IBJNews

Developer of government building sees potential for more

Back to TopCommentsE-mailPrintBookmark and Share

A real estate firm founded at the dawn of the Great Recession hoping to break into commercial development has landed its first project: a $4 million office building it will lease to the federal government.

Ambrose Property Group broke ground last month on a 13,000-square-foot building at Intech Park on the northwest side that will house about 75 Social Security Administration employees who are moving from leased space in the Lafayette Square Mall area.

The Social Security office could be the first of many projects Ambrose develops for the government’s General Services Administration. The firm is in various stages of bidding for 15 other government projects as close as Kentucky and Ohio and as far away as Texas and New York, said Patrick M. Chittenden, a vice president at Ambrose who is also one of its founders.

Chittenden said Ambrose spent 18 months getting up to speed on the government bidding process and assembling a proposal. “Hundreds of pages go into a bid,” he said, and the firm wants to put that experience to use to win other government jobs.

Ambrose found out last Dec. 31 that it was the successful bidder. At the same time it learned it had won another project in Muncie, but the government’s budget for the Muncie office was subsequently eliminated and that project is on hold.

The Indianapolis development, at 6745 Network Place, is being financed by M&I Bank. General contractor Shiel Sexton is to complete the building by December. Ambrose purchased the 1.5-acre site in March from an affiliate of Lauth Group Inc., which developed Intech Park.

The one-story building was designed by American Structurepoint. Chittenden said it will include several security features not found in a standard office building, such as shatter-proof glass and a secure perimeter that prevents cars from parking close to or crashing into the building.

Those security features, required by the government, are among the reasons the GSA didn’t simply lease space in an existing building, Chittenden said. They’re also why the GSA will pay more than market rent to lease the building over the course of the 10-year lease.

Chittenden said because it’s a project built for government, the construction wages it requires are higher. And the small size of the building means there are “not a lot of economies of scale” that can be realized. The government is also requiring that the developer pursue Leadership in Energy and Environmental Design, or LEED, certification for the project.

John Merrill, managing director of the local office of CB Richard Ellis, said he’s not surprised Ambrose is pursuing government development work.

“The government sector has been one of the few where there’s any activity,” he said. “It’s one of the more active segments of the market. But I don’t know that there’s enough activity for anyone to specialize in that, especially if they’re based here.”

Ambrose was founded in November 2008 by Chittenden, who has a background in construction, and Aasif Bade, a former executive at Duke Realty. The seven-person firm isn’t relying solely on development. It also has brokerage and property management divisions.

Earlier this year, the company was hired by Brenwick Development to handle commercial sales and leasing for the non-residential portions of Village of West Clay, Brenwick’s massive housing development at 131st Street and Towne Road in Carmel. The project includes development sites for office and retail space.

 

ADVERTISEMENT

  • Are you kidding?
    This is a joke...there is plenty of cheap vacant space in Indianapolis. This is a total waste tax payers dollars and the reason the government is bankrupt.
  • REALLY ??
    No offense to the local developer for pursuing this project, but with all of the empty space around town, the feds couldn't buy and retrofit a property for 75 people for less than +53,000 per person ???? wow. Is the Social Security Administration THAT much of a target ? double wow. Is there much question why the government is in so much debt ? Unfreakin-believeable

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. OK Larry, let's sign Lance, shore up the PG and let's get to the finals.

  2. A couple of issues need some clarification especially since my name was on the list. I am not sure how this information was obtained and from where. For me, the amount was incorrect to begin with and the money does not come to me personally. I am guessing that the names listed are the Principal Investigators (individual responsible for the conduct of the trail) for the different pharmaceutical trials and not the entity which receives the checks. In my case, I participate in Phase II and Phase III trials which are required for new drug development. Your article should differentiate the amount of money received for consulting, for speaking fees, and for conduct of a clinical trial for new drug development. The lumping of all of these categories may give the reader a false impression of physicians just trying to get rich. The Sunshine Law may help to differentiate these categories in the future. The public should be aware that the Clinical Trial Industry could be a real economic driver for Indiana since these revenues supports jobs and new job creation. Nationally, this account for 10-20 billion which our State is missing out on to a large degree. Yes, new drug and technology development has gotten most of the attention (e.g. CTSI, BioCrossroads, etc.) However, serious money is being left on the table by not participating in the clinical trials to get those new drugs and medical devices on the market!!!! I guess that this is not sexy enough for academia.

  3. The address given for the Goldfish Swim Club is the Ace Hardware, is it closing?

  4. Out of state management and ownership. If Kite controlled it, everything would be leased. Of course, due to the roundabout, there is limited access to the south side of 116th now also. Just have to go down to the light.

  5. Hey smudge, You're opposed to arresting people for minor crimes? Sounds great! We should only focus on murders and such, right? Let's stand around and wait until someone shoots someone before we act. Whatever we do, we should never question anyone, frisk anyone, or arrest anyone unless they are actively engaged in shooting or stabbing. Very sound!

ADVERTISEMENT