Office Complexes

Eastgate owner plots unusual office-space strategy

August 9, 2011
Cory Schouten
The owner of the former Eastgate shopping center has begun marketing a third phase of its mall overhaul: About 225,000 square feet of emergency backup office space.
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Developer of government building sees potential for more

August 2, 2011
Tom Harton
Ambrose Property Group broke ground last month on a 13,000-square-foot building at Intech Park that will house about 75 Social Security Administration employees.
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Precedent joins ranks of battered developersRestricted Content

July 30, 2011
Cory Schouten
The Precedent Cos.—the local developer of The Precedent Office Park, Mount Comfort Commercial Park and several upscale residential communities in Hamilton and Johnson counties—is winding down operations in an out-of-court restructuring.
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Marsh lands big tenant, will reoccupy headquarters

July 5, 2011
Tom Harton
Marsh Supermarkets is reoccupying a portion of its long-vacant headquarters building and has snagged a plum tenant to sublease most of the rest of the space.
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M&I Plaza revamping entry, lands King David and Main Street Deli as tenantsRestricted Content

July 2, 2011
 IBJ Staff
The main entrance is getting a $1 million makeover as the 28-story building prepares to welcome two new restaurant tenants.
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$100M 'Bridges' project in Carmel wins approval

June 21, 2011
Cory Schouten
A proposal for a roughly $100 million mix of retail, office and apartments along Springmill Road south of 116th Street was OK'd Monday night by the Carmel City Council after numerous concessions.
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Northwest-side medical building facing foreclosure

May 12, 2011
The operator of the building at 8424 Naab Road near St. Vincent Hospital is accused of owing an Illinois investment firm $4 million.
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Eastgate redevelopment reaches crucial crossroads

May 10, 2011
Tom Harton
Lifeline Data Centers, which bought Eastgate in 2008, plans to invest $10 million into the property this year if the Department of Public Safety moves forward with plans to lease 78,000 square feet.
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Office stats don't tell full story of market's recovery

April 19, 2011
Tom Harton
Cassidy Turley's research director said the pace of leasing activity is the best he’s seen in 18 to 24 months.
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Minneapolis firm buys Fishers business park

March 22, 2011
Scott Olson
Meritex purchased 306,408-square-foot business park out of foreclosure from Wells Fargo Bank. The previous owner, Kobra Properties, had fallen into bankruptcy.
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Rolls-Royce gives downtown office market a bounce

March 22, 2011
Tom Harton
The decision by Rolls-Royce Corp. to occupy Eli Lilly and Co.’s Faris office campus downtown headed off what could have been a big spike in the central business district Class A office vacancy rate.
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Northeast-side office building falls into foreclosure

March 18, 2011
The 83,653-square-foot office building at 6666 E. 75th St. near Binford Boulevard and Interstate 465, is known as Heritage Park II. It is only 55-percent occupied.
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Office/retail building planned for Fort Ben

March 15, 2011
Tom Harton
Speculative development is almost unheard of these days, but the Fort Harrison Reuse Authority is taking the plunge as it works toward breaking ground this year on what it expects will be a 45,000-square-foot building geared toward retail and office tenants.
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Virginia not-for-profit suing Duke Realty for $30M

March 9, 2011
Military think tank CNA claims Duke Realty breached its obligations as landlord by selling land in Alexandria to the Department of Defense, which plans to build a bomb-inspection facility on the site.
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Northeast-side office building target of foreclosure

March 8, 2011
Scott Olson
Owners of the nearly 40,000-square-foot office complex near East 71st Street and Binford Boulevard have defaulted on a $3 million bank note, according to court documents.
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Lilly's master plan for downtown (real estate)

February 19, 2011
Cory Schouten
As Eli Lilly and Co. outsources work and sheds unnecessary properties, it is making moves with surplus real estate that could establish the strongest physical connection between Lilly and downtown since the company was founded at Pearl and Meridian streets 135 years ago.
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Fourth-quarter commercial real estate stats for IndianapolisRestricted Content

February 19, 2011
Statistics for Indianapolis office and industrial property.
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Duke Realty sells offices in shift toward industrialRestricted Content

February 19, 2011
Scott Olson
Strategy also calls for greater Southeast presence, less investment in the Midwest.
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Glick partners on $30M downtown apartment development

February 14, 2011
Cory Schouten
The lead developer on a long-delayed proposal to redevelop the former Bank One Operations Center has landed a powerhouse partner: apartment developer Gene B. Glick Co.
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Citimark rejoins development game

January 11, 2011
Tom Harton
The company last month broke ground on an 8,000-square-foot medical building near 86th Street and Allisonville Road. The project is the first of three buildings it plans to develop as part of Gardens at Castle Creek.
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Local office market continues vacancy struggles

January 4, 2011
 IBJ Staff
The Indianapolis office market suffered through a tough 2010, marked by stagnant and high downtown vacancy rates, falling suburban occupancy rates and another year without construction activity.
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Commercial real estate will continue its climb back in 2011

January 4, 2011
Tom Harton
Medical office likely will be the strongest sector, followed by apartments.
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Duke/Browning team to develop building at new Wishard

December 28, 2010
Tom Harton
The team, which plans to build an office building in the 200,000-square-foot range, beat out six other groups that submitted proposals.
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Rolls-Royce eyeing former Lilly campus downtown

November 15, 2010
If the manufacturer and drugmaker can come to an agreement, Rolls-Royce would lease the space formerly occupied by Eli Lilly and Co. and relocate some of its 2,500 employees to the downtown campus on South Meridian Street. Discussions are expected to last several months.
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Indianapolis-area experts see bright spots amid ongoing real estate weaknessRestricted Content

October 23, 2010
Health care shows signs of life, and multi-family buildings continue to hold their own, experts said during a recent IBJ Power Breakfast.
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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

  4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.

  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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