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Local developer plans six-story office building in Castleton

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A peninsula-like piece of land fronted by a lake along Interstate 465 on the northeast side has been purchased by a local developer that plans to build a six-story office building on the site.

Edgeworth Laskey Properties LLC, which has developed three buildings within the Allison Pointe Park near Allisonville Road, bought the 10.5-acre parcel from suburban Chicago-based Klefstad Companies Inc.

rew edgeworth laskey mapEdgeworth Laskey declined to divulge the purchase price for the property. But local brokers say it was in the range of $200,000 per acre, or roughly $2 million, which they called reasonable given the property’s high visibility from the beltway.

On top of that, only a few empty parcels of land remain on which to build along the northeastern corridor extending to Meridian Street.

“Having a large tract of vacant space with the potential for a tenant to have signage on 465 is a rarity in this market, and it’s in high demand,” said Adam Broderick, a broker at the Indianapolis office of Chicago-based Jones Lang LaSalle.

Broderick leases Edgeworth Laskey’s nearby Lake Pointe Center 5, the only one of the three buildings Edgeworth Laskey developed in Allison Pointe that it owns. It’s 88-percent occupied, which bodes well for the developer's plan to add a building to its portfolio, Broderick said.

And office occupancy in the Keystone submarket is on the rise. In the third quarter, its vacancy rate fell to 14.8 percent from 16.3 percent at the same time last year, according to Cassidy Turley statistics.  

The new building will be 200,000 square feet. Edgeworth Laskey said it had not determined the cost of the project, but a broker not involved estimated it would be in the $33 million range.

Construction won’t start for at least a year, said Tom Laskey, a co-owner of Edgeworth Laskey. The company first needs to complete Two Concourse at Crosspoint. It’s a five-story, 133,000-square-foot speculative building under construction west of Interstate 69 in Fishers that is set to be finished by next summer.

Two Concourse at Crosspoint will be just the second speculative office building to hit the market since since the recession. The first was Sourwine Real Estate Services’ 80,700-square-foot building at Keystone Crossing, which opened this year.

Unlike Two Concourse at Crosspoint, the new Allison Pointe building won’t be constructed entirely on a speculative basis, Laskey said.

The firm will consider building to suit for large corporations or large pre-lease agreements.

“Over time, we think it’s going to be a nice headquarters site for a company,” Laskey said. “It’s one of those sites that, if you’re in office development, you really ought to own because it can’t be replicated.”

REW lake point center 6 15colEdgeworth Laskey Properties will pitch the planned Allison Pointe building as a corporate headquarters. (Image courtesy Heitman Architects Inc.)

It’s high visibility, waterfront features and close access to the improved Allisonville Road interchange should be attractive attributes, Laskey said.

Klefstad, the former owner of the property, had bought it several years ago. The firm now is shedding assets and winding down operations. Klefstad thought Edgeworth Laskey, with its existing presence in the area, might be interested in buying it, and the two sides came to an agreement, Laskey said. The deal closed in September.

John Vandenbark of CBRE represented the seller.

Also at Allison Pointe, broker/developer Newmark Knight Frank Halakar has been appointed receiver and leasing agent for three buildings hit with a foreclosure suit in August.

Those buildings—known as Woodland 1 and 2 and Lake Pointe 2—were owned by about three dozen entities and individuals that owe $16.6 million, or the entire balance of the loan they received to buy the properties, according to court documents.

Todd Maurer, a principal at Newmark, said the lender, Minnesota-based U.S. Bank, is providing funds to renovate the buildings, including replacing air conditioning units and redoing hallways and bathrooms, to improve occupancy before putting them on the market.
 

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  • Design
    Agree, why does Indianapolis and Carmel always build with brick. Look at Carmel's Meridian Street and you can see buff/beige , boring.
  • Boring/Dated Design
    Not a real inovative design. You would think a lakefront site could create a curvilinear form.

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  1. Hiking blocks to an office after fighting traffic is not logical. Having office buildings around the loop, 465 and in cities in surrounding counties is logical. In other words, counties around Indianapolis need office buildings like Keystone, Meridian, Michigan Road/College Park and then no need to go downtown. Financial, legal, professional businesses don't need the downtown when Carmel, Fishers, North Indy are building their own central office buildings close to the professionals. The more Hamilton, Boone county attract professionals, the less downtown is relevant. Highrises have no meaning if they don't have adequate parking for professionals and clients. Great for show, but not exactly downtown Chicago, no lakefront, no river to speak of, and no view from highrises of lake Michigan and the magnificent mile. Indianapolis has no view.

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  3. that it actually looked a lot like Sato v Franchitti @Houston. And judging from Dario's marble mouthed presentation providing "color", I'd say that he still suffers from his Dallara inflicted head injury._______Considering that the Formula E cars weren't going that quickly at that exact moment, that was impressive air time. But I guess we shouldn't be surprised, as Dallara is the only car builder that needs an FAA certification for their cars. But flying Dallaras aren't new. Just ask Dan Wheldon.

  4. Does anyone know how and where I can get involved and included?

  5. While the data supporting the success of educating our preschoolers is significant, the method of reaching this age group should be multi-faceted. Getting business involved in support of early childhood education is needed. But the ways for businesses to be involved are not just giving money to programs and services. Corporations and businesses educating their own workforce in the importance of sending a child to kindergarten prepared to learn is an alternative way that needs to be addressed. Helping parents prepare their children for school and be involved is a proven method for success. However, many parents are not sure how to help their children. The public is often led to think that preschool education happens only in schools, daycare, or learning centers but parents and other family members along with pediatricians, librarians, museums, etc. are valuable resources in educating our youngsters. When parents are informed through work lunch hour workshops in educating a young child, website exposure to exceptional teaching ideas that illustrate how to encourage learning for fun, media input, and directed community focus on early childhood that is when a difference will be seen. As a society we all need to look outside the normal paths of educating and reaching preschoolers. It is when methods of involving the most important adult in a child's life - a parent, that real success in educating our future workers will occur. The website www.ifnotyouwho.org is free and illustrates activities that are research-based, easy to follow and fun! Businesses should be encouraging their workers to tackle this issue and this website makes it easy for parents to be involved. The focus of preschool education should be to inspire all the adults in a preschooler's life to be aware of what they can do to prepare a child for their future life. Fortunately we now know best practices to prepare a child for a successful start to school. Is the business community ready to be involved in educating preschoolers when it becomes more than a donation but a challenge to their own workers?

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