Philadelphia-based Rubenstein Partners and Strategic Capital Partners of Indianapolis have acquired the Precedent Office Park, the second large local business park purchased by the partnership in the past 18 months.
A sturdy office sector, hot industrial demand and some steamy retail categories are expected to boost Indy’s commercial real estate market in 2018.
Mainstay Property Group has won approval to construct the office and retail project as the street’s commercial revival kicks into high gear.
The company said it hasn’t lost faith in brick-and-mortar retail but now is broadening its development focus in a quest to continue increasing the value of its real estate holdings.
The special payout will cost the company more than $302 million.
Growth in the technology industry has become a big driver of activity in the local commercial real estate market, according to a new report by CBRE, which ranked Indianapolis fourth for tech-job increases among U.S. cities.
Local officials say the land, part of Indianapolis Metropolitan Airport, could house up to 1 million square feet of new commercial development under a plan approved on Friday.
The firm is rehabbing a commercial building in Irvington that’s been vacant for 30 years and saying goodbye to its longtime, idiosyncratic corporate home.
St. Vincent Health filed an application Sept. 22 with the state, seeking to remodel 192,327 square feet of the Parkwood West Building, 250 West 96th St., for administrative offices.
The parcels, which are divided by Municipal Drive, could be developed into 65,000 square feet of office space.
Square Deal is purchasing the 30-story building from Zeller Realty, which put it on the market in the summer after spending millions on renovations and improving occupancy.
At 138,800 square feet, it’s downtown’s 19th-largest office complex. But the building played a major role in the city’s efforts in becoming a sports town worthy of hosting a Super Bowl.
Local developer Keystone Group is nearing a deal to buy the 20-story building just north of Monument Circle and is considering a range of possibilities for the half-million-square-foot property.
Corporex, which announced earlier this month that the fitness club would close on Sept. 30, is shopping the site as an opportunity for an office redevelopment.
Vacancy continues to decline as Salesforce takes more space in the city’s tallest building and other tech firms put down stakes. And with the greater demand, rents are escalating.
Downtown Indy will move down from the 19th floor to take a portion of the space while the rest will be converted into a tenant lobby, featuring a bar and putting green.
A North Meridian office building was evacuated and several people were taken to hospitals after a bad odor in the building was reported.
Ambrose Property Group is proposing a massive $550 million mixed-use project that would transform downtown’s western edge from afterthought to urban gem.
The owner of Market Tower is shopping the downtown skyscraper after spending millions on upgrades to increase occupancy and make it more appealing to younger companies.
One & Two Penn Mark contain 243,271 square feet of Class A office space, and are 82 percent occupied.
