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First Indiana Plaza owner takes control

January 16, 2008
New York-based Crown Properties Inc. has bought out its joint-venture partner on downtown's First Indiana Plaza.

The partner, an affiliate of Connecticut-based Greenfield Partners LLC, said today that it has sold its ownership interest in the 425,000-square-foot skyscraper at Ohio and Pennsylvania streets. Greenfield did not disclose a price.

Crown has been trying to sell the building for several months. Real estate brokers told IBJ in August that the owners received about 10 offers, with finalists ranging from $32 million to $38 million.

The building is getting a new name, M&I Plaza. Milwaukee-based Marshall & Ilsley Corp. closed on its acquisition of First Indiana this month.
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