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

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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.
 

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  • 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.

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  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

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