Commercial Real Estate and Property Management and Development/Redevelopment and Real estate deals and Retail and Real Estate & Retail

AT&T building's new owner targets first-floor retail

June 11, 2013

More than 10,000 square feet of ground-level space will be available to a restaurant and other retailers following the sale of the AT&T building at 220 N. Meridian St. in downtown Indanapolis.

Geis Properties, a division of Streetsboro, Ohio-based Geis Cos., purchased the 558,000-square foot building for $16.5 million late last month from AT&T, said John Robinson, a broker with the Indianapolis office of Jones Lang LaSalle.

Jones Lang LaSalle is listing more than 150,000 square feet of office space on floors eight through 14 of the 20-story building. Additional office space should become available as AT&T gradually reduces its presence in the building, Robinson said.

“Physically, it’s in great shape,” he said of the 39-year-old building.

Renovations to the first floor will include improvements to the lobby and an outdoor seating area on the south side of the building, Robinson said.

Roughly 6,000 square feet of space is available for a high-end restaurant and another 5,000 square feet for other retailers.

Brian Epstein of the Urban Space brokerage is listing the retail space.

AT&T never publicly marketed the building and instead recruited the Chicago office of Jones Lang LaSalle to find a buyer, Robinson said.

Geis will manage the property.
 

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