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TIC Investors Buy Big, Snag 570,000-SF Office Park for $75M

INDIANAPOLIS-Thirty-two investors acquire the North America headquarters of Thomson Consumer Electronics Inc. in what may be the largest single-tenant office building acquisition by a group of tenant-in-common buyers.

By Brian K. Miller | Updated on September 28, 2005

INDIANAPOLIS-The North America headquarters of Thomson Consumer Electronics Inc. has changed hands for $75 million, or $131.58 per sf. The new owner of the 570,000-sf two-building development here is a group of 32 tenant-in-common investors.

Paris-based Thomson Consumer Electronics (Technicolor, RCA) is one of the world’s largest consumer electronics companies. The seller was Bentley Forbes of Century City, CA. The 24-acre development is located at at 10330 N. Meridian St. in the northern Indianapolis submarket of Carmel, Ind. It was designed by architect Michael Graves and completed in 1994.

The sponsor of the transaction was ExchangePoint LLC out of Los Angeles. The company’s director of acquisitions Robert Budman tells GlobeSt.com that in order for the value of the asset to increase, the owners will need to renew Thomson’s lease, which reportedly has several years remaining. Then again, he says Thomson has been in that market for 50 years and this is only its second headquarters location. “History has shown they stay in their market and their corporate headquarters for long periods,” he says.

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