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Property Lines - Scott Olson

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Real Estate & Retail

New restaurant space planned for Regions Tower

May 23, 2011

One Indiana SquareThe owners of downtown's 36-story One Indiana Square/Regions Tower are working on plans to renovate part of the skyscraper's first floor to accommodate a massive new restaurant.

Plans call for extending the glass atrium to the outer columns on the building's northwest corner and adding a large outdoor seating area along Pennsylvania Street.

Brokers with Newmark Knight Frank Halakar are pitching the plans to potential tenants this week at the annual International Council of Shopping Centers convention in Las Vegas. Promotional materials for the offering say the landlord is prepared to make "significant façade improvements" for a roughly 8,000-square-foot restaurant within walking distance for more than 10,000 downtown office employees.

"We're going to create a corner that rivals any corner in the city," said broker Gary Perel, who joined Newmark Knight Frank Halakar in January to head up the firm's retail efforts. Perel said the most likely tenant is a local or regional restaurant chain, but he's not ruling out a national tenant.

There are no renderings yet or an estimate of how much the renovation will cost, Perel said. He's talking with a few possible tenants who see potential for particularly strong lunch and happy-hour business.

The space will compete with 241 N. Pennsylvania St., which Summit Realty Group has renovated as its new headquarters. Summit is seeking a restaurant tenant for a 5,500-square-foot space on the 1909 building's first floor.

Real estate reporter Cory Schouten is in Las Vegas this week for the International Council of Shopping Centers convention. Check for updates here on Property Lines, in the May 30 issue of IBJ, and on Twitter @PropertyLines.

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