Johnson Controls buildings in downtown Milwaukee sold for $ 24 million
A developer with a housing and hotel portfolio completed the purchase of Johnson Controls Inc. office buildings in downtown Milwaukee.
Two investment groups led by the president of Bear Development LLC, SR Mills, purchased the buildings, which total more than 420,000 square feet.
This includes the seven-story, 120,000-square-foot Brengel Technology Center, which opened in 2000 at 507 E. Michigan St., and six older buildings.
Johnson Controls sold the buildings to Mills groups Breg 507 LLC and Breg Holdings LLC for $ 24.1 million.
That’s according to state real estate records online released Wednesday.
Mills said in July he was evaluating various uses for the site, ranging from “another head office to a combination of offices, hotels and collective housing.”
Johnson Controls will continue to occupy the buildings for two years.
The company announced in January that it would close its downtown offices.
Johnson Controls, which manufactures heating, air conditioning, fire protection, security systems and other equipment for hospitals, schools, military installations, social housing and other buildings, relies on 1,300 employees in the downtown complex.
They will eventually move to the company’s Glendale campus, 5757 N. Green Bay Ave.
Glendale buildings total 458,000 square feet on 33 acres. Johnson Controls employs only 680 people there, leaving ample room for consolidated operations.
Bear Development’s plans include the 214 Mariner Apartments, which opened in 2019 at 4000 S. Lake Drive, St. Francis, and the 2017 conversion of the historic Button Block Building to a 94-room Homewood Suites hotel, 500 N. Water St.