MILWAUKEE — The 100 East office tower in downtown Milwaukee will soon be for sale, according our partners at the Milwaukee Business Journal.
The sale is part of an agreement between building owner Hertz Investment Group LLC and their lender to resolve an ongoing foreclosure agreement.
The building was almost half empty last year and has several leases ending this year.
Hertz bought the building for $78 million in 2016. They planned to invest in renovations to help fill vacant spots - but the lender filed a lawsuit last year to foreclose on the building. The lender argued they stopped receiving mortgage payments in December of 2020, according to the BizJournal.
Both parties have now agreed to appoint Milwaukee attorney Michael Polsky as the receiver to sell the building. Polsky believes a sale could be done between six and nine months from now.
Tenants include Wells Fargo Bank, Marcus Corp and Johnson Financial.
