INDIANAPOLIS-State Farm has agreed to take 88,408 square feet at a building within BPG Properties’ Keystone at the Crossing office complex. However, to get the insurance firm in, the landlord says it plans to move or outright terminate other tenants occupying about 37,000 square feet at the 9200 Keystone building.
Brant Glomb, a BPG vice president, tells GlobeSt.com that State Farm is moving into the 146,801-square-foot building on the one-million-square-foot, five-building office campus. The tenant is moving its offices from Parkwood Crossing in Indianapolis and consolidating other regional locations to this facility, he says.
The building didn’t have that much space available for the insurer, so BPG will be moving some tenants out. “Some of them are being relocated, others are just being terminated,” Glomb says. “We’ll have at least two full adjacent floors available, as well as some space on other floors.”
He says the office park, with “leases in documentation right now and deals we’re negotiating now for renewals” is about 84% occupied. “That’s pretty good, certainly performing a lot better than the Indianapolis office market at large, which has overall vacancy north of 22%,” Glomb says.
His company purchased the complex, at Interstate 465 and Keystone Avenue, in December 2005, and since then has completed $12 million in improvements, adding amenity areas as well as upgrading lobbies, corridors and restrooms. Other main tenants include UBS, Wells Fargo Advisors and the Yellow Pages Group.
Aasif Bade with Ambrose Property Group represented the tenant in the long-term lease. John Robinson and Abby Cooper with Jones Lang LaSalle represented BPG in the deal. The terms of the transaction were not disclosed.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
