MDC approves CIB’s sale of building to Steak n Shake

The Metropolitan Development Commission on Wednesday approved a resolution allowing the Capital Improvement Board of Marion County to sell the Ober Building in downtown Indianapolis to the Steak n Shake restaurant chain.

IBJ first reported on the proposed sale Tuesday morning.

Indianapolis-based Steak n Shake Steak will pay $3.8 million for the building and plans to spend another $2 million to improve the six-story office property at 107 S. Pennsylvania St.

The restaurant chain will move its headquarters to floors 3 through 6 in the 1910 building named for C.S. Ober, a local businessman who founded Business Furniture Corp. and Stationers Inc.

Steak n Shake currently has its local offices in the Century Building on the opposite corner of Pennsylvania and Maryland streets from the Ober Building.

Longtime Ober Building tenant Ratio Architects Inc., which occupies the first and second floors, plans to remain in the building, an MDC spokesman said.

The sale will return the building to public tax rolls for the first time in 13 years. The CIB acquired the property for $5.5 million in 1999.
 

Please enable JavaScript to view this content.

Editor's note: IBJ is now using a new comment system. Your Disqus account will no longer work on the IBJ site. Instead, you can leave a comment on stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Past comments are not currently showing up on stories, but they will be added in the coming weeks. Please note our updated comment policy that will govern how comments are moderated.