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Skyline sales have been fetching record-setting prices

​​​Recent growth in the downtown office market has led to profound interest from out of state investors, who now own 50% of the Milwaukee skyline. To capitalize on their entry, buyers have been increasing asking rates shortly after taking ownership, with neighboring asset appreciation and promised renovations as justification. Of the five sales in the past 36 months, asking rates increased by an average of 9.0 percent. It will be interesting to see how asking rates are adjusted at 411 E Wisconsin which sold in June for a record-setting $124 million –$50 million more than the previous owners paid just three years ago. Two-fifty provides an excellent case study, as new ownership delivered on extensive common area renovations that transformed the building –providing a class A experience from the lobby to the tenant’s space. The new experience and brand has helped revive the buildings reputation, and represents the confidence that out of state investors have in the Milwaukee market.

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