Milwaukee-based Engine & Transmission Exchange
has acquired the former Bank Mutual corporate headquarters office building in Brown Deer and intends to move employees into the building.
According to state records, an ETE affiliate bought the building at 4949 W. Brown Deer Road for $2.5 million. The affiliate, L&S Real Estate Holding LLC, is registered to Simyon Loshak of ETE.
The seller is an affiliate of F Street Group
. The Milwaukee-based real estate firm acquired the building and surrounding land in late 2020 for $2.3 million.
Josh Lurie, general counsel and vice president of investor relations with F Street, confirmed it had a lease in place with ETE before deciding to sell.
Nathan Piotrowski, Brown Deer community development director, said the village is working with ETE on office occupancy but nothing had been officially filed.
ETE did not immediately respond to a request for comment.
When F Street acquired the building, it planned to redevelop the property and find a new tenant. It still owns the parcels surrounding the building, including a former bank branch, and plans to work with interested parties on development projects there, said F Street spokesman Mike Doney.
"We worked closely with the buyer for some time, and we felt it was the right move for our investors to sell the building and continue pushing development and prosperity in the Brown Deer community," Doney said in a statement.
Bank Mutual vacated the office space sometime after it was acquired by Green Bay-based Associated Bank.