Downtown Indy Looking Good to Buyers

INDIANAPOLIS—This city’s suburban region has long over-shadowed the downtown office market. But the desire among an increasing number of tenants, especially in the tech field, has helped revive the CBD, and naturally investors have noticed.

Ambrose Property Group just became the latest owner to capitalize on the trend. It sold two prominent class A office buildings at 500/550 N. Meridian St. in downtown Indianapolis to Naya USA Investment and Management.

Ambrose was represented by Cushman and Wakefield’s Jon R. Owens, managing director; executive director Jeff Castell; and executive director Michael Hanrahan.

“Cushman & Wakefield’s experienced capital markets and leasing team had superior knowledge of the asset, potential buyers and the investment market,” says Aasif Bade, president, Ambrose Property Group.

“Cushman & Wakefield’s experience in leasing, property management and capital markets made them great partners for us throughout the sale process,” adds Pat Chittenden, executive vice president of Ambrose Property Group. “We look forward to continued development opportunities in downtown Indianapolis, including our GM Stamping Plant site.”

The seven-story and three-story buildings total 334,506 square feet and are 100% leased. Located on Meridian St. at the corner of Michigan St., the properties have a parking garage with over 1,000 spaces, onsite food service, conference center and fitness center. Tenants include Hall Render, Centene/Managed Health Services, Blue & Co. and the Indiana Hospital Association.

“The 500/550 N. Meridian Street offering featured a stabilized asset with long-term leases in an exceptional CBD location in the heart of downtown Indianapolis,” says Owens.