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Time Equities Acquires 578,000-SF Office Complex in Milwaukee

RAIT Financial Trust Sells 14-Story Downtown Office Tower
January 10, 2018
Time Equities Inc., a full service real estate firm based out of New York City, acquired a 14-story Downtown Milwaukee office complex located at 310 W Wisconsin Ave. from RAIT Financial Trust for an undisclosed fee.

Totaling 578,000 square feet, this building is one of the largest multi-tenant, stand-alone office buildings in the state of Wisconsin. Located behind the US Bank tower, the office complex was built in 1984, features two office towers connected by an atrium and has an attached parking deck.

The asset was 52 percent leased at the time of the sale, with another approximate 90,000 square feet possibly becoming vacant by the end of the first quarter of 2018, according to CoStar information. Major tenants in the property include Captel, Previant Law, the General Services Administration, ESPN Wisconsin 540 AM and the Capital Grill.

Tom Shepherd and Dan Wroblewski of Colliers International represented the seller in the transaction.

Shepherd noted that the buyer was motivated to acquire the W Wisconsin Ave. office tower in part of the revitalization efforts in the Westown neighborhood. “There is strong investor interest and real estate momentum in the neighborhood,” said Shepherd. “Due to the increased foot traffic from recent entertainment, multi-family, and hotel developments Westown is just starting to realize its potential as an 18 hour market. 310 W. Wisconsin is a critical piece of the puzzle and it presents Time Equities with a significant value-creation opportunity in the heart of downtown Milwaukee.”

The office building is connected via the skyway system to Boston Store, Grand Avenue Mall, the Wisconsin Center, the Hyatt and the brand new SpringHill Suites by Marriott Hotel. Additionally, the property is situated on a planned street car path and is within walking distance from the Bucks Arena, a proposed Milwaukee Symphony Orchestra development and several multifamily developments.

Please see CoStar COMPS #4096206 for more information on this transaction.
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