Indianapolis Life Selling 270,000-SF Campus

INDIANAPOLIS-Indianapolis Life Insurance Co. is selling its 270,000-sf complex here to International Medical Group. The 12-acre property, known as Historic Square, includes the 11,500-sf Fairbanks Mansion and two additions to the structure totaling about 170,000 sf (net rentable), and the 7,150-sf Levey Mansion, which stands alone. The sale is expected to close in late August. A sale price has yet to be announced.The Fairbanks Mansion is leased to the 500 Festival for its headquarters. The Levey Mansion is leased to the Indiana State University Foundation, which recently renovated the structure. Big Brothers Big Sisters of Central Indiana leases 11,000 sf on the first floor of the larger and newer of the two additions to the Fairbanks Mansion known as the 8085 Extension. The rest of the space is currently unoccupied.IGM president Joe Brougher tells GlobeSt.com the company plans to occupy 60,000 sf in the 140,000-sf (net rentable) 8085 extension, retain another 40,000 sf for near-term expansion and lease the rest of the available space in that building and all of the 30,000-sf (net rentable) 5065 extension. Brougher says they will try to find long-term tenants for the 5063 extension and shorter-term leased (max five years) for the extra space in the 8085 building, under the assumption that they will eventually grow into that space. Meridian Real Estate Services of Indianapolis is brokering the acquisition on behalf of IMG and also have the leasing assignment.Indianapolis Life vacated Historic Square (2960 N Meridian St.) last year as part of a shrinking of its local offices following its acquisition by AmerUs Group in 2001. IMG says it acquired the complex because it has outgrown its Lockerbie neighborhood property, a one-time school building that it acquired and renovated in 1996. Founded in 1990, privately owned IMG specializes in selling health coverage to non-US citizens and Americans traveling or living abroad. More than a third of its $18 million in revenue last year came from sales to missionaries.