Office v Wisconsin

TPG, Crestlight close on Schlitz Park acquisition in Milwaukee

TPG, Crestlight close on Schlitz Park acquisition in Milwaukee,ph01

TPG Real Estate and Crestlight Capital have closed on the previously announced acquisition of the iconic Schlitz Park office campus in Milwaukee. Terms of the transaction were not disclosed.

On December 20, 2018, TPGRE and Creslight signed an agreement to acquire Schlitz Park through a joint venture formed by the companies. The joint venture acquired the 32-acre riverfront office complex from The Brewery Works, Inc., the development and ownership group led by the Grunau and Sampson families. The acquisition marks the first made by the joint venture, which was formed to acquire unique, high-quality office properties in select cities across the Midwest.

Schlitz Park reached 100 percent occupancy in mid-2018, a milestone that followed a $30 million, multi-year renovation that provided updated work, play and green spaces, as well as new amenities. TPGRE and Crestlight expect to reveal their initial plans for Schlitz Park in the coming months.

Schlitz Park was established in 1870 as a brewery for the Joseph Schlitz Brewing Company. The property was later purchased by The Brewery Works, Inc., in 1983 and in subsequent years was redeveloped into one of downtown Milwaukee’s premier office properties.