Developer Revives Historic Downtown Indianapolis Office Building
- Dec 03, 2014
by Adriana Pop, Associate Editor
A long-vacant 12-story office building in downtown Indianapolis could soon get a new life.
According to the Indianapolis Business Journal, local developer Loftus Robinson has recently purchased the property located east of Monument Circle at 129 E. Market St. He plans to invest a total of $7 million in the building, including $5 million for a complete interior renovation, a new heating and cooling system, as well as other improvements.
The refurbishment project is scheduled to be complete by next summer, according to Drew Loftus, a partner of the Loftus Robinson development firm.
“The inside will be fresh and modern and the outside will be historically restored,” he told the newspaper. “The building has a ton of character on the outside, and we want to bring that out.
The architect on the renovation is DkGr.
Built in 1923, the 54,000-square-foot building originally housed the J.F. Wild State Bank. It was designed by Fermor Spencer Cannon, the architect of Butler University’s Hinkle Fieldhouse.
Loftus Robinson acquired the building from Crown Property Group, which it purchased from Flaherty & Collins Properties in 2008.
The local office of Jones Lang LaSalle is marketing the building’s upcoming space, which is expected to rent for $18 a square foot. The property will offer on-site parking, along with 4,500-square-foot open floor plates with direct access to elevators.
Loftus Robinson’s other projects in Indianapolis include the $28 million Fishers Switch mixed-use development under construction on the site of the Fishers Train Station. The project will bring a three-story retail/office building, a 50-foot-wide pedestrian plaza and a four-story apartment building with a 442-space parking garage.
Furthermore, the company added a second story to a building at 720 N. Capitol Ave. in downtown Indianapolis and purchased three connected structures at 6334 Westfield Blvd. in Broad Ripple and converted them into 9,000 square feet of office space.
Photo credits: www.officespace.com
Click here to read our most recent multi-family market snapshot for Indianapolis.