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One of the state’s largest public companies is moving its headquarters from the west side of Indianapolis to downtown.
Calumet Specialty Products Partners LP has signed a lease for 52,000 square feet across three buildings on The Stutz campus at 1060 N. Capitol Ave. It plans to move the 200 employees from the company’s current west-side home to the new offices.
Specific terms of the lease were not disclosed. According to the Indiana Commercial Real Estate Exchange, the base asking rent for office space in The Stutz is $30 per square foot per year.
The firm’s total investment in the real estate shift is estimated at $10 million, including the cost of the lease and building out and furnishing the space.
Calumet is the 13th-largest public company in the state and sixth-largest in central Indiana, based on IBJ research. It had $4.7 billion in revenue in 2022, the most recent year for which data is available.
It makes a variety of oil- and wax-based specialty products ranging from industrial lubricants and solvents to jet fuel.
“We’re excited to start Calumet’s next chapter in our new headquarters in the heart of Indianapolis,” Todd Borgmann, Calumet CEO, said in written remarks. “Calumet has been operating for over a century thanks to our innovative and entrepreneurial spirit. The Stutz building is a great fit for us with its own rich history of innovation and creativity. Our team will appreciate the access to great businesses in and around the building.”
The firm’s curerent headquarters is located at 2780 Waterfront Parkway E. Drive, near Interstate 465 and Interstate 74. It was not disclosed why the company plans to vacate the property, but it’s set to move to The Stutz by October, taking space on the fourth floor of buildings three, four and six.
The company employs nearly 1,500 people across 12 facilities in North America.
Calumet plans to request incentives from the city for its move downtown, but they would require approval from the city’s Metropolitan Development Commission and City-County Council.
SomeraRoad, a New York-based firm that acquired the Stutz campus in 2021 for $25.8 million, already has spent more than $100 million to renovate the former automotive factory into a mixed-use development with retail space, office space and, eventually, apartments.
In addition to more than a dozen new retail and customer-facing tenants coming onboard since last year, SomeraRoad completed 27,000 square feet of co-working space; 17,000 square feet of event space; and 15,000 square feet of fitness and lifestyle space. That’s in addition to a revamp of more than 80,000 square feet of office space.
The company is also planning to build about 270 apartments on a block south of the existing Stutz property, although the cost for that project has not been made public.
“The Stutz is a testament to the impact that public-private partnerships can make on a city,” Indianapolis Mayor Joe Hogsett said in written remarks. “From being home to GANGGANG’s BUTTER, to serving as a hub for small and local business, the addition of Calumet’s move to the Stutz joins the momentum happening at this historic site and across Indianapolis neighborhoods.”
Hogsett said the move by Calumet “certifies” that Indianapolis is an economic driver for the Midwest, pointing to a pipeline of more than $9.5 billion in downtown projects under construction or planned over the next five years.
Matt Langfeldt and Rich Forslund with the Indianapolis office of Toronto-based brokerage Colliers International represented SomeraRoad in the deal, while John Merrill and Morgan Metcalf with Greenwood-based Merrill Property Group represented Calumet.
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Alright! Go New Stutz!
“It was not disclosed why the company plans to vacate the property, but it’s set to move to The Stutz by October, taking space on the fourth floor of buildings three, four and six.”
I would imagine it’s because old suburban office space is the worst type of office space.
It’s sad that the “ART” identity has been lost at the hands of new owners. Where have all the artists and their studios gone?
“BUTTER” is great, but it’s a once a year event…
There are still artist studios and exhibition space at the new Stutz!
Relax
what I really miss is the car manufacturing. Forget about artsy stuff…I want to see Stutz Bearcats and Model Ms rolling out the doors…
You must be *very* old to miss car manufacturing at the Stutz since Stutz Motor Company ceased production in 1935.