A sluggish real estate market hasn't deterred investment groups interested in owning the 31-story
First Indiana Plaza. Brokers say the New York-based owners of the struggling skyscraper have received about 10 offers for
the 425,000-square-foot office building. The owners, Crown Properties Inc., have rejected several of the offers and are evaluating
others. The finalist offers are in the $32-$38 million range. There was no official asking price, and brokers say a $60-million
figure listed by CoStar Property is not accurate. Some local bidders, including a group that includes Situs Realty Corp.,
are among the finalists, brokers said. Situs has done sales and leasing for Republic Development's Saxony project. Officials
with Crown Properties could not be reached, and Situs President Keith Stark declined to comment.
A condo conversion? In the offering materials for the building, the owners tout the tower's upper floors
as a candidate for condo conversion. The intention is to show some upside for a building that could be 70 percent empty after
Bose McKinney & Evans leaves in September 2008. But local real estate veterans say a conversion would be cost prohibitive.
What do you think?
Back to Top
IBJ Conversations
10 Comments
Add Comment
However, saying all of this, it makes me hope that the Consolidated Building, which is just south of First Indinana, is able to be purchased by someone with deep pockets to convert that to apartments.
What do you think: An improvement over First Indiana?