The Wells Building in downtown Milwaukee has been sold to a New Jersey firm for $7.25 million, according to state records. Located at 324 E. Wisconsin Ave., the 15-story roughly 117,200-square-foot building contains offices and a data center. Its former owner, an affiliate of Madison-based Ascendant Holdings LLC, sold it to an affiliate of New Jersey-based data center developer and operator fifteenfortyseven Critical Systems Realty. The Wells Building was constructed in 1901, and has an assessed value of $7.06 million, according to city records. According to its website, 1547 has more than 750,000 square feet of data center space under development in several locations throughout the U.S. and Canada. It lists two properties in the Chicago area. The firm was formed in 2011 by executives from the financial and data center industries. Representatives of the buyer and seller did not immediately respond to requests for comment. Ascendant purchased the Wells Building in 2011 from Milwaukee-based Zilber Property Group.
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