Milwaukee’s Chase Tower sold for $34.25 million

Milwaukee Skyline

MILWAUKEE (AP) — One of Milwaukee’s largest downtown office buildings has been sold.

The Milwaukee Journal Sentinel reported Friday that state online real estate records show an affiliate of New York-based Group RMC has purchased the 22-story Chase Tower for $34.25 million. An affiliate of Michigan-based Farbman Group sold the building after buying it for $30.5 million in 2016.

Chase Tower was built in 1962 and was originally known as Marine Plaza. The building served as headquarters for Marine Bank before it merged in the 1980s with Bank One, which Chase Bank purchased in 2004.

The 477,772-square-foot-structure has 88,223 square feet of office space available for lease. That equates to an 18.5% vacancy rate. Chase Bank serves as the anchor tenant. Group RMC bought the 14-story 330 Kilbourn building in downtown Milwaukee earlier this year for an undisclosed price.