IBJNews

Downtown's historic Century Building set for sheriff’s sale

Back to TopCommentsE-mailPrintBookmark and Share

The historic Century Building downtown is headed for a sheriff’s sale after a Marion Superior Court judge on Tuesday finalized a foreclosure request from the building owner’s lender.

The 112-year-old office building at 36 S. Pennsylvania St. will enter the market in a precarious position, as a major tenant plans to depart.

U.S. Bank filed in February 2012 to foreclose on the building owned by Century Building Investment Group LLC, a unit of California-based Blue Real Estate. The bank claimed it was owed $10.5 million on a loan default.

Judge Robert Altice Jr. signed off on the foreclosure Tuesday. A date for the sale has not been set.

Blue Real Estate, which entered the Indianapolis market as an investor in 2006, lost most of its local holdings in 2011 after lenders took control of several properties.

The seven-story Century Building was built in 1901 and is the corporate home of Steak n Shake. Major tenants also include ExactTarget and Denison Parking.

Steak n Shake, however, has purchased the Ober Building on the opposite corner of Pennsylvania and Maryland streets and will be vacating its space in the Century Building.

The departure actually could create new opportunities for a buyer, said Jon Owens, vice president and principal in the local office of Cassidy Turley.

“They might find themselves in a good position to recruit tenants to backfill the space left by Steak n Shake,” he said. “Since there’s nothing being built in the market, the absorption of existing space is going to be important going forward.”

Attractive qualities of the building include its historic architecture and close proximity to several major downtown amenities, Owens said. Bankers Life Fieldhouse and Circle Centre mall are within a block.

Conversely, its unusual configuration—floor plates are U-shaped around an atrium—and lack of building-controlled parking are among its drawbacks, Owens said.

The Century Building contains 115,526 square feet of rentable space. The latest figures available show the building was 89-percent occupied at the end of 2011.

Locally based DTM Real Estate Services LLC was appointed by the court to manage the seven-story building during the foreclosure process.
 

ADVERTISEMENT

  • Cricket!
    Maybe Mayor Bollard could buy it and give it to the cricket people.
  • Building is crap
    Hopefully a new owner will actually fix this place. Glass Roof above lobby has a giant hole in it for over a month now, with a tarp on it. Bathroom toilets flood continually. Elevators don't work - people get stuck weekly. Piece of crap. Perhaps things were in better condition when their was someone who actually cared about its status/condition.
  • Sounds like great apartment or condo space with offices, retail and restaurants on the first floor. Market to people who live and work downtown and don't want to own a car.

Post a comment to this story

COMMENTS POLICY
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
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. I am a Lyft driver who is a licensed CDL professional driver. ALL Lyft drivers take pride in providing quality service to the Indianapolis and surrounding areas, and we take the safety of our passengers and the public seriously.(passengers are required to put seat belts on when they get in our cars) We do go through background checks, driving records are checked as are the personal cars we drive, (these are OUR private cars we use) Unlike taxi cabs and their drivers Lyft (and yes Uber) provide passengers with a clean car inside and out, a friendly and courteous driver, and who is dressed appropriately and is groomed appropriately. I go so far as to offer mints, candy and/or small bottle of water to the my customers. It's a mutual respect between driver and passenger. With Best Regards

  2. to be the big fish in the little pond of IRL midwest racin' when yer up against Racin' Gardner

  3. In the first sentance "As a resident of one of these new Carmel Apartments the issue the local governments need to discuss are build quality & price." need a way to edit

  4. As a resident of one of these new Carmel Apartments the issue the local governments need to discuss is build quality & price. First none of these places is worth $1100 for a one bedroom. Downtown Carmel or Keystone at the Crossing in Indy. It doesn't matter. All require you to get in your car to get just about anywhere you need to go. I'm in one of the Carmel apartments now where after just 2.5 short years one of the kitchen cabinet doors is crooked and lawn and property maintenance seems to be lacking my old Indianapolis apartment which cost $300 less. This is one of the new star apartments. As they keep building throughout the area "deals" will start popping up creating shoppers. If your property is falling apart after year 3 what will it look like after year 5 or 10??? Why would one stay here if they could move to a new Broad Ripple in 2 to 3 years or another part of the Far Northside?? The complexes aren't going to let the "poor" move in without local permission so that's not that problem, but it the occupancy rate drops suddenly because the "Young" people moved back to Indy then look out.

  5. Why are you so concerned about Ace hardware? I don't understand why anyone goes there! Every time ive gone in the past, they don't have what I need and I end up going to the big box stores. I understand the service aspect and that they try to be helpful but if they are going to survive I think they might need to carry more specialty parts.

ADVERTISEMENT