First 16 Tech Building Fully Leased

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INDIANAPOLIS -

The first new building in Indianapolis' innovation district is fully leased. 16 Tech developers say the $30 million research and office facility will house the Indiana Biosciences Research Institute, Central Indiana Corporate Partnership and Indiana University School of Medicine researchers. Construction on the anchor facility is set to begin later this year.

IBRI will take more than 67,000 square feet of space on the first three floors of the building. The institute aims to improve common health issues like diabetes, metabolic disease and poor nutrition with industry-inspired research. IBRI's space will include office, lab and open work spaces.

CICP will move its headquarters to the top two floors of the five-story building. The partnership's affiliate organizations include BioCrossroads (life sciences), Conexus Indiana (advanced manufacturing and logistics), TechPoint (technology), Energy Systems Network (green technology), AgriNovus (agbioscience) and Ascend Indiana (talent and workforce development). CICP's space will house 80 employees.

The Indiana University School of Medicine is leasing about 12,000 square feet for part of its Indiana Center for Regenerative Medicine. The newly-launched molecular therapeutics program is part of IU's Precision Health Initiative. The school is investing more than $20 million over the next five years into the center through the Grand Challenges program. The center also includes a technology incubator that will work with faculty entrepreneurs working on drugs, devices and other health-related technology.

The building will also feature a café and public community space.

Browning Investments LLC is developing the site. The company plans to invest a total of $120 million in the first four buildings at 16 Tech. In addition to the anchor, Browning's plans include renovation of the former Citizens Energy Group space, a new office building including food, beverage and retail space and a multi-family apartment complex with about 250 units.

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