Offers pour in for First Indiana Plaza

August 28, 2007
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First Indiana PlazaA 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?

  • YEAH! The World's Largest Starbucks
  • It does kind of look like a venti latte.
  • I have a hard time believing this would stay empty for long. It's such a great location right next to the remodeled City Market. I don't think it should be converted to condos at all with all the other condo projects going on downtown right now. Just a good olf fashion office building.
  • I can't wait 'til they get rid of the First Indiana signage. It's ugly and dated. The building will look much nicer without it.
  • Prior to One Indiana Sq being sold (right after the NBD/Bank One Merger) there was also talk of making that building a mixed-use tower. For this tower, I think it makes sense now. yes, it may be somewhat cost-prohibitive, in the sense who ever buys it probably doesn't want to sink much money into it. That doesn't mean it can't/shouldn't be done. To me, anything to lower our high office vacancy rates, is a win. Especially if it is a conversion of newer Class-A space to a mixed-use tower. Indy is lagging behind our neighbors when it comes to truely mixed-use towers and high-rise residential living. If this is successful, the mantra that Indy can't support highrise living can finally be flushed down the drain.

    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.
  • Good point, Ablerock. Hadn't thought about it. Check out the M&I logo here:

    What do you think: An improvement over First Indiana?
  • I'm thinking IKEA, or a strip club. Or maybe a shooting range.
  • ^^^ damn, now that is a very wide range of possibilities!
  • A giant homeless shelter is what downtown desperately needs.
  • I like how Indiana is on the sign tho... Makes it more local, ya know?

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