IBJNews

Historic Market Street building gets new owner

Back to TopCommentsE-mailPrintBookmark and Share

A growing public affairs firm has purchased a vacant, historic building in the shadow of the Statehouse and is preparing it for office or retail tenants.

The Corydon Group bought 125 W. Market St. Aug. 2 and will occupy the 4,200-square-foot top floor of the three-story building after renovations are finished in early November.

Corydon building current 15colThe Corydon Group plans to occupy the third floor and lease out the first and second levels. (Photo provided by The Corydon Group)

Corydon Group’s TCG Realty LLC paid $1.4 million for the 17,000-square-foot building, which had been owned since 2006 by local businessman John Thompson. Thompson had leased the entire building to the Public Employees Retirement Fund, which once owned the building. PERF moved out in early 2011.

Corydon Group founder Chris Gibson bought 125 West Market in partnership with Lou Belch, president of Corydon’s health care practice group.

“When we started our search last fall, we were looking at buildings that were quite a bit smaller and less costly,” Gibson said. But the opportunity to own a historic building 300 feet from the front door of the Statehouse was too good of an opportunity for the public affairs firm to pass up.

“We increased our budget and took on more risk, and we did that almost solely based on location,” Gibson said.

Gibson founded The Corydon Group, which bills itself as the largest independent governmental affairs firm in Indianapolis, in 2000. The firm has eight employees. Gibson projects employment will grow to between 10 and 12 in the next 18 months, largely on the strength of the firm’s growing association management business. Owning a building larger than what the firm needs will give it room to expand in the future, he said.

For now, the first and second floors will be leased.

Cassidy Turley brokers Jon Owens and Russ Van Til, who represented TCG in the purchase, have been hired to find tenants for the building. Gibson said the first floor could be leased to a retail tenant. The building’s 4,200-square-foot basement is also available. The partners considered converting it to parking, but the $250,000 it would have cost for nine spaces didn’t make financial sense, Gibson said. That means Corydon Group and its tenants will need to arrange for parking in nearby garages.

The firm is spending $800,000 for a complete renovation of the third floor, upgrading the lobby to make it handicapped accessible and for improvements to the façade at street level.

Blaze Construction is handling the renovation work, which is to be completed by Oct. 31. Key Bank is financing the purchase and the improvements.

Corydon building 1907 15colCorydon Group founder Chris Gibson said he believes the building dates to the 1880s. (Photo provided by The Corydon Group)

Corydon Group also has hired an archivist to learn more about the building, which Gibson believes dates back to the 1880s. One hundred years before it housed the state’s public employees pension fund, it housed a printing company.

In the 20 years Gibson has worked downtown, he’s seen numerous businesses occupy the 100 block of West Market, He said it’s always been a vital block, owing largely to its proximity to the seat of state government.

Rich Forslund, an office broker and senior vice president of Summit Realty, said properties on West Market Street once depended on being able to lease space to state agencies. But the street now relies to a greater extent on private tenants, and they've taken to the area.

“There’s been a good amount of action over there,” said Forslund, who handles leasing for the ISTA Building at the northeast corner of Market and Capitol Avenue.

He said among the reasons the area is attractive to users is the above- and below-ground connections to other areas of downtown. For example, someone who entered the former Block’s department store building immediately east of Corydon Group’s building could go several blocks east and south via Circle Centre mall without going outside.  

Forslund estimated a building like the one Corydon now owns would rent for approximately $15 to $17 per square foot.

ADVERTISEMENT

  • huh?
    No question there's a need for a parking garage there.. It was incredibly shortsighted that it was allowed to be built without any street level retail on a street between two historic monuments with an incredibly high amount of pedestrians. Total fail.
  • Power Plant
    Actually that former MSA location would be a great place for a LFTR Power Facility. http://en.wikipedia.org/wiki/LFTR (yeah, I really wish I could edit comments)
  • Dead Zone
    Look at Market East between Alabama & New Jersey...now that's a dead zone. Formerly Market Square Arena, which closed in 1999 and was demolished in 2001. Over ten years later, it remains a gravel flat lot covering nearly two full city blocks.
    • Destination
      ...and if this street is to be any sort of destination, parking is necessary. Street spaces are never sufficient.
      • Garage?
        You mean Hilton's garage between the hotel and ISTA? Gotta park the guests someplace.
        • Great news!
          The stretch of Market Street between Monument Circle and the Statehouse is radically underutilized. It really should be a destination street that extends Monument Circle to the West. Now if we can just figure out what to do with the dead zone on the North side of Market created by the parking garage... How on earth poor urban planning like that got approved is beyond me..

        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. Of what value is selling alcoholic beverages to State Fair patrons when there are many families with children attending. Is this the message we want to give children attending and participating in the Fair, another venue with alooholic consumption onsite. Is this to promote beer and wine production in the state which are great for the breweries and wineries, but where does this end up 10-15 years from now, lots more drinkers for the alcoholic contents. If these drinks are so important, why not remove the alcohol content and the flavor and drink itself similar to soft drinks would be the novelty, not the alcoholic content and its affects on the drinker. There is no social or material benefit from drinking alcoholic beverages, mostly people want to get slightly or highly drunk.

        2. I did;nt know anyone in Indiana could count- WHY did they NOT SAY just HOW this would be enforced? Because it WON;T! NOW- with that said- BIG BROTHER is ALIVE in this Article-why take any comment if it won't appease YOU PEOPLE- that's NOT American- with EVERYTHING you indicated is NOT said-I can see WHY it say's o Comments- YOU are COMMIES- BIG BROTHER and most likely- voted for Obama!

        3. In Europe there are schools for hairdressing but you don't get a license afterwards but you are required to assist in turkey and Italy its 7 years in japan it's 10 years England 2 so these people who assist know how to do hair their not just anybody and if your an owner and you hire someone with no experience then ur an idiot I've known stylist from different countries with no license but they are professional clean and safe they have no license but they have experience a license doesn't mean anything look at all the bad hairdressers in the world that have fried peoples hair okay but they have a license doesn't make them a professional at their job I think they should get rid of it because stateboard robs stylist and owners and they fine you for the dumbest f***ing things oh ur license isn't displayed 100$ oh ur wearing open toe shoes fine, oh there's ONE HAIR IN UR BRUSH that's a fine it's like really? So I think they need to go or ease up on their regulations because their too strict

        4. Exciting times in Carmel.

        5. Twenty years ago when we moved to Indy I was a stay at home mom and knew not very many people.WIBC was my family and friends for the most part. It was informative, civil, and humerous with Dave the KING. Terri, Jeff, Stever, Big Joe, Matt, Pat and Crumie. I loved them all, and they seemed to love each other. I didn't mind Greg Garrison, but I was not a Rush fan. NOW I can't stand Chicks and all their giggly opinions. Tony Katz is to abrasive that early in the morning(or really any time). I will tune in on Saturday morning for the usual fun and priceless information from Pat and Crumie, mornings it will be 90.1

        ADVERTISEMENT