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North of 96th - Lindsey

Welcome to North of 96th, your source for business news from Carmel, Fishers, Noblesville, Westfield and Zionsville. Your host, Lindsey Erdody, can be reached at lerdody@ibj.com.

Boone County / Hamilton County / Regional News

Large office building in Fishers changes hands, seeks new tenant

November 3, 2017

The new owner of a massive block of contiguous office space along the high-traffic Interstate 69 corridor in Fishers hopes to land a tenant to take the whole building.

The 193,000-square-foot building, named Gateway One and located at 10300 Kincaid Drive, changed hands on Oct. 26. Its previous tenants have vacated the space.

An investment group comprised of Nick Weybright, president of Fishers-based Weybright Properties; Steve Lowry, president of Yorktown-based real estate consulting firm Kasota Solutions; and local investor Tom Grant acquired the facility from a subsidiary of New York-based Lexington Realty Trust, according to a media release from the group.

The purchase price was not disclosed. The building had been advertised for $18.3 million, and the property was assessed earlier this year at $19.6 million.

JLL Indianapolis, which has been hired to market and manage the building, describes it as “the largest contiguous space available in the growing northeast Indianapolis submarket.” It is located south of the new 106th Street interchange on the east side of  I-69.

Roche Diagnostics Corp. formerly occupied the building but in January moved its operations to its corporate campus along I-69 south of 96th Street. JLL confirmed that the building is now vacant.

The two-story building, which was built in 1999 and sits on a 13-acre parcel, could be divided among smaller companies, but the new owners hope to find one large single tenant.

The facility features a call center, back office operations center, full-service cafeteria, data center, training room and security system.

Fishers Mayor Scott Fadness described it as “a unique opportunity for a major corporation to anchor one of the fastest-growing areas of our community.”

According to research from Colliers International, the I-69 corridor had an office vacancy rate of about 21 percent at the end of the second quarter.

New building projects are popping up all along the east side of the interstate in Fishers. To the north of Gateway One, Knowledge Services is investing in a $17 million headquarters on an 18-acre site to the south of Navient Corp.’s offices.

The Custom Electronic Design and Installation Association, better known as CEDIA, is expected to break ground next week on a $13.7 million office building near the southeast corner of Kincaid Drive and 106th Street.

And directly across the Kincaid Drive from Gateway One, Stanley Security recently opened its nearly $16 million headquarters.

“This is an unprecedented opportunity to be in the growing Fishers area,” John Robinson, managing director at JLL, said in a prepared statement. “With the opening of Ikea and Top Golf, as well as the new Yard development soon underway, the nearby amenities combined with the opportunity to have this much space available, plus the added benefit of expanding, makes this an ideal headquarter location.”

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