The 34-story 100 East office building, located at 100 E. Wisconsin Ave. in downtown Milwaukee, will be sold Thursday to a California-based real estate investment firm, according to sources.
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The 34-story 100 East office tower in downtown Milwaukee will sold to a California-based firm in a deal that is expected to close on Thursday.[/caption]
Santa Monica, California,-based Hertz Investment Group LLC
, is expected to close tomorrow on its purchase of the 100 East building, according to commercial real estate sources familiar with the deal.
Those sources said they are unsure of the purchase price of the building because the sale is part of a multi-building portfolio transaction.
The building will be sold by Equity Commonwealth
, formerly known as CommonWealth REIT, which bought the 100 East building for $81.3 million in 2010
The 435,067-square-foot 100 East building is assessed by the City of Milwaukee at $72.46 million. The building is 88.2 percent occupied. Tenants include Michael Best & Friedrich law firm and The Marcus Corp.
Hertz owns and manages more than 54 urban properties, representing about 20.3-million square feet of office space in the central business districts of 20 U.S. cities across 15 states, according to the company’s website. The company does not currently own any property in Wisconsin.
In June 2015, the company bought a portfolio of six Class A office buildings in the southeastern United states totaling more than 3 million square feet for $417 million.
The 100 East property is the 16th most valuable rent-generating properties in the country for Equity Commonwealth, according to the firm's second quarter operating and financial data report