Fort Wayne's One Summit Square Gets New Owner

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Fort Wayne's tallest building has a new owner. Residential developer Hanning & Bean Enterprises has purchased the 27-story One Summit Square building in downtown Fort Wayne. The building's primary tenant, Indiana Michigan Power, has announced a lease extension through 2031. Last week, Hanning & Bean announced it would pull out of a nearly $100 million downtown project.

Mayor Tom Henry says the city will select a new developer to move forward with the Ash Skyline Plaza, which includes a new headquarters for Ash Brokerage as well as parking and retail space.

Sources: Indiana Michigan Power, Inside INdiana Business, The City of Fort Wayne

Oct. 1, 2014

News Release

FORT WAYNE, Ind. - More than three decades after making downtown Fort Wayne its

corporate home, Indiana Michigan Power has renewed its commitment to downtown with a new, multi-year lease at its current location, which will be known as Indiana Michigan Power Center.

The new lease will continue through 2031.

I&M’s decision to build at the location in the 1970s was crucial to the city's downtown, which then had a number of vacant properties. Now, I&M is pleased to play a continuing role in the lively, vibrant downtown that is experiencing exciting new development.

"Downtown Fort Wayne's continuing advancement is exhilarating, and we are very proud to continue to make our home in this flourishing environment," said Paul Chodak III, President and Chief Operating Officer of Indiana Michigan Power. "A thriving downtown is important to not just our community but to all of northeast Indiana."

With I&M's extended commitment at Indiana Michigan Power Center, signs will soon be placed

near the top of the east and west sides of Fort Wayne's tallest building designating the home of

Indiana Michigan Power, an operating unit of American Electric Power (NYSE: AEP).

I&M will occupy more than one-third of the building, which Hanning and Bean Enterprises

purchased. I&M will retain ownership of the plaza in front of Indiana Michigan Power Center,

home to community events such as the popular Lunch on the Square.

"I am very pleased that Indiana Michigan Power will remain an important citizen downtown in

the city’s tallest building," said Bill Bean of Hanning and Bean Enterprises. "Indiana Michigan

Power Center is one of the city's key buildings, visible from several miles away, and we look

forward to enhancing its uses as part of the exciting development occurring downtown."

I&M's headquarters has been in the 26-story building since 1981.

Indiana Michigan Power (I&M) is headquartered in Fort Wayne, and its 2,500 employees serve

more than 582,000 customers. It operates 3,595 MW of coal-fired generation in Indiana, 2,110

MW of nuclear generation in Michigan and 22 MW of hydro generation in both states. The

company also provides its customers 250 MW of purchased wind generation.

I&M is a unit of American Electric Power (NYSE: AEP), one of the largest electric utilities in the

United States, delivering electricity to more than 5 million customers in 11 states. AEP ranks

among the nation’s largest generators of electricity, owning nearly 38,000 megawatts of

generating capacity in the U.S. AEP also owns the nation’s largest electricity transmission

system, a more than 40,000-mile network that includes more 765-kilovolt extra-high voltage

transmission lines than all other U.S. transmission systems combined. AEP’s transmission

system directly or indirectly serves about 10 percent of the electricity demand in the Eastern

Interconnection, the interconnected transmission system that covers 38 eastern and central

U.S. states and eastern Canada, and approximately 11 percent of the electricity demand in

ERCOT, the transmission system that covers much of Texas. AEP’s utility units operate as AEP

Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power

(in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of

Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east

Texas). AEP’s headquarters are in Columbus, Ohio.

Source: Indiana Michigan Power