Three months after announcing the closure of its 126-year-old city club, the University Club of Milwaukee is in the process of selling its downtown building to Northwestern Mutual.
The University Club of Milwaukee's board president Jim Caragher and Northwestern Mutual confirmed the news to the Milwaukee Business Journal Monday morning after Urban Milwaukee president Jeramey Jannene shared the news on X, formerly Twitter.
Northwestern Mutual has "reached an agreement (in principle) to purchase the University Club property at 924 E. Wells St.," Northwestern Mutual senior director of strategic communications and corporate reputation Julia Fennelly said in an email.
"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," Fennelly said.
Northwestern Mutual plans to share its intended use for the building in the near future, she said. The company declined to share the terms of the agreement and the purchase price.
The University Club property's total assessment is $2,728,500 and the estimated fair market value is $3,277,871, according to its 2023 city property tax bill.
After the building sells, the University Club would use the proceeds to refund former members who paid a $5,000 assessment the club levied in April 2023 as it attempted to raise money to keep the club open and pay for facility upgrades, according to previous Milwaukee Business Journal reporting.