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Century-old Mass Ave landmark changes hands

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The historic Marott Center at the foot of downtown's Massachusetts Avenue has a new owner.

marott_center_15colThe five-story Marott Center, renovated in 1985, has been assessed at $1.5 million. (IBJ Photo/Scott Olson)

Local real estate firm Gershman Partners said Tuesday that it bought the building and an adjacent 90-space parking lot for an undisclosed price. The assessed value of the five-story office complex is $1.5 million, according to the Marion County Assessor.

George Rubin and Elliott Levin, principals of the Rubin & Levin PC law firm, had owned the building since 1984. Rubin recently announced that he was retiring from the firm.

Rubin & Levin is located in the 52,000-square-foot Marott Center at 342 Mass Ave. and will remain a tenant along with Walgreens and F.C. Tucker Co., Gershman said.

“We appreciate that we have been entrusted to carry on the heritage and tradition of this great building,” Eric Gershman, principal and co-founder of Gershman Partners, said in a prepared statement. “We look forward to maintaining the historic feel while ensuring its place as an anchor of the Mass Ave District.”

The Marott Center, which sits on the same block as Stout’s Shoes and the 3 Mass condominium project, was built in 1906 as one of the first multi-level department stores in Indiana. Restored in 1985 by Rubin and Levin, it is listed on the National Register of Historic Places.

Indianapolis-based Gershman specializes in the development and acquisition of commercial properties. The company, formerly known as Gershman Brown Crowley Inc., changed its name last month following the departure of partner Tom Crowley, who launched T.M. Crowley & Associates.
 

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  • Agree with JWH and Bark
    That surface lot NE of the building seems like it would be a great place for development. That intersection of Mass Ave is always bustling between the Marsh, Starbucks, and the many independent retail stores and bars/restaurants on the block. Foot traffic here is very high and it seems like a restaurant would do very well in that spot. While there are plenty of apartments being built downtown and around the Mass Ave area, there are a lot of people who want to live ON Mass Ave (the new development around the Barton tower doesn't really appeal at all to these types of people). It seems that the vacancies in apartments on Mass Ave are filled much more quickly than those even just a block away from the avenue.
  • Ahead of the curve
    Mass Ave is only Mass Ave today because of the vision of Rubin in 1985 to restore this property.
  • Barkin'
    ...mad ain't ya, and not too bright...I'm sure both Rubin and Levin have more brainpower in their little toes than you have in your entire empty head
  • Concur with rwh
    Way too much private surface parking on/near Mass. Way too much ground level office space also. Good to see buildings changing hands so geezers with poor development sense can stop holding up progress.
    • Adjacnet parking Lot
      It would be nice for them or someone else to develop the adjacent parking lot. This block has too much surface parking. Infill development is needed. What a great location to develop.

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