Ambrose Property Group LLC is spinning off its property management division to DTZ, one of the largest real estate firms in the city.
Under terms of the agreement, set to be announced Aug. 1, DTZ will gain five employees from Ambrose and assume management of 800,000 square feet of office and retail space in Indianapolis and Carmel.
“It’s a decision we made as we became more active on the real estate ownership and development side,” Ambrose President Aasif Bade said.
Ambrose in recent months acquired 250 acres in Hendricks County that will support 5 million square feet of industrial development and bought the 500 N. Meridian building in downtown Indianapolis. The firm also plans to build a $43 million facility in Mishawaka for the Department of Veterans Affairs.
The properties DTZ will manage in Indianapolis include: 500 N. Meridian, Circle Tower, 9106 and 9302 N. Meridian St., and a 13,000-square-foot retail strip at 49th and Pennsylvania streets.
In addition, DTZ will manage the Carmel multitenant office buildings Green on Meridian I and II at 10291 and 10293 N. Meridian St. and Meridian Park One at 12220 North Meridian St.