The Metropolitan Development Commission on Wednesday approved a resolution allowing the Capital Improvement Board of Marion County to sell the Ober Building in downtown Indianapolis to the Steak n Shake restaurant chain.
IBJ first reported on the proposed sale Tuesday morning.
Indianapolis-based Steak n Shake Steak will pay $3.8 million for the building and plans to spend another $2 million to improve the six-story office property at 107 S. Pennsylvania St.
The restaurant chain will move its headquarters to floors 3 through 6 in the 1910 building named for C.S. Ober, a local businessman who founded Business Furniture Corp. and Stationers Inc.
Steak n Shake currently has its local offices in the Century Building on the opposite corner of Pennsylvania and Maryland streets from the Ober Building.
Longtime Ober Building tenant Ratio Architects Inc., which occupies the first and second floors, plans to remain in the building, an MDC spokesman said.
The sale will return the building to public tax rolls for the first time in 13 years. The CIB acquired the property for $5.5 million in 1999.