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. By Mr. Lee's own admission, he basically ran pro-bono ads on the billboard. Paying advertisers didn't want ads on a controversial, ugly billboard that turned off customers. At least one of Mr. Lee's free advertisers dropped out early because they found that Mr. Lee's advertising was having negative impact. So Mr. Lee is disingenous to say the city now owes him for lost revenue. Mr. Lee quickly realized his monstrosity had a dim future and is trying to get the city to bail him out. And that's why the billboard came down so quickly.

  2. Merchants Square is back. The small strip center to the south of 116th is 100% leased, McAlister’s is doing well in the outlot building. The former O’Charleys is leased but is going through permitting with the State and the town of Carmel. Mac Grill is closing all of their Indy locations (not just Merchants) and this will allow for a new restaurant concept to backfill both of their locations. As for the north side of 116th a new dinner movie theater and brewery is under construction to fill most of the vacancy left by Hobby Lobby and Old Navy.

  3. Yes it does have an ethics commission which enforce the law which prohibits 12 specific items. google it

  4. Thanks for reading and replying. If you want to see the differentiation for research, speaking and consulting, check out the spreadsheet I linked to at the bottom of the post; it is broken out exactly that way. I can only include so much detail in a blog post before it becomes something other than a blog post.

  5. 1. There is no allegation of corruption, Marty, to imply otherwise if false. 2. Is the "State Rule" a law? I suspect not. 3. Is Mr. Woodruff obligated via an employment agreement (contractual obligation) to not work with the engineering firm? 4. In many states a right to earn a living will trump non-competes and other contractual obligations, does Mr. Woodruff's personal right to earn a living trump any contractual obligations that might or might not be out there. 5. Lawyers in state government routinely go work for law firms they were formally working with in their regulatory actions. You can see a steady stream to firms like B&D from state government. It would be interesting for IBJ to do a review of current lawyers and find out how their past decisions affected the law firms clients. Since there is a buffer between regulated company and the regulator working for a law firm technically is not in violation of ethics but you have to wonder if decisions were made in favor of certain firms and quid pro quo jobs resulted. Start with the DOI in this review. Very interesting.

ADVERTISEMENT