It’s not how most big real estate deals get finalized, but the ruling of a local judge was the final step that allowed creditors of the beleaguered 100 East office building in downtown Milwaukee to proceed with a deal to sell the 36-story building to developers who plan to convert it into a luxury apartment tower.
In a Zoom hearing on April 12, Milwaukee County Circuit Court Judge Christopher Foley said he had reviewed the “receiver’s motion to sell” and agreed that all efforts had been made to secure the “highest and best offer” for the building, which has been in foreclosure since April of 2021. He then approved the motion, allowing 100 East Propco LLC – a development team led by Milwaukee-based Klein Development and local restaurateur John Vassallo – to purchase the property for $28.75 million.
Price: $28.75 million
Location: 100 E. Wisconsin Ave.
Seller: Hertz Milwaukee 100 East Wisconsin LLC
Buyer: 100 East Propco LLC
