The U.S. Bank office building on East Michigan Street in downtown Milwaukee sold for $14 million.
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This U.S. Bank office building on Michigan Street in downtown Milwaukee sold for $14 million.[/caption]
A Midwest-based partnership in a 1031 Tax Exchange purchased the 92,000-square-foot building at 615 E. Michigan St. from Oak Street Real Estate Capital, a Chicago based private equity firm.
The building is assessed by the city of Milwaukee at $9.14 million
It is directly adjacent to and connected by a skywalk to the 42-story U.S. Bank Center building at, 777 E. Wisconsin Ave.
The U.S. Bank lease for the Michigan Street building expires in December 2026. The bank will remain a tenant in the building, which houses USBancorp’s Fund Services unit, a subsidiary of U.S. Bank.
“There are limited single tenant office properties available in core downtown markets, creating cap rate compression for credit tenanted assets,” Jimmy Goodman, partner of The Boulder Group, of Northbrook, Ill., who brokered the deal on behalf of the buyer and seller.