MILWAUKEE—Riverview Realty Partners, an affiliate of Five Mile Capital Partners LLC, has just secured the past year's largest new office lease in downtown Milwaukee, a major step in its effort to revive the 411 East Wisconsin building, one of the most notable properties in the CBD. Northwestern Mutual has agreed to occupy 56,320-square-feet on the building's seventh and eighth floors, as well as the lower-level concourse area.
Last year, occupancy in the building had sunk to 78%, Riverview officials say, below most of the other class A properties in the CBD. But this new deal with Northwestern, which will commence on or about March 1, will boost the rate to 86%.
Five Mile bought the 30-story tower last year for $74 million. The Stamford, CT-based investor then brought Chicago-based Riverview Realty on board to handle leasing and began a $17.5 million redevelopment. When they complete the job, the building will feature an updated elevator system, HVAC system, lobby, roof and adjacent parking structures.
“Northwestern Mutual is known for both its industry-leading ratings for financial strength, and its commitment to providing its employees exceptional working conditions, technology and amenities,” says Jeffrey Patterson, president and chief executive officer of Riverview.
Jim Cavanaugh and Matt Hunter of CBRE and Steve Palec, managing principal of Cresa, brokered the deal. The 411 building has about 45,000 contiguous square feet still available on the 15th and 16th floors.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
