Northwestern Mutual completes purchase of former University Club for $4.25 million

Northwestern Mutual has completed its purchase of the former University Club in downtown Milwaukee, selling the property for $4.25 million.

This is according to a new deed posted online by the Wisconsin Department of Revenue. The buyer is listed as a subsidiary of the company, Wells Street LLC. The assessed value of the property is listed in city records as $2.88 million.

Northwestern Mutual plans to renovate the six-story, 55,000-square-foot building at 924 E. Wells St.

A zoning change approved by the City Council and Mayor Cavalier Johnson in May would allow the building to accommodate event spaces, a restaurant, guest rooms and other uses.

Northwestern Mutual will initially focus on issues related to deferred maintenance on the building.

The work will take up to a year and includes replacing the roof, repairing the facade and working on building services such as electrical systems, plumbing and elevators.

“While these improvements are taking place, we will continue to evaluate how the building can best be used in the future,” the company said in a statement.

The University Club closed its downtown operations in December due to declining membership, maintenance issues and increasing competition from restaurants.

The club still owns its golf course, tennis courts and swimming pool at 7401 N. 43rd St., Brown Deer. On Monday, it announced a new partnership with Troon Privé of Scottsdale, Arizona, to manage those operations.

The club’s former downtown property is northeast of where Northwestern Mutual is redeveloping an 18-story office building (818 E. Mason St.) to house about 2,000 employees relocating from the company’s Franklin operations, a project scheduled for completion in early 2027.

Tom Daykin can be contacted via email at [email protected] and followed on Instagram. X and Facebook.

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