The closed University Club on downtown’s east side is being sold to a Northwestern Mutual affiliate.
The company isn’t yet disclosing specific plans for the six-story, 58,125-square-foot building, 924 E. Wells St., which was constructed in 1926.
“As an active real estate investor, Northwestern Mutual is a steward of our downtown Milwaukee campus and neighboring area and the opportunity to invest in the University Club property allows us to ensure the building continues to serve as a prominent, thriving downtown hub for the Milwaukee community,” said a company statement issued Monday.
“We plan to share Northwestern Mutual’s intended use for the building in the near future,” added Julia Fennelly, senior director of strategic communications and corporate reputation.
Terms of the pending sale, first reported by Urban Milwaukee, weren’t disclosed. The property’s assessed value is $2.7 million, according to city records.
University Club in December closed its downtown operations due to declining membership, maintenance issues and growing restaurant competition.
University Club continues to operate its golf course, tennis courts and swimming pool at 7401 N. 43rd St., Brown Deer.
The club’s downtown property is just northeast of where Northwestern Mutual is redeveloping an 18-story office building, 818 E. Mason St., to help house around 2,000 employees relocating from the company’s Franklin operations. That project is to be completed in early 2027.
Tom Daykin can be emailed at tdaykin@jrn.com and followed on Instagram, X and Facebook.