With Salesforce.com establishing a 250,000-square-foot regional headquarters in the soon-to-be-christened Salesforce Tower Indianapolis, the building should become much more alluring when its owner shops it for sale.
Research from one brokerage shows office vacancy in the metro area dipping to 15.6 percent last quarter, the lowest rate since 2008.
The Evansville-based bank has secured space in the IPL Building and plans to relocate local executives and a downtown branch there this fall.
The city is partnering with a private developer to turn a former factory building into condominiums, retail and event center space—one of several projects that could help revitalize its downtown.
The Indianapolis Airport Authority board said it would “leave our options open and continue to search for the optimal project.”
Originally set to vote Thursday, board members decided they needed more time to examine proposals for redeveloping the former Coca-Cola bottling plant site and to get feedback from neighbors.
The eight-year-old firm is set to break ground in the spring on a $45 million medical facility in Mishawaka for the U.S. Department of Veterans Affairs, is partnering with Old Town Development to build a $33 million headquarters for Allied Solutions LLC in Carmel, and soon will build a $20 million office building for Stanley Security in Fishers.
The 92-year-old building at Washington and Pennsylvania streets was not on the market when the hotel chain approached its owners late last year.
Three of the Indianapolis area’s highest-profile office parks, including the two largest in the North Meridian submarket, are expected to fetch as much as half a billion dollars when they hit the market next month.
The Chase Tower, the state’s largest office building, might fetch more than $200 million—a price driven up by a nearly finalized deal that would boost sagging occupancy.
The church, which already is building a second home in Fishers, has bought an office building on Westfield Boulevard and plans to launch services at the site.
The new owners of the Hyatt Regency Indianapolis decided its lower levels needed an overhaul and sharpened culinary focus.
A local company bought the historic building at 351 S. East St., near the entrance of the Fletcher Place neighborhood, and plans to convert it into office space.
The 48-story Chase Tower, the state’s tallest office building, has more vacant space than it has had in decades. But increasing speculation in the local office market that Salesforce.com will take a big chunk of space there could mean it is poised for a turnaround.
A local holding company plans to spend $400,000 to refurbish the historic home on North Meridian Street for office space.
After receiving no bids for projects for the southwest corner at 106th Street and Bennett Parkway, the Zionsville Redevelopment Commission has agreed to sell the acreage to Indianapolis-based Scannell Properties.
The downtown submarket recorded its strongest quarter since late 2011 by absorbing about 110,500 square feet of space, which lowered vacancy to 18.8 percent, CBRE statistics show.
Salesforce.com appears to have scrapped plans to build its own downtown headquarters building and instead is seeking a huge block of space in an office tower to satisfy its aggressive growth plans.
Evergreen Investment Corp. bought the four-building Waterplace Park from Indianapolis-based Keystone Realty Group, which purchased the property out of receivership in January 2014.
Indianapolis Business Journal gathered leaders in the state’s commercial real estate and construction industry for a Power Breakfast panel discussion Sept. 10.
