February 16, 2022 2:00 PM
Newmark announces the for-sale opportunity of two fully renovated Class A office buildings totaling 287,000 square feet in suburban Milwaukee, Wisconsin. The adjacent buildings, One Park Plaza and Liberty One, can be sold individually or as a portfolio. Newmark Executive Managing Director Jim Postweiler has been retained as exclusive sales agent for the property. Senior Managing Directors Peter Harwood and Derek Fohl and Associate Director Jack Trager are providing transaction support.
“One Park Plaza and Liberty One offer convenient access and exceptional visibility in the most desirable office destination in suburban Milwaukee,” said Postweiler. “Having achieved more than 100,000 square feet of leasing since 2020, this portfolio offers robust cash flow and the ability to add value with the lease-up of remaining vacancies.”
One Park Plaza is a 12-story, 199,326-square-foot, Class A office building located at 11270 W Park Place in Milwaukee. Originally constructed in 1984, the building underwent an extensive renovation in 2021 totaling $3 million in capital improvements. The property offers amenities including a newly renovated lobby, fitness center, conference center, café with food service, tenant lounge and golf simulator. The building is 82% leased to 15 tenants with a remaining weighted average lease term of 8.4 years.
Liberty One is a three-story, 88,016-square-foot, Class A office building located at 11414 W Park Place in Milwaukee. It was originally built in 2004 and completed an extensive renovation in 2021, undergoing $1 million in capital improvements. The building offers a parking ratio of 5.0 spaces per 1,000 square feet and amenities including a newly renovated lobby and tenant lounge. The building is 38% leased to 5 tenants, including recent leases with U.S. Health Works Medical Group and Andres Medical Billing.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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