CBRE Group Inc. is preparing to vacate its longtime downtown digs for space at Keystone at the Crossing, in a move aimed at combining the firm’s two local offices.
The city’s largest commercial real estate brokerage, in terms of number of licensed brokers, is set to move in early December from the PNC Center to the 10th floor of 8888 Keystone Crossing. The new, 21,420-square-foot space will house employees from downtown as well as from offices at 8500 Keystone Crossing.
Los Angeles-based CBRE’s north-side retail team was Sitehawk Retail Real Estate before CBRE acquired the firm in November 2015. The addition at the time boosted CBRE’s local retail division from two to 13 brokers.
Getting all CBRE employees in one location has been the firm’s goal since the acquisition, said David Funke, managing director of CBRE’s local office. The firm opted to move north instead of searching for larger space downtown to accommodate its larger number of workers residing on the north side, he said.
“Downtown is as great of a location to live, work and play as it’s ever been,” Funke said. “I don’t want anyone to interpret it as a judgment against downtown.”
The 8888 Keystone Crossing building stands 18 stories tall and was completed in 1988 by Duke Realty Corp. It sits on the east side of Keystone at the Crossing Boulevard north of The Fashion Mall at Keystone and is owned by Equus Capital Partners Ltd.
CBRE’s new space will be larger than its 15,000-square-foot office in downtown, where it has had a presence since the brokerage arrived in the city in 1981.
The north-side space will be part of CBRE’s Workplace360 program, focused on transforming offices into technology-enabled, flexible work environments.
“It is a radical change for us,” Funke said. “People can show up and work wherever they want to be effective. No one has a private office, including me.”
With 42 licensed brokers, the local CBRE office is the largest commercial real estate brokerage in the Indianapolis area.
CBRE’s Zane Brown represented the firm in the transaction.