These historic office buildings are now considered great value-add opportunities

INDIANAPOLIS—The downtown office sector here may have suffered during the recession, but as millennials and the companies that want to employ them increasingly look for space in the CBD, investors have decided to snap up many of its historic buildings. One North Penn LLC, for example, just sold One North Pennsylvania, an 82,565 square foot historic office building, to NAYA USA Investment & Management, a Hollywood, FL-based real estate investor and manager. One of the things out-of-town investors find most attractive about downtown Indianapolis are the incredible bargains. NAYA USA purchased this asset for just $4.9 million, or $59.35 per square foot. Colliers International marketed the property on behalf of the seller. Originally constructed to house the Independent Order of the Oddfellows in 1909, One North Penn was the tallest building in Indianapolis at that time. Tenants currently occupy 69% of the property and include Centier Bank, Pita Pit, and Alpha Tau Omega. The Colliers team representing the seller was led by capital markets senior vice president Alex Cantu and included executive vice presidents John Demaree, Matt Langfeldt, and Rich Forslund. The buyer was represented by Beau Ansty of Stenz Management. “The sale of One North Pennsylvania represents another win for downtown Indianapolis and its office users.” Alex Cantu said in a written statement. “NAYA's long term investment and revitalization plan ensures this historic asset retains its vitality and notoriety within our urban core. This fiercely competitive sale is another example of out-of-market capital investing into the Indianapolis central business district. This signifies the investment market's continued belief in downtown Indianapolis's ability to attract and retain a strong workforce through a core set of housing, retail and entertainment offerings.” In addition to the sale of One North Penn, the Colliers Indianapolis team has completed earlier sales of 130 E. Washington St., The Century Building at 36 S. Pennsylvania and 55 Monument Circle.