IBJNews

MainSource Bank snags prime former Borders space

Back to TopCommentsE-mailPrintBookmark and Share

MainSource Bank plans to open its first Indianapolis branch in part of the former downtown home of Borders at the southeast corner of Meridian and Washington streets.

The Greensburg-based bank has signed a lease to take 9,500 square feet on the first and second floor of the northwest corner of the 17-story Barnes & Thornburg Building, bank CEO Archie Brown said in an interview.

The space has been vacant since early 2011, when the book retailer Borders Group Inc. closed the store as it went through bankruptcy. The law firm Barnes & Thornburg, which owns and has its headquarters in the building, has not yet signed a tenant for the remainder of the 22,000-square-foot Borders space, though industry sources expect the eventual tenant to be a restaurant.

The new tenant returns the building to its roots: It was completed in 1912 as a new headquarters for Merchants National Bank. Borders occupied the space for 10 years. The space previously housed a Paul Harris clothing store.

MainSource plans to operate a full-service retail bank branch beginning this fall in a 4,000-square-foot space on the first floor and a commercial banking and financial advising operation in 5,500 square feet on the second floor. The bank plans to recruit a staff of about 20.

"It's part of an overall plan of continued expansion," Brown said. "We felt like if we're going to get into the downtown Indianapolis market, this is the location for it."

The location gives the bank a billboard of sorts just south of Monument Circle along with the branch space itself. MainSource agreed to a 10-year lease with 5-year optional extensions, though officials would not reveal what they are paying. Borders was paying $25 per square foot, one of the highest rent rates downtown.

MainSource still must win approval for its plans to remodel the space, which include keeping an open staircase in place while giving it a new look, and adding new exterior signage. The building is listed on the National Registry of Historic Places.

MainSource operates 83 branches in Indiana, Illinois, Ohio and Kentucky, including five branches in Johnson County.

Brown said he expects the bank eventually will add more new branches in Marion County, but is unlikely to open newly built branches in the "over-banked" Hamilton County.

"We're going to be opportunistic," he said. "If this goes well, you can expect more."

ADVERTISEMENT

  • I understand
    I'm definately not a fan of filling space just for the sake of filling space....but considering that this is THE highest profile space and ground zero for Indy....I'll take it. It definately beats what is there now - a huge empty box space that all the downtown visitors see
  • Disappointing
    I'm glad the space is being filled, but I am a bit disappointed to see the space going to a bank. I was hoping for some retail in that space. Oh well, I guess the other side might be something good.
    • Great Bank
      Been banking with Mainsource for several years and they are a great bank and really customer friendly. as more banks increase fees and turn away customers MainSource is doing it right.

    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. Really, taking someone managing the regulation of Alcohol and making himthe President of an IVY Tech regional campus. Does he have an education background?

    2. Jan, great rant. Now how about you review the report and offer rebuttal of the memo. This might be more conducive to civil discourse than a wild rant with no supporting facts. Perhaps some links to support your assertions would be helpful

    3. I've lived in Indianapolis my whole and been to the track 3 times. Once for a Brickyard, once last year on a practice day for Indy 500, and once when I was a high school student to pick up trash for community service. In the past 11 years, I would say while the IMS is a great venue, there are some upgrades that would show that it's changing with the times, just like the city is. First, take out the bleachers and put in individual seats. Kentucky Motor Speedway has individual seats and they look cool. Fix up the restrooms. Add wi-fi. Like others have suggested, look at bringing in concerts leading up to events. Don't just stick with the country music genre. Pop music would work well too I believe. This will attract more young celebrities to the Indy 500 like the kind that go to the Kentucky Derby. Work with Indy Go to increase the frequency of the bus route to the track during high end events. That way people have other options than worrying about where to park and paying for parking. Then after all of this, look at getting night lights. I think the aforementioned strategies are more necessary than night racing at this point in time.

    4. Talking about congestion ANYWHERE in Indianapolis is absolutely laughable. Sure you may have to wait in 5 minutes of traffic to travel down BR avenue during *peak* times. But that is absolutely nothing compared to actual big cities. Indy is way too suburban to have actual congestion problems. So please, never bring up "congestion" as an excuse to avoid development in Indianapolis. If anything, we could use a little more.

    5. Oh wait. Never mind.

    ADVERTISEMENT