Property Lines - Scott Olson

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Real Estate & Retail

New name for tower: M&I

July 9, 2007
First IndianaMilwaukee-based M&I Bank has no plans to vacate a 31-story skyscraper in downtown Indianapolis after acquiring its namesake, First Indiana Bank, the CEOs of both companies said today. First Indiana recently renewed its lease, but Marshall & Ilsley hopes to realize cost savings of 20 percent in the merger, so the combined bank still could reduce its space. "The intent would be to be in this building for a considerable period of time," said First Indiana CEO Bob Warrington. The building's New York owners are trying to sell it for $60 million (about $113 per square foot).
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