Fleeing the ... suburbs?

October 2, 2007
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LexingtonAugust Mack Environmental said today it will move its corporate headquarters from Castleton to downtown's Lexington at Meridian. The Indianapolis-based environmental consulting company plans to take 16,200 square feet in the former home of VanAusdall & Farrar Inc., joining Brown Mackie College, which is taking 25,500 square feet. Brokers say such a migration, away from the suburbs, is rare and should bode well for the downtown office market. The Lexington, which is undergoing a $10-million renovation by Shiel Sexton, offers some of the perks of suburban offices, including parking on site. The building now is 100 percent leased, with the project a couple of months away from completion. Shiel also plans to build new office space surrounding the historic building. The space was marketed by Colliers Turley Martin Tucker.
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  • awesome!
  • Is there any idea of what additional office space Shiel plans to build?
  • Sweet! This is awesome news to hear, now if only more suburban companies as well as retailers AND residents would move downtown too...

    Also, perhaps it's just me but this building looks A LOT like the one AUL just got done renovating. The Gibson Building i believe. Which is a great thing!
  • berwickguy -- I think the additional office space is the two-story building to the right in the rendering (is that true Cory?). I just looked at an overhead shot of the area and it looks like there used to be some smaller buildings attached to the main 4-story building, but I'm pretty sure they were torn down at the beginning of the project and that's just dirt right now.

    Impressive that they preleased 100% of this thing.
  • On the topic of suburbs, but not related to this migration at all, any news on River Crossing at 96th Street & Allisonville? Earth movers were performing pre-work last spring, but no activity since.

    I thought I read there were more approvals that needed to occur. So what's the status? Anyone?
  • Sorry. Correction....River Place. Not River Crossing.
  • Fantastic news. More of this needs to happen. BTW, anyone have up-to-date and accurate information on downtown employment numbers?
  • This is great news! Now I'd like to see some other companies move Downtown. It'd be great if a higher profile company like Finish Line would set up shop downtown.
  • What do you think it would take to get a company like Marsh or Finish Line to move downtown? You think the larger the company the closer they'd want to be to the heart of the city, near nice hotels, restaurants and the airport.
  • PS. I'm aware both Marsh and Finish Line aren't too secure right now financially. So putting that aside.
  • What? I'm not sure I can fully comprehend such a move...in Indianapolis?! And in a renovated building no less! Maybe it'll set a trend? Methinks that's wishful thinking, but at least this is a start...
  • Cory, do you know the last time new MTOS was built in downtown?
  • When they say on site parking, I'm hoping they mean behind the building. Last thing I want to see is suburban look buildings surrounded by parking lots popping up downtown. Walk-up friendly buildings in downtown I think are very important.
  • MTOS? Educate me. Thanks!
  • MTOS = multi tenant office space
  • thanks!
  • Good question, Jimmy. I think it's been at least five years.
  • Wasn't the new Simon Building a MTOS?

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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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