Resurgent Office Tower in Indianapolis Draws New Jersey Investor
- Jul 01, 2015
Landmark Center, a downtown Indianapolis office building which boasts a convenient location, well-maintained condition and a stable tenant roster, recently changed hands.
According to the Indianapolis Business Journal, Fairbridge Properties of New Jersey paid $21.5 million to acquire the 12-story, 305,000-square-foot property at 1099 N. Meridian St. from locally based Ambrose Property Group.
Landmark Center was built in 1984 and hosted Emmis Communications Corp. among its first tenants.
In December 2013, Ambrose bought the building out of receivership for approximately $8 million and invested another $5 million into its renovation, which included the addition of a fitness center and yoga studio, full-service cafeteria and conference facility.
Upon closing, the property was only about 30 percent leased, after insurer Baldwin & Lyons Inc. relocated its headquarters to Carmel. However, in less than 90 days, Ambrose had the building almost completely full. Its newest tenants include Angie’s List Inc., which took four floors totaling about 100,000 square feet, and the Disciples of Christ organization, which leased 60,000 square feet for the relocation of its 195-person headquarters from 130 E. Washington St.
Landmark Center is currently 94 percent occupied, with a remaining average lease term of six years. Other tenants include Consolidated Care, Jacobs Engineering Group and U.S. Citizenship and Immigration Services.
Fairbridge has retained the local office of DTZ to manage the property.
CBRE office brokers Andy Banister and Dan Richardson represented the seller in the transaction, while Eli Mills and Tucker White, also of CBRE, represented the buyer.
Photo credits: Fairbridge Properties