CHICAGO, MILWAUKEE—An affiliate of Fulcrum Asset Advisors along with its partner Millbrook Properties, both of Chicago, recently acquired an office building and adjoining parking garage at 250 E. Wisconsin Ave. in downtown Milwaukee. Financial terms of the transaction were not disclosed, but state records show the partners paid $9.75 million to Dallas-based Lone Star Funds for the 20-story, 200,044-square-foot office building. Lone Star paid about $7.5 million for the building in 2013.

Built in 1973 and renovated in 1991, the building was about 31% occupied at the time of the latest acquisition. The new owners plan to launch an extensive building modernization program and a comprehensive repositioning effort. Dan Jessup, executive managing director, JLL, assisted Fulcrum in the acquisition. Lone Star was represented by Curt Smith of CBRE. Jessup, along with Patrick Savoie and Regina Levchets, also of JLL, will now handle leasing for the building.

“Fulcrum and our partner Millbrook are looking to invest in assets that require significant repositioning because of low occupancy and the need to complete deferred maintenance and overall updating,” says Scott M. Stahr, principal, Fulcrum Asset Advisors. “This acquisition fits the bill. Though in need of significant TLC, it is located in the heart of Milwaukee's CBD and everything that location has to offer. The building has great bones with efficient floor plates, floor to ceiling windows showcasing the tremendous views, and 9' ceiling heights.”