Real Estate Firm Acquires Indy LandmarkPosted: Updated:
An Indianapolis-based real estate firm has purchased an historic building in the city. Gershman Partners acquired the Marott Center in the Mass Ave. District. A law firm, drugstore and real estate office are expected to remain as first-floor tenants. December 31, 2013
Indianapolis, Ind., Dec. 31, 2013 – Gershman Partners has purchased the Marott Center at 342 Massachusetts Ave. near downtown Indianapolis. The historic building, which is more than 100 years old, is in the heart of the Mass Ave. District. Terms of the deal are not disclosed, but it also involves the adjacent parking lot with approximately 90 spaces.
The law firm, Rubin and Levin, P.C., will remain as an anchor tenant along with Walgreens and F.C. Tucker on the first floor. The five-story building includes 52,000 square feet, which is a mix of office and retail space.
“We appreciate that we have been entrusted to carry on the heritage and tradition of this great building, said Eric Gershman, principal and co-founder, Gershman Partners. “We look forward to maintaining the historic feel while ensuring its place as an anchor of the Mass Ave District.”
The Marott Center was built in 1906 as one of the first multiple story department stores in Indiana. It has gone through multiple renovations and will undergo more in the near future to make it more of an amenity to the Mass Ave neighborhood.
Gershman Partners plans further projects in downtown Indianapolis and surrounding communities. “Neighborhood feel is important to us. We have a streamlined focus: redevelop key locations to offer more opportunities for those who want to conveniently live, work and play in close proximity,” added Gershman. “With decades of successful development, our talented team has the vision and the expertise to renew and create significant spaces to positively impact neighborhoods.”
About Gershman Partners:
Gershman Partners is a full-service real estate firm based in Indianapolis; which specializes in the development and acquisition of commercial real estate at both the local and national levels.Source: Gershman Partners