MILWAUKEE — The Milwaukee Business Journal reports that two Chicago developers bought the 20-story office building at 250 E. Wisconsin Ave. in downtown Milwaukee and are planning a substantial rehab to revive the ailing building.
Fulcrum Asset Advisors and Millbrook Properties bought the office at East Wisconsin and North Broadway, according to a release from brokerage JLL, which represented them in the deal.
The building has suffered from low occupancy in recent years, and its previous owner has been trying to sell it.
The Milwaukee Business Journal says rehab work to the 250 Plaza building will include a new fitness center, Wi-Fi lounge, and conference center. The main lobby, entrance and other commons areas will be rehabbed, and the parking garage will get new lighting.
Milwaukee brokerage CBRE listed the 20-story building and its 427-space parking structure for auction in July 2014.
CLICK HERE to read more on this developing story from the Milwaukee Business Journal.