Commercial Real Estate and Public Companies and Office Complexes and Relocation and Renovation/Remodeling and Development/Redevelopment and Real estate deals and Facilities and Real Estate & Retail

Angie's List to take big chunk of Landmark Center

March 27, 2014

In a move to keep up with growth and improve employee collaboration, Angie’s List Inc. plans to renovate and occupy four floors of downtown's Landmark Center as part of a consolidation of its off-campus offices.

Construction plans filed with the state March 25 indicate Angie’s List will occupy nearly 100,000 square feet of the 315,000-square-foot, 12-story office tower at 1099 N. Meridian St.

The new tenant is a boon to the occupancy-challenged complex. More than 81,000 square feet at Landmark Center recently became available when insurer Baldwin & Lyons Inc. moved its headquarters to Carmel.

Angie’s List, which publishes online consumer reviews of service providers, is based in a village-like campus on Whiskey Hill on the east side of downtown, just east of the Interstate 65/70 split and north of Washington Street.

The company spent about $8 million in recent years to renovate and expand the campus, where about 1,000 people work.

About 400 to 500 other Angie’s List employees work in a handful of buildings around Indianapolis, including the Disciples Center, 130 E. Washington St.

With the Landmark Center space, “we’ll consolidate several off-campus locations into a single site that’s close to our current campus headquarters, enabling multiple teams to finally work under one roof,” Mark Howell, Angie’s List’s chief operating officer, said in a statement.

“We remain committed to continued expansion on Indy’s near-east side and to being a thriving part of the city’s future,” Howell added.

Angie’s List will occupy floors 2, 8, 11 and 12 of Landmark Center, according to a construction application.

Landmark Center was built in 1984 and was once home to Emmis Communications Corp. prior to its relocation in the late 1990s to a new headquarters on Monument Circle.

Landmark Center, downtown's 11th-largest office complex, has been in dire need of new blood. Just a few years ago it was almost entirely leased, but it since has been hemorrhaging tenants, the largest of which was Anthem Blue Cross and Blue Shield.

Late last year, Indianapolis-based Ambrose Property Group bought the complex out of receivership. Ambrose President Aasif Bade declined at the time to divulge what he paid for the building. But real estate sources told IBJ the lender unloaded it for about $8 million.

With the addition of Angie's List, Landmark Center will be about 75-percent occupied, Bade said Thursday.

In the fourth quarter Angie’s List reported revenue of $68.8 million, up 49 percent from the same quarter of 2012.  Angie’s finished the year with a fourth-quarter profit of $2.8 million, or 5 cents a share.

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