Property Lines - Scott Olson

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Real Estate & Retail

Offers pour in for First Indiana Plaza

August 28, 2007

First Indiana PlazaA sluggish real estate market hasn't deterred investment groups interested in owning the 31-story First Indiana Plaza. Brokers say the New York-based owners of the struggling skyscraper have received about 10 offers for the 425,000-square-foot office building. The owners, Crown Properties Inc., have rejected several of the offers and are evaluating others. The finalist offers are in the $32-$38 million range. There was no official asking price, and brokers say a $60-million figure listed by CoStar Property is not accurate. Some local bidders, including a group that includes Situs Realty Corp., are among the finalists, brokers said. Situs has done sales and leasing for Republic Development's Saxony project. Officials with Crown Properties could not be reached, and Situs President Keith Stark declined to comment.

A condo conversion? In the offering materials for the building, the owners tout the tower's upper floors as a candidate for condo conversion. The intention is to show some upside for a building that could be 70 percent empty after Bose McKinney & Evans leaves in September 2008. But local real estate veterans say a conversion would be cost prohibitive. What do you think?

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