INDIANAPOLIS-Inland American Real Estate Investment Trust has taken over two of the three office buildings in the Meridian Corporate Plaza here, and has hired Jones Lang LaSalle to market the roughly 200,000 square feet. The properties include the Lauth Property Group headquarters, but Lauth is moving out after the two former development partners had an unfriendly split last year.
Lauth is fully vacating the 66,000-square-foot Plaza One building, according to John Robinson, EVP with JLL. The Plaza Two building, at 135,500 square feet, is 96% leased to tenants such as Walker Information and Pillar Insurance, he says. Asking lease rates at the complex are $22 per square foot.
The Inland REIT had invested more than $225 million with Lauth in 2007. However, Lauth struggled with the economy tanked, and company subsidiaries filed for bankruptcy. Just recently, the two firms agreed that the REIT would take over the Plaza One and Two buildings, while Lauth is keeping the Plaza Three office.
The new Inland properties are at the intersection of Interstate 465 and Meridian Road, in the center of the North Meridian Corridor, the strongest submarket in the city, Robinson tells GlobeSt.com. He says JLL is looking for one tenant to lease the entire Plaza One building, and they already have a request for proposal from one interested firm.
“There’s seven million square feet in that submarket,” Robinson says. “We’ve had good activity already. For a while the property was in limbo during the settlement process, no one knew what was going to happen, but now it is being marketed, and activity is brisk. When large users are looking for space in Indianapolis, they are looking for two things – the proximity to this interchange, and signage on I-465 and/or Meridian, and we have both.”
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