Helmsley-Spear returns five area properties to mortgage holder. (Helmsley-Spear National Realty Corp. deeds buildings to The Travelers Cos.)

Helmsley-Spear returns five area properties to mortgage holder

Helmsley-Spear National Realty Corp., the commercial real estate firm owned by the husband of New York City hotel queen Leona Helmsley, has returned five of its seven Milwaukee-area commercial properties to The Travelers Cos., which held the mortgages on the five office and warehouse sites.

William Rack, vice president and property manager of Helmsley-Spear's Milwaukee-area properties, confirmed that the New York City real estate firm had decided earlier this year to deed the buildings in lieu of foreclosure to Travelers, which in addition to being the mortgage holder on the properties had sold the buildings to Helmsley-controlled partnerships in 1984.

The property transfer, which took place in early April, involved more than 350,000 square feet of commercial office and warehouse space, could have …