A prominent building in downtown Indianapolis has sold for more than $9 million. Minnesota-based Onward Investors LLC acquired the 12-story, 1920s-era property from Perennial Washington St LLC. Its current tenants include Arcadis and the USA Track and Field, Diving, Gymnastics and Synchronized Swimming governing body offices.
Cushman & Wakefield | Summit Realty Group closed the deal and says the building was originally designed for Meyer Kiser Bank, which has since closed, and from 1960-2006 it was owned and inhabited by Farm Bureau Insurance.
The Vonnegut and Bohn-designed building has more than 203,000 square feet of space and is visible when entering downtown Indianapolis from the near east side. In the late 1960s, the currently-visible facade was installed.
C&W|Summit Capital Markets Vice President Alex Cantu says "Onward’s development plan will transform the building into a dynamic office and retail environment that today’s tenant demands. Their belief in the strong economic trends including increased jobs data, growth in the innovative business sector and high demand for urban housing have led them to make this investment in Indianapolis." Summit Realty Group will perform property management and leasing of the project.