The new tenant, a provider of automotive inventory financing, is expanding from about 13,000 sf in Two Penn Mark Plaza, says Matt Moore with Resource Commercial Real Estate. Moore, Tom Osborne and R.J. Rudolph represented the landlord, Panattoni Development Co., in the transaction. John Crisp, principal and VP with Colliers Turley Martin Tucker, represented Dealer Services. "They needed to grow," Moore says. "This pushes the building up to 55% occupied."
Panattoni has plans to build another two office buildings on the site, but had to finish the $22 million first building and see how it would lease first, Moore tells GlobeSt.com. "They're still on the drawing board," he says. "They'd like to have a deal in hand first before they start construction."
The other two buildings are planned for up to 90,000 sf for one and 190,000 sf for the other, he says. "We've got several people we're talking to," Moore says. "The asking rate ranges from $20.75 to $21.75, full service."
He says it's a fabulous office market in Carmel right now. "This is the hottest area in Indianapolis right now, there's five million sf in this North Meridian Corridor, with a pretty good occupancy rate as well. Over the past several years, the majority of the new office buildings are being built here," Moore says. Developer Weingardner & Hammons recently completed a 263-room Renaissance Hotel by Marriott on a corner of the property.
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