AT&T has sold its historic downtown office building to a New York-based investment firm that focuses on redeveloping underperforming properties.
According to state records, an affiliate of Reign Capital LLC acquired the building at 722-740 N. Broadway for $30.13 million.
Reign Capital acquired the 20-story Class B office building for less than the city's assessed value of $38.54 million. BizTimes reported in 2017 that AT&T listed it for sale.
Neither AT&T nor Reign Capital immediately responded to requests for comment.
Reign Capital is a privately held real estate development and management firm. On its website, the firm says it "has expertise in all major asset classes across select U.S. markets with a specialization in value-add redevelopment and asset management of core properties."
It recently acquired another AT&T office building in downtown Winston-Salem, North Carolina, for $15.46 million, according to the Winston-Salem Journal.
The city of Milwaukee considers the downtown AT&T property to have two separate building sections, which total 360,000 square feet. The main 20-story portion totals 273,600 square feet, and was constructed in 1930, according to records from the city and Wisconsin Historical Society. An attached six-story, 86,400-square-foot annex building was constructed in 1953.
It was built for Wisconsin Telephone Co., which later became known as Wisconsin Bell Inc. The company is a subsidiary of AT&T.
The 1930 building was designed in the Elizabethan Revival style by architect Alexander C. Eschweiler. The annex building was designed by Grassold-Johnson & Associates, according to the Wisconsin Historical Society.