by Adriana Pop, Associate Editor
Baldwin & Lyons, one of Indiana’s largest insurance companies, plans to relocate its headquarters from downtown Indianapolis to Carmel. According to the Indianapolis Business Journal, the company’s lease for 81,000 square feet in the Landmark Center at 1099 N. Meridian St. will expire in August.
In Carmel, Baldwin & Lyons has agreed to invest between $20 million and $30 million to acquire and improve a 184,000 square-foot facility at 111 Congressional Blvd. Rick Trimpe and John Vandenbark of CBRE represented the seller, Lauth Property Group, while Baldwin & Lyons was represented by Rich Forslund and Matt Waggoner of Summit Realty.
In February 2012, Lauth purchased the office building from Nationwide Mutual Insurance Co. for $7.1 million and spent an additional $2 million to upgrade the property.
Baldwin & Lyons currently employs about 350 people in Indiana and intends to create another 133 jobs by 2018. If it meets its hiring target, the Hoosier insurer will receive up to $3.5 million in conditional tax credits from the Indiana Economic Development Corp., as well as $200,000 in training grants. The city of Carmel is considering additional incentives, the company announced.
“We are very excited to welcome Baldwin & Lyons to the Carmel community,” said Carmel Mayor Jim Brainard. “This is exactly the type of investment the city is looking for in its economic development partners. When a company with a solid reputation such as Baldwin & Lyons decides to locate its headquarters in Carmel and expand its facilities here, the city realizes a long-term gain through local investment and job creation. This is not only good for Carmel, but the region as well.”
Founded over 80 years ago in Indianapolis, Baldwin & Lyons provides property and casualty insurance products and risk management services. In 2012, the global insurer set several revenue and profit records, ending the year with nearly $1 billion in assets.
Photo credits: http://www.lauth.net