A 28-story, 400,000 square foot office building in downtown Indianapolis has a new owner. Chicago-based HEARN and its equity partner, Boston-based CrossHarbor Capital Partners LLC, have purchased the BMO Plaza building for $40 million.
BMO Plaza is the sixth-tallest building in Indianapolis. It houses several tenants, including BMO Harris Bank, the U.S. Department of Defense and General Electric, among others.
"Indianapolis has done a tremendous job stewarding development and growth of the downtown area," said Blake Hillemeyer, executive vice president for HEARN. "We anticipate increasing demand for professional office space, and the BMO Plaza building presents a prime location for potential tenants."
Avison Young, the commercial real estate firm representing the building’s previous owner True North Management Group, says the sale is a great success story for its client. The firm says True North’s plan was to reposition the building by enhancing value through an aggressive modernization and leasing effort.