The local developer’s purchase of the complex is part of a shift within the company to complement its traditional development business with acquired properties.
The three buildings near I-465 and North Meridian Street that make up Meridian Corporate Plaza were lost by Lauth Investment Properties LLC in its bankruptcy reorganization.
The departure of trucking and auto fleet insurer Baldwin & Lyons Inc. from downtown's Landmark Center to The Congressional in Carmel is a blow for the central business district and a bonanza for Lauth Property Group.
The local developer moved its offices into the building and plans more than $2 million in upgrades to reposition a property that fell on hard times at the dawn of the national real estate crisis.
Ambrose Property Group broke ground last month on a 13,000-square-foot building at Intech Park that will house about 75 Social Security Administration employees.
The deal with financial backer Inland American Real Estate Trust would leave Lauth Group with fewer properties but a more manageable debt load.
Affiliates of Lauth’s largest financial backer, Inland American Real Estate Trust in Chicago, agree to dismiss their suit
developer, and also withdraw a request to have a Chapter 11 trustee appointed.
The commercial real estate slump is prompting several Indianapolis brokerages to add property-management services to their
portfolios or bolster existing ones.
The largest creditor for Lauth Group Inc. has asked a bankruptcy judge to appoint a trustee after evidence in a related case
suggested Lauth insiders may have backdated documents to thwart creditors.
Lauth Group Inc. in recent weeks has won critical courtroom victories that likely will allow company principals
to retain control of three subsidiaries in Chapter 11 bankruptcy.
Developer Lauth Group Inc. is sparing no expense on attorneys in the Chapter 11 reorganization of key subsidiaries. The company has hired two of the nation’s most prominent bankruptcy and restructuring specialists to handle the cases, and the bill for the first month easily will exceed $1 million.