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R2/Skydeck Venture Buys Creative Office in Milwaukee, Minneapolis

A venture of R2 Companies and Skydeck LLC has acquired a creative office portfolio in Minneapolis and Milwaukee totaling more than 525,000 square feet. The venture paid over $60 million for five historic properties in Minneapolis’ emerging Northeast Arts District and The Tannery (pictured) in the Walker’s Point submarket of Milwaukee.

The acquisition includes approximately 30 acres of land across both markets. The Milwaukee property is wholly- located within an Opportunity Zone.

“Creative office tenants demand non-commodity space,” said R2 CIO Max Meyers. “This is difficult to replicate in traditional office towers. This portfolio includes some of the most striking buildings in each of these markets.”

The portfolio was 95% leased upon acquisition, with in-place rents that are, on average, 40% below market. R2 plans significant improvements. The R2/Skydeck venture has previously acquired properties in both markets, as well as the former Morton Salt factory in the firms’ native Chicago.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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