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Indiana Members Credit Union has signed a lease to take the lion’s share of remaining office space in the second phase of the Bottleworks District development in downtown Indianapolis, officials announced Wednesday.
The credit union—one of the state’s largest—will move its headquarters to about 74,000 square feet in Building 9-12 on North College Avenue. The company’s lease accounts for about 85% of the remaining available office space in Phase II of the district, which is expected to be completed by the second quarter of 2025.
Indiana Members has more than 160,000 members and 31 branches across the state. The credit union, founded in 1956 as Indiana University Medical Center Federal Credit Union, also employs about 525 people statewide. The not-for-profit financial institution’s corporate campus is now located at 5047 Madison Ave.
The company’s new headquarters “represents our aspirations for the future and commitment to providing a dynamic workspace for our employees,” John Newett, president and CEO of Indiana Members Credit Union, said in written remarks. “We are excited to be a part of the unique community forming within the Bottleworks District and returning to our downtown roots. IMCU’s value of putting people first will mesh well with Bottleworks District’s people-centered vision, cultivating an environment where our current and future employees will flourish. We look forward to continuing to grow with the community we so proudly serve.”
According to tax filings, Indiana Members had $2.92 billion in total assets in the 2023 fiscal year. During that period, it had $148.7 million in revenue, with net income of $24.3 million.
The addition of Indiana Members Credit Union is a boon for the Bottleworks District, which modified development of its second phase to incorporate more office space after extensive demand outpaced availability in the first portion of the development.
The second phase alone features more than 182,000 square feet of office space, 38,000 square feet of ground-floor retail, a newly-built five-story building at College and Massachusetts avenues and an adjacent 3-1/2 story office building along College.
“IMCU’s commitment to Bottleworks District is a testament to the appeal of our vision for a vibrant, experiential workspace that meets the evolving needs of modern businesses,” said Scott Prudden, senior vice president of leasing at Hendricks Commercial Properties and Bottleworks District. “We are thrilled to welcome IMCU to our community and look forward to the energy and opportunities they will bring to Bottleworks District.”
Bottleworks was represented in the lease by Rich Forslund and Matt Langfeldt, brokers with the Indianapolis office of Toronto-based firm Colliers International, which manage all office leases for the district. John Crisp and Spud Dick, with the Indianapolis-office of Chicago-based Cushman & Wakefield, represented Indiana Members Credit Union.
Correction: The original version of this story said incorrectly that Indiana Members Credit Union is the state’s largest. That distinction belongs to Everwise Credit Union. Indiana Members is central Indiana’s largest credit union based on assets. You can see IBJ’s list of largest Indianapolis-area credit unions here. You can see more corrections here.
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I wonder how many employees will be working at the new headquarters? 7,400 square feet is a lot of space.