Meridian founder steps aside
Veteran office broker John Robinson, one of the founders of locally based Meridian Real Estate, has left the firm and is working
on a new venture.
Office Complexes
Articles
California’s Blue Real Estate establishes local presence
Blue Real Estate, a California firm that made a bundle selling West Coast office buildings at the market’s peak, has been
buying up local buildings and trying to learn the Indianapolis market.
DBSI, an Idaho company with Indiana properties, faces class-action suit
DBSI, an Idaho real estate firm with 250 properties worth $2 billion faces a class-action suit. Some of its properties and
investors are in Indianapolis.
M&I Plaza, only 30-percent occupied, may sell at cut-rate price
A local real estate developer has emerged as a top contender to buy the 28-story M&I Plaza–potentially at half the
$50 million price the building fetched a decade ago. Paul Kite Co. confirmed it is in talks with Maryland-based
CapitalSource Inc., which took over the struggling office tower in June after foreclosing on a $5 million
mezzanine loan.
Safeco weighs downtown exit; owners of insurer’s building market space
Insurance giant Safeco Corp. is expected to either vacate or scale back its downtown operation next year–a move that could
deal a major blow to the office market. At stake are about 700 downtown jobs, some or all of which could be eliminated or
shifted to the suburbs. A final decision about the fate of Safeco’s five-building downtown office complex likely will come
after Boston-based Liberty Mutual completes its $6.2 billion acquisition of Seattle-based Safeco.
Browning eyes airport land
Browning Investments is contemplating developing a business park just north of Indianapolis International Airport in what
would be the largest development to date in the so-called Minnesota Street corridor.
National City Center nabs Veolia
Paris-based utilities giant Veolia Water has reached a deal to move its North American headquarters into the 16-story National
City Center, providing a boost to a downtown building still reeling from the loss of Simon Property Group Inc.
Class A towers paying B taxes
When it comes to advertising and marketing, the city’s two tallest skyscrapers are Class A, all the way. But throw out that
notion at tax time. The owners of Chase Tower and OneAmerica Tower–and some of the city’s other large office buildings–have
successfully lobbied for lower building “grades” that save them big bucks on property taxes.
Dramatic facade change planned for office tower
The city’s oldest skyscraper will get a sleek new look starting this summer, when workers are scheduled to begin installing
a glass-covered curtain wall to replace a storm-scarred facade. Renovation of One Indiana Square should begin in June and
continue for two years.
Lilly vacating 99,000 square feet in 30 S. Meridian building
Eli Lilly and Co. has decided to vacate 99,000 square feet of office space at 30 S. Meridian St. in yet another blow to the
struggling downtown market. Roughly 1.8 million square feet of space already is sitting idle downtown, putting downward pressure
on rents.