Search
 

National City Center Fetches $74M-Plus

INDIANAPOLIS-Harbor Group International of Norfolk, VA sells the 625,000-sf Downtown office building to HRPT Properties Trust of Newton, MA.

By Brian K. Miller | Updated on May 26, 2005

INDIANAPOLIS-Harbor Group International of Norfolk, VA has sold the 625,000-sf National City Center office building Downtown to HRPT Properties Trust of Newton, MA for upwards of $74 million, according to local sources. The property was 96% occupied at the time of sale, though Simon Property Group will vacate 175,000 sf (28% of the building) late next year in favor of a new 300,000-sf building it is having developed across the street. Built in 1977, National City Center comprises twin towers connected by a 16-story glass atrium lobby. In addition to Simon, major tenants include National City Bank’s Indiana headquarters, the Supreme Court of Indiana, and the Indiana Court of Appeals.Harbor Group and CB Richard Ellis, the brokerage firm involved in the transaction, declined to confirm the purchase price. Local sources in a position to know tell GlobeSt.com the purchase price was “just under $75 million.” Harbor Group acquired the building in 2001 for $59.7 million.John Merrill, Jeff Dunn and John Vandenbark of CB Richard Ellis brokered the transaction for Harbor Group. HRPT owns 44.15 million sf of lettable space in 375 properties. About 275 of the properties are office properties and the remainder consists of industrial properties. Harbor Group owns about $1 billion worth of properties throughout the US.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.