An affiliate of New York-based investor Group RMC is planning a multi-million-dollar renovation of the Chase Tower office building at 111 E. Wisconsin Ave.
The firm did not disclose the exact cost of the renovations, which are expected to be completed by the end of the year.
Updates will include a fully renovated lobby, the addition of a first-floor fitness center complete with a locker room and showers, a tenant lounge, and a common conference and training room.
The 22-story building, totaling 480,654 square feet, was purchased by Group RMC back in November 2021 for $34.25 million.
A press release from the firm states it acquired the building with plans to “reposition the asset” to increase occupancy.
When the building was acquired in 2021, it was 73% leased. Its tenants include Chase Bank, Empower Retirement LLC, O’Neil, Cannon, Hollman, DeJong & Laing S.C., and Infinity HealthCare, among others.
“Beyond the cosmetic and amenity improvements planned for 2023, ownership has made significant improvements to Chase Tower’s infrastructure, including upgraded electrical service, HVAC improvements, select roof replacements, exterior painting along the Riverwalk, improved security systems including card access and surveillance, elevator cab finish upgrades and repairs, new equipment, and new electric vehicle charging stations in the parking structure,” said Margaret Gehring with real estate agency CBRE, who serves as the general manager for Chase Tower.
Group RMC has made several investments in the Milwaukee area over the past few years, including acquiring the 330 Kilbourn office building and a 12-building portfolio within the Brookfield Lakes business park since entering the market in 2019.
“Group RMC has quickly established itself as a reputable owner and operator of office product within the Milwaukee market and throughout the region,” said Dan Wroblewski, partner with Colliers International. “Chase Tower is an iconic building in Milwaukee’s central business district, and it’s exciting to partner with Group RMC as they realize their vision and investment in the property as it begins another chapter.”
Eppstein Uhen Architects is working with Group RMC on the renovations. JP Cullen is the general contractor for construction.
