank, a Kuwaiti public shareholding company.
RCS did not immediately provide a comment on the deal.
The building was last sold in 2017 for $66.5 million, according to city records. It was built in 2007 and is assessed at $66.73 million.
Online listings indicate the building is approximately 78% occupied. ManpowerGroup chairman and chief executive Jonas Prising said this spring said the company will need less office space when employees return from largely virtual work. This would free up one of the building’s four stories.
Real Capital Solutions made another major purchase in the Milwaukee area recently. It acquired the Cabela’s store in Richfield for $36.9 million. That was part of a $108.7 million portfolio acquisition of three Cabela’s stores, according to the company’s website. The other stores are in Michigan and West Virginia.
In its 30-plus-year history, RCS has purchased and managed more than 325 real estate assets, totaling roughly $2.5 billion in acquisition value.