July 24. 2013 10:00AM - Last modified: July 24. 2013 10:13AM

Struggling downtown office building sold

  
250 Plaza, a 20-story office building located at 250 E. Wisconsin Ave. in downtown Milwaukee, was sold for $7.5 million to Lone Star Real Estate Fund II, according to state records. The transaction was recorded on Thursday.


The 255,268-square-foot building, constructed in 1973, went into receivership in 2009. It was sold by Dallas-based Orix Capital Markets LLC as a special servicer for Wells Fargo Bank.

The building was sold for well below its assessed value of $11.1 million, according to city records.

The building has 113,847 square feet of vacant office space and a total of 200,039 square feet of office space, according to LoopNet. The building also has an attached four-story parking structure, according to city records.

Lone Star Real Estate Fund II is part of Lone Star Funds, which has U.S. offices in Dallas, New York and Washington DC, and five international offices. Lone Star Funds is a private equity firm that invests globally in distressed assets.

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