Owners of Regions Tower putting building on the market
Office brokers say the 662,000-square-foot-building, downtown’s third largest, could fetch more than $60 million, or about $100 a square foot.
Office brokers say the 662,000-square-foot-building, downtown’s third largest, could fetch more than $60 million, or about $100 a square foot.
The buyer, Equus Capital Partners, has made a habit of purchasing large-scale, Class A office properties on the north side of the city.
The local developer’s purchase of the complex is part of a shift within the company to complement its traditional development business with acquired properties.
Construction firm Meyer Najem Corp. is planning a $5.5 million office building in downtown Fishers to house its growing operations and other high-potential businesses. A proposed deal calls for the town to contribute 1.7 acres of land and $1.4 million.
Zeller Realty Group has acquired the 300,000-square-foot Meridian Plaza right on Carmel’s front door step, and is gearing up for a $4 million revamp.
Edgeworth Laskey Properties LLC, which has developed three buildings within Allison Pointe Park, bought the 10.5-acre parcel along Interstate 465 from a suburban Chicago company.
Attorney and real estate developer Paul J. Page will serve two years of probation and pay a $10,000 fine for concealing the source of a $362,000 down payment on his purchase of a state-leased office building in Elkhart.
The two eight-story, granite-clad buildings are highly visible along the North Meridian Street corridor, which has become attractive to investors as the market’s vacancy rate continues to fall.
The owners of the 19-building Precedent Office Park are putting the massive property up for sale, eight years after buying it for $143 million at the height of the real estate boom.
The two Class A office buildings totaling 348,000 square feet are close to being sold after falling into foreclosure during the implosion of defunct local developer Premier Properties USA Inc.
Cummins spokesman Jon Mills said the company wants to consolidate its two offices in downtown Indianapolis where about 100 employees work in areas such as communications, information technology and investor relations.
The Landmark Center at 1099 N. Meridian St. and the historic Century Building at 36 S. Pennsylvania St. (pictured) are both in receivership but attracting interest from potential buyers and tenants.
The owners of the buildings, about three dozen entities and individuals, owe $16.6 million, or the entire balance of the loan they received in 2006 to purchase the properties, according to court documents.
Economic development leaders in Fishers are asking the Town Council to OK a six-year property tax abatement to help First Internet Bancorp construct as many as two office buildings.
Downtown’s vacancy rate continues to hover around 20 percent, according to mid-year market reports, with more space becoming available than was leased. Meanwhile, the northern suburban market is showing the most improvement.
The three buildings near I-465 and North Meridian Street that make up Meridian Corporate Plaza were lost by Lauth Investment Properties LLC in its bankruptcy reorganization.
Space is at a premium in the Hamilton County Government & Judicial Center, prompting officials to consider solutions running the gamut from an expansion of the existing building to a mass exodus from downtown Noblesville.
Ice Miller gave up two floors at the OneAmerica Tower and Bingham Greenebaum Doll one floor at Market Tower as they and other law firms search for ways to cut costs in a highly competitive market.
Sourwine Real Estate Services expects to have its $12 million, 80,700-square-foot project finished later this month in one of the city’s hottest north-side development areas.
American Realty Capital, a real estate investment firm based in New York City, bought the building on South Meridian Street occupied by Rolls Royce Corp. Lilly vacated the facility in 2010.