Commercial Real Estate and Office Complexes and Property Management and Brokers and Real Estate & Retail and Small Business

Flex-office operator adds 58 suites in Mass Ave area

June 24, 2014

An international firm that rents out fully furnished and equipped offices by the day, week or month is expanding its presence in Indianapolis.

Luxembourg-based Regus Group plc has taken more than 10,000 square feet on the third floor of Lockerbie Marketplace at 333 North Alabama St., where a Marsh supermarket anchors the ground level.

This is not the company’s first foray in Indianapolis, or downtown. Regus’ flex-type offices also can be found on the 16th floor of the Capital Center’s south tower, and in the north-side office parks of Keystone at the Crossing, Parkwood Crossing and the Precedent.

In addition, Regus most recently opened an office center in Fishers, at 10475 Crosspoint Blvd. near East 96th Street and Interstate 69.

But with the Lockerbie Marketplace location, set to open June 30, it provides more of a contemporary, urban feel that might appeal to fledgling entrepreneurs, said Holly McKinney, a Regus general manager.

“We’re right on the Cultural Trail, so they can ride their bikes to work or they can walk here,” she said.

The third-floor space consists of 58 furnished offices ranging in size from 100 square feet to 200 square feet. Tenants are not locked into a long-term lease and can walk away from an agreement at any time. Rates range from $99 for five days of usage per month to $350 for a month.

Amenities include a full-time receptionist and a lounge, meeting room and kitchen, in addition to a copier, printer and videoconferencing capabilities. Tenants are provided a security card to gain access to their space.

“It’s flexible office space for people not needing that traditional office if you’re in and out a lot,” McKinney said.

Regus so far has agreements from 10 tenants. Typical clients range from solo business owners to large corporations such as Microsoft, Wells Fargo and, in Indianapolis, Eli Lilly and Co.

To help market the space, Regus is hosting an open house for office brokers July 16.

Jon Owens of Cassidy Turley helped broker the deal with Regus on behalf of building owner CD Enterprises Ltd., Cristel DeHaan’s real estate entity. Nick Arterburn of CBRE represented Regus.

“[There are] a lot of individuals who aren’t necessarily a part of a larger company, and they don’t want to work out of their homes,” Owens said. “In that location, at the intersection of Alabama and Mass Ave., [there are] a lot of single practitioners who don’t want to sign a long-term lease.”

Flexible office space is hardly a new concept. But Owens thinks the trend is growing as working arrangements change and the economy improves.

On the city’s south side, Ardizzone Enterprises Inc. in Beech Grove just opened ZZONE 31 (pronounced “Zone,” using part of the Ardizzone name) at 5251 S. East St., or U.S. 31, south of East Thompson Road.

The 63 office suites range from 400 square feet to 1,800 square feet, and rates run about $23.50 per square foot, or $783 a month, for the one- to five-year leases.

Founded in Brussels, Belgium in 1989, Regus promotes itself as the world’s leading provider of flexible work space. It has 1,500 locations in 600 cities worldwide.

ADVERTISEMENT

Recent Articles by Scott Olson

Comments powered by Disqus