Office building owners finally see payoff from millions in upgrades
Experts say some improvements—particularly those focused on wellness—help soften the blow for employees returning to their cubicles after growing acclimated to working from home.
Office Complexes
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Keystone at the Crossing office park ownership changes hands
The nearly 1.1-million-square-foot campus, which includes five office buildings and one small retail building, was purchased by Interamar and Typerion Holdings for an undisclosed price.
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Lucas Oil Products moves headquarters from California to Indy’s Keystone corridor
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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Local firms partner to buy Capital Center office towers for $35M
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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Central Indiana’s largest office park secures new loan, additional investment
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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Articles
Accounting firm KSM announces move to new nearby office
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.
Keystone at the Crossing office park on the market as sector’s struggles continue
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.
Downtown office properties are facing tough financial years—but mall project offers hope
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.
Indy’s landmark Pyramids are undergoing a facelift
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.
Cities reviving downtowns by converting offices to housing
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.
Salesforce giving up 25% of its space in state’s tallest building
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.
OneAmerica Tower reopening downtown restaurant, coffee shop on ground floor
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.
Shimmering hotel, office center planned along downtown’s Canal Walk
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.
Health care real estate firm Cornerstone forms joint venture with KKR
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.
Sources: Rolls-Royce planning to vacate two-thirds of its downtown campus
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.
Turner Woodard sells majority stake in historic Stutz property
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 residential developer plans Carmel HQ project
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.
Major downtown office users reevaluating space needs, but pandemic’s impact still hard to gauge
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.
Iconic downtown Gold Building would turn gray under owners’ proposed revamp
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.
IBJ Podcast: What will restaurants, offices look like after economy reopens?
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.
Office-seekers hit pause after COVID-19 saps economy, spurs rethinking about space
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.
Indy-based Knowledge Services acquires Fishers building for new HQ
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.
Mattingly Construction plans three-building development in Fishers
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.
New office building planned for Nickel Plate District in Fishers
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.