An affiliate of the automotive lubricant company acquired the two-story building near the Fashion Mall at Keystone last year for $9.5 million.
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One of the largest office complexes in downtown Indianapolis officially changed hands this week, with the new owners eyeing an update for the property that could result in its partial conversion to a hotel.
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More than $36 million already has been invested into the campus over the past eight years, with updates to building systems, indoor and outdoor amenities, lobby spaces, restrooms and facades.
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The 1.08 million-square-foot complex is expected to sell for significantly less than the $150 million it fetched in 2019, real estate sources told IBJ.
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Indianapolis’ largest accounting firm said its move to a new office within the same 96th Street business park will give it a chance to reconfigure its workspace to fit the realities of the post-pandemic office environment.
It’s a challenge hitting urban centers across the United States. Downtown office buildings are seeing their values plummet and vacancy rates climb due to space consolidation and a continued hesitancy toward renewals and new leases following the pandemic.
KennMar is investing millions of dollars to remodel and refurbish the office park. The company declined to give a precise price tag for the project but acknowledged it is a little shy of the original $12 million it cost to build the complex more than 50 years ago.
A growing number of developers are considering converting empty office towers into housing as part of an effort to find uses for properties that emptied out during the pandemic.
The tech giant, which has been cutting costs and restructuring its real estate in the face of a possible economic downturn, put three contiguous floors at Salesforce Tower in downtown Indianapolis on the market for sublease.
The 18,267-square-foot restaurant, which is open to both OneAmerica Tower tenants and the outside public, has been vacant since Sahm’s Restaurant Group closed its cafeteria there last fall.
Featuring an exterior of clear and light-colored glass, the building would replace the current headquarters of the American College of Sports Medicine while giving the group a new home.
Indianapolis-based Cornerstone Cos. Inc. said it teamed with the New York City-based global investment giant to acquire and develop more than $1 billion in real estate assets over the next few years. The deal includes the recapitalization of 25 Cornerstone properties.
The United Kingdom-based aircraft engine manufacturer is expected to jettison about 270,000 square feet of office space on its 2.2-acre campus at 450 S. Meridian St. About 3,000 people worked in the company’s downtown offices prior to the pandemic.
The new majority owner says it plans to retain the Stutz property’s historic character but isn’t yet revealing details about its plans for the 110-year-old downtown complex.
Indianapolis-based SC Bodner Co. is planning to build and move its headquarters into a $6 million office development along U.S. 31 in Carmel, according to a proposal filed with the city.
Big tenants such as Rolls-Royce and Salesforce say they’re reevaluating their space needs as most of their local employees work remotely. Real estate experts say they’re unlikely to make decisions until after the pandemic subsides.
Plans call for replacing the existing curtain wall on the 20-story office building with “crystal gray” panes developed by Minnesota-based architectural glass fabricator Viracon.
There’s precious little consensus about the necessary precautions, although most decision-makers agree that we won’t get back to “normal” until there’s a vaccine.
Many employees have traded in-person meetings and conversations for emails and videoconferencing—something many experts say likely will continue long after social distancing requirements are relaxed.
The company, which provides workforce management services, said it is investing $15.1 million overall to acquire and renovate the 165,000-square-foot building, where it will move 130 employees.
The land near Interstate 69 and 106th Street had previously been targeted by Sun King Brewing Co. as a location for a major brewery and tasting room.
To incentivize the development, the Fishers City Council on Monday night voted to waive city fees associated with the project for up to 24 months.
Three well-known local companies plan to move into a four-story, 100,000-square-foot office building called the Agora. Construction of the building is expected to be complete next summer.
Town leaders say development is coming, but has been slow because they’re picky about tenants.
