Chicago firm closes on $120M acquisition of Precedent park

Back to TopCommentsE-mailPrintBookmark and Share

Chicago-based LaSalle Investment Management has closed on its $120 million purchase of the 21-building Precedent Office Park on the city’s northeast side and has handed leasing duties to the local office of Jones Lang LaSalle.

LaSalle Investment Management is an independent subsidiary of real estate brokerage Jones Lang LaSalle, which announced its appointment Wednesday as leasing agent for the 1.2 million-square-foot complex.

“For a major, international investment management firm like LaSalle to invest in Indianapolis is a huge vote of confidence on the great momentum we’ve seen in the local economy,” Jones Lang LaSalle Managing Director John Robinson said in a prepared statement.

IBJ reported in May that LaSalle was set to pay about $100 a square foot, or a total of around $100 million—far shy of the $143 million that Cayman Islands-based Global Property Investment Fund shelled out in 2005. LaSalle Investment Management also bought two buildings within The Precedent not owned by Global Property but by St. Louis-based Pace Properties.

Real estate sources confirmed to IBJ on Thursday that LaSalle paid $20 million for those two buildings, and that its total investment in the office park was roughly $120 million.

The transactions closed earlier in July, Jones Lang LaSalle said in the press release.

The Precedent is located in the Keystone office submarket and is comprised of a mix of mid-rise, two-story and single-story office buildings. The complex is 94-percent occupied by tenants including Zurich Insurance Group, Rockwell Automation, Honeywell, WebMD, Defender Direct and Stonegate Mortgage Corp. It is the second-largest office park in the Indianapolis area behind only Park 100 on the northwest side.

The Precedent became available following a bitter legal dispute between Global Property, which owned it, and locally based HDG Mansur, which served as the group’s adviser when it bought the park.

Robinson and Jones Lang LaSalle colleague Tammy Recker are the park’s new leasing agents, assuming those duties from CBRE.

Jones Lang LaSalle also leases the Keystone at the Crossing office complex, as well as Woodfield Crossing II and Woodfield Crossing III on the west side of North Keystone Avenue. Overall, the company leases a portfolio of 38 office properties in the Indianapolis area totaling 6.5 million square feet.

LaSalle Investment Management has 700 employees in 16 countries managing an asset portfolio topping $47 billion, according to its website.



Post a comment to this story

We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
You are legally responsible for what you post and your anonymity is not guaranteed.
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
Subscribe to IBJ
  1. Those of you yelling to deport them all should at least understand that the law allows minors (if not from a bordering country) to argue for asylum. If you don't like the law, you can petition Congress to change it. But you can't blindly scream that they all need to be deported now, unless you want your government to just decide which laws to follow and which to ignore.

  2. 52,000 children in a country with a population of nearly 300 million is decimal dust or a nano-amount of people that can be easily absorbed. In addition, the flow of children from central American countries is decreasing. BL - the country can easily absorb these children while at the same time trying to discourage more children from coming. There is tension between economic concerns and the values of Judeo-Christian believers. But, I cannot see how the economic argument can stand up against the values of the believers, which most people in this country espouse (but perhaps don't practice). The Governor, who is an alleged religious man and a family man, seems to favor the economic argument; I do not see how his position is tenable under the circumstances. Yes, this is a complicated situation made worse by politics but....these are helpless children without parents and many want to simply "ship" them back to who knows where. Where are our Hoosier hearts? I thought the term Hoosier was synonymous with hospitable.

  3. Illegal aliens. Not undocumented workers (too young anyway). I note that this article never uses the word illegal and calls them immigrants. Being married to a naturalized citizen, these people are criminals and need to be deported as soon as humanly possible. The border needs to be closed NOW.

  4. Send them back NOW.

  5. deport now