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Biz parks looking to regain cachet: Once-hot office spots Keystone, Precedent face more competition, see occupancy slip

The new owners of Keystone at the Crossing and Precedent Office Park-two prominent, but aging, business parks on the city’s north side-are undertaking major projects to stay competitive amid a rising glut of office space. Both office complexes became popular corporate addresses after their development in the 1980s and enjoyed near-maximum occupancy throughout much of their history. But vacancy rates at the high-profile parks have begun to climb in recent years. Indianapolis-based commercial real estate investment manager HDG Mansur, on…

EYE ON THE PIE: Are we spending too much on pets?

“It’s such a hassle, day after day after day,” she said. “What’s a hassle?” I asked. “Oh, you know,” she answered, mixing her yogurt deep into the cereal. “Why,” she continued without continuity, “don’t you write about global warming? It’s a very serious problem that they need to do something about.” “Who are ‘they’?” I inquired. “All the big guys,” she said “the power brokers, the decision-makers and the office-holders, all of them.” “Pandy,” I said politely, “global warming and…

Cross-border investment in real estate on the rise: Local brokerages playing a role in growing trend

In 2006, $645 billion was sunk into real estate investments across the globe, according to a recent Cushman & Wakefield report. Of that, $187 billion was sent across borders to invest. And companies everywhere are chasing the most cost-effective spots to locate factories and needed hubs for office space. With all that cash changing hands, several locally based companies have made sure they’re positioned to help play a part. Take Indianapolis-based HDG Mansur, for example. In the field for 25…

INVESTING: Know when to let go of a once-hot stock

Raise your hand if you ever get emotional about a stock. You lost money on it once, or the company has a bad reputation and you refuse to buy it. (As I mentioned last week, that almost kept me out of GM. I’m glad I let the facts make the decision for me. GM is up four bucks a share in the last few weeks.) Or, even worse, you hold a stock for a while, then, a few years later,…

Surging European sales stoke Hurco profit

Hurco Companies Inc. said profit in its first fiscal quarter exploded 78 percent due to strong sales in Europe. The Indianapolis machine tool maker said the $5.4 million in earnings in the period ended Jan. 1 also was driven by selling higher-priced machines. The increase came despite softening sales in North America and Asia.

UPDATE: Lilly to appeal British rejection of Alimta

Eli Lilly and Co. said today it will appeal a decision by Great Britain’s National Institute for Health and Clinical Excellence to not recommend its Alimta lung cancer drug. The Indianapolis drugmaker said it was disappointed with the decision, and that the decision would limit patient treatment. The agency, which is influential with doctors, said […]

WFYI investing $20.1 million in new location

Metropolitan Indianapolis Public Broadcasting Inc. said this morning it will move its WFYI Teleplex into the former Indiana Energy headquarters building at 1630 N. Meridian St. The not-for-profit broadcaster is buying the building for $8.5 million and plans to spend another $11.6 million renovating the first two floors and equipping its radio and television stations. […]

Lawrenceburg bottling plant sold, saved from closure

Pernod Ricard USA has agreed to sell its Lawrenceburg distillery and bottling plant to CL Financial Group for an undisclosed amount. Early last year, Pernod said the 150-year-old distillery would close in phases over two years to cut unneeded capacity, putting about 400 workers out of jobs. The plant is Pernod’s largest facility in the […]

WFYI, a new tower approved, calls news conference

Metropolitan Indianapolis Public Broadcasting Inc. has called a news conference this morning to make an announcement. The city this week approved a variance for WFYI Teleplex to build a 150-foot tower near 1630 N. Meridian St. IBJ reported in December that the board of the public broadcasting affiliate voted to authorize buying the building in […]

UPDATE: Simon raised bid to cement Mills acquisition

A $1.64 billion offer from Simon Property Group and a partner for Mills Corp. has been accepted, the Chevy Chase, Md.-based shopping center developer said today. The offer was about 5 percent higher than the $24 per share Indianapolis-based Simon and Farallon Capital Management of San Francisco extended in an unsolicited bid Feb. 23. Mills […]

BREAKING: Mills accepts Simon buyout offer

An offer from Indianapolis-based Simon Property Group and a partner for Mills Corp. has been accepted by the Chevy Chase, Md., shopping center developer. Mills said today that accepting the $1.64 billion means it has ended its previous merger agreement with Toronto-based Brookfield Asset Management Inc. Simon partnered with Farallon Capital Management of San Francisco […]

Firefighters battle large blaze at Shelbyville factory

Firefighters are battling a fire at Knauf Insulation in Shelbyville that has been burning since early this morning, according to our newsgathering partner WISH-TV Channel 8.   Knauf, founded in 1978, began a $200 million renovation of the plant in 2005. It makes thermal and acoustical fiberglass insulation for residential, commercial and industrial building applications. […]

Mid-State Chemical now MS Fluid Technologies.

Mid-State Chemical Supply Corp. has changed its name to MS Fluid Technologies. The Indianapolis supplier of fluids to the manufacturing industry changed its name because it now operates beyond the Midwest in Mexico, Canada, India and Europe. It is still owned by CEO Paul Bosler Jr. and his three brothers.

Elkhart raids economic development standout

The Economic Development Corp. of Elkhart County has persuaded long-time Whitley County development leader Dorinda Heiden to become its new president. The Elkhart organization approached her because she has close ties to the area of north-central Indiana and has built a strong track record in Whitley County. Heiden attracted $1 billion of investment to the […]

Crown Hill hearing delayed

A hearing on a proposal for a retail and residential development in Crown Hill Cemetery has been delayed again—to March 21—this time at the request of developer Mann Properties LLC. The Indianapolis Metropolitan Development Commission had originally set a January meeting to consider a request to rezone 70 acres for three distinct residential subdivisions and a retail […]

Outgoing PERF director calls for education

Public workers need to start planning for retirement earlier, and the Public Employees Retirement Fund should undertake the task of educating them, said Executive Director David Adams, who announced today he will return to the private sector June 1. PERF should offer retirement guidance to workers while they are younger and better able to prepare, […]

Indianapolis water agreement reached

Indianapolis residences will see their water rate rise 25.8 percent if the Indiana Utility Regulatory Commission approves a compromise reached today among the city, the town of Pittsboro and the Indiana Office of Utility Consumer Counselor, the state agency charged with ensuring consumers are not over-charged. Most residential customers will pay $20.95 per 700 cubic […]

Indiana leads nation in rise in home sales

No other state recorded as large of an increase in home sales as Indiana in the fourth quarter, reports the National Association of Realtors. The 13.7-percent gain, to an annualized rate of 157,300 units, was well ahead of the 10.1-percent overall national decline in sales of single-family houses and condominiums. Only six states had increases […]

Taurel: Lilly won’t cut global sales force

Eli Lilly & Co. Chief Executive Sidney Taurel told CNBC this morning that the Indianapolis-based drug company has no plans to slash its global sales force. Taurel said there has been “some reduction, some reorganization” in Lilly’s sales force, but added, “we don’t see major decreases.” Pfizer, the world’s largest drugmaker, said recently it would […]

Republic Airways profit, revenue climb

Fourth-quarter profit rose 10.3 percent for Republic Airways Holdings Inc., the Indianapolis company said Wednesday. The $20.4 million in earnings was driven by $295.3 million in revenue, up 17.3 percent. Republic operates Chautauqua Airlines Inc., Republic Airlines Inc. and Shuttle America Corp., and serves American Airlines Inc., US Airways, Delta Air Lines Inc. and United […]