Milwaukee developer Joshua Jeffers has purchased the 20-story 633 Building in downtown Milwaukee from Zilber Property Group for $16.2 million.
Located at 633 W. Wisconsin Ave., the building was built in 1964 and has an assessed value of about $12.4 million, according to city records.
[caption id="attachment_335079" align="alignright" width="399"] 633 W. Wisconsin Ave.[/caption]
Jeffers, president of J. Jeffers & Co., is planning to redevelop the building’s former Greyhound Bus Terminal, a 48,000-square-foot commercial space located on the southern side of the first floor.
The 231,000-square-foot office building was 94 percent leased at the time of the sale. Tenants include Ameritech, Eye Care Specialists, a variety of law firms, U.S. Senator Tammy Baldwin, Milwaukee County offices and the State of Wisconsin Justice Department.
The building was constructed in 1964 with 450 parking stalls in an attached 158,200 square-foot parking structure.
The building is also known as the Clark Building, named for Emory Clark, the founder of then Milwaukee-based Clark Oil, which was headquartered in the building.
Jeffers could not immediately be reached for comment.
Jeffers has completed many commercial redevelopment projects, often converting historic buildings into revitalized office and living spaces. He turned the Mackie Building in downtown Milwaukee, from offices into apartments, and restored the adjacent Mitchell Building, 207 E. Michigan St.
In November, he unveiled plans for a seven-story mixed-use residential building next to the Mackie Building. Jeffers is also working with Tony Janowiec, owner of the Shops of Grand Avenue, on a$30 million redevelopment planof the Milwaukee Athletic Club building.
Patrick Gallagher, Eric Rapp, Max Schultz, Peter Langhoff and Ben Walker in CBRE’s Milwaukee office represented Zilber Property Group in the 633 Building transaction.