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Dealer Services Leases Second at City Center

CARMEL, IN-The deal brings the first of three, 400,000-sf total buildings to about half full. Developer Panattoni will wait for more interest to start the second offices.

By Robert Carr | Updated on July 03, 2008

Center at Penn Office Plaza here, the second tenant since the first of three buildings opened in late 2007. The company joins Allied Solutions, which took the 48,000-sf top floor of the 140,000-sf building in November.

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.”

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