Zeller buys downtown’s Market Tower out of foreclosure

Zeller Realty Group has bought downtown's Market Tower out of foreclosure, the Chicago-based real estate firm announced Wednesday.

IBJ reported last month that Zeller was set to purchase the 30-story tower in a sheriff’s sale set for Oct. 15.

Terms of the deal were not disclosed. But it’s likely Zeller paid far less than the $60 million owed on the building.

A Marion Superior Court judge in May ordered the owner, an affiliate of embattled Indianapolis developer HDG Mansur, to sell the building after defaulting on the loans.

Zeller will manage and lease the property. The acquisition grows its national portfolio to more than 8.6 million square feet. Zeller has owned and operated more than 3.1 million square feet of office property in Indianapolis since 1999.

In December, Zeller bought the historic Century Building at 36 S. Pennsylvania St.

Market Tower was built in 1988 and is 66-percent leased. Major tenants include Bingham Greenebaum Doll LLP, Harrison & Moberly LLP and the U.S. Attorney’s Office.

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