Catholic Financial Life is listing for sale its downtown Milwaukee apartment and office tower — with the fraternal insurance organization planning to find a new corporate headquarters.
The 19-story building, 1100 W. Wells St., is for sale because of a strong real estate market and evolving office space needs, Catholic Financial Life announced Wednesday.
“A sale will only further strengthen our record surplus and capital position and provide additional agility for the organization,” said President John Borgen, in a statement.
The building opened in 1971.
It features 120 studio and one-bedroom apartments, with a rooftop swimming pool and other amenities for the building’s residents.
The building also has 60,000 square feet of office space.
Catholic Financial Life has just 70 employees based in the tower.
“Should we sell the building, we will pursue office space in Milwaukee best suited to attract and retain associates to best serve our members,” Borgen said.
The building is being listed with real estate broker Berkadia.
“We foresee a great deal of interest from a wide range of potential buyers,” said Berkadia Managing Director Ralph DePasquale.
There is no listed sale price. The building’s assessed value is $8.2 million, according to city records.
Catholic Financial Life has around $1.7 billion in assets. It provides life insurance, retirement planning, education savings and other financial services.
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