Affiliate of Five Mile Capital Partners Buys Downtown’s 411 East Wisconsin Building for $74.3 Million; Anchor Tenant Quarles & Brady Commits Until 2025
New owners and Quarles & Brady to infuse $17.5 million in building upgrades
MILWAUKEE, WIS. (June 2, 2014) – Five Mile Capital Partners, in conjunction with Quarles & Brady LLP, today announced that it has purchased downtown Milwaukee’s 411 East Wisconsin Building and that the law firm has extended its anchor tenant lease for 10 more years. An affiliate of Five Mile, Riverview Realty Partners, will be the asset and property manager of the building. CBRE will lease the building for the owners.
Plans for the building under the new ownership include an investment of approximately $17.5 million to enhance and improve the building’s elevator systems, HVAC system, lobby, roof and adjacent parking structures. The investment also includes significant renovation and technological upgrades to Quarles & Brady’s 186,000 square feet of space on the top eight floors of the high-rise building.
“We always have been and plan to continue to be a major part of Milwaukee’s downtown, and the 411 Building is the ideal location for our local operations,” said Kathie Buono, Milwaukee office managing partner of Quarles & Brady. “The new owner’s willingness to make a significant investment in the building only solidified our firm’s commitment to sign on as a long-term tenant and further invest in downtown Milwaukee.”
Quarles & Brady has been a tenant of the 411 Building since 1986, and its firm nameplate graces the top of the building and Milwaukee’s skyline. More than 500 attorneys and staff work at the firm’s Milwaukee office. Quarles & Brady has been located in downtown Milwaukee since its founding in 1892.
“The 411 Building is in the heart of downtown’s business district,” said Jeffrey Patterson, president and CEO of Riverview Realty Partners. “With Quarles & Brady’s commitment as an anchor tenant for the long term, we look forward to investing in the building to attract additional tenants and ensure 411 is repositioned to be a solid Class-A building in the CBD for the long term. Downtown Milwaukee is becoming increasingly vibrant, with additional residential housing, hotels and other amenities, and we are happy to be part of that vitality.”
Five Mile Capital Partners is an alternative investment and asset management company based in Stamford, Connecticut. Riverview Realty Partners, a wholly owned affiliate of Five Mile Capital Partners, is a Chicago-based, award-winning real estate company that owns, manages, leases and redevelops office real estate.
“The 411 Building contributes vitality to Milwaukee’s downtown, and the new investments there will ensure it is a prominent part of our city for years to come,” Mayor Tom Barrett said. “I am particularly pleased that Quarles is extending its commitment to downtown and the 411 Building. The firm adds to our economy and contributes to downtown Milwaukee’s distinction as the largest business hub in the state.”
Other major building tenants include von Briesen & Roper s.c., Mercer Human Resource Consulting, Morgan Stanley Smith Barney, PNC Financial Services Group, Wisconsin Athletic Club, American Appraisal and Lindner & Marsack, S.C.
About Five Mile Capital Partners
Five Mile Capital Partners LLC is an alternative investment and asset management company established in 2003. The firm specializes in investment opportunities in real estate, debt products, structured finance, asset-based lending and financial services private equity. Five Mile’s principals have significant experience, knowledge and skills relevant to the financial services industry and believe the cyclical and dynamic nature of the sector continually provides a broad opportunity for investments across the capital structure. The firm’s headquarters are based in Stamford, Connecticut, with an office in New York City. Five Mile has approximately $2 billion in assets under management. For more information, visit www.fivemilecapital.com
About Riverview Realty Partners
Riverview Realty Partners is a fully integrated real estate operating and development company, providing its own property management, leasing, marketing and development functions. The company currently owns one office property containing 167,756 net rentable square feet and a joint venture interest in the 52-story AMA Plaza office building in Chicago, Illinois, comprising approximately 1.14 million net rentable square feet. The company leases and manages its properties, and also oversees the asset management, leasing and management of various other properties for affiliates of Five Mile, including a portfolio of five properties containing 638,004 rentable square feet in the Cleveland, Ohio metropolitan area. For more information about Riverview Realty Partners, contact the company’s Chicago headquarters at 312-917-1300, or visit its website at www.rrpchicago.com
About Quarles & Brady LLP
Quarles & Brady LLP is a full-service law firm with more than 475 attorneys practicing from offices in Phoenix and Tucson, Ariz.; Naples and Tampa, Fla.; Chicago, Ill; Madison and Milwaukee, Wis.; Washington, D.C.; and Indianapolis, Ind. The firm provides an array of legal services to corporate and individual clients, which range from small entrepreneurial businesses to Fortune 100 companies. Additional information about the firm may be found at www.quarles.com, and on Twitter, LinkedIn and Facebook.