By IvyLee Rosario
CBRE Capital Markets has arranged the $66.5 million sale of Manpower Headquarters, a 280,0000-square-foot, single tenant office building in downtown Milwaukee, Wis. The Brewery Works Inc., through affiliate Riverbend Place LLC, sold the property to Bentall Kennedy.
Located at 100 Manpower Place, the Class A office asset sits on 2.74 acres of land on the city’s riverfront.
The first LEED certified building in the area, the property is 100 percent net leased to Manpower Group Inc. through August 2031.
“The acquisition of the ManPower Headquarters represents the first single tenant office investment by Bentall Kennedy, in partnership with Warba Bank, in the U.S.,” said Guy Ponticiello of CBRE, in prepared remarks.
CBRE’s Capital Markets team of Ponticiello, Paul Lundstedt, Bill Bonifas and Maury Vanden Eykel, arranged the sale on behalf of the seller.
According to CBRE Research, foreign capital investment into single tenant office properties has increased substantially, tripling in 2016 from 2013.
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