Office Park Sells For $132M

A 19-building business property in Indianapolis has new owners. The Precedent Office Park is located in the Keystone Crossing area and was acquired for $132 million by Indianapolis-based Strategic Capital Partners LLC and Rubenstein Partners LP of Philadelphia.

In 2016, SCP and Rubenstein partnered on the $160 million acquisition of Parkwood Crossing in Carmel. The two deals total some 2.3 million square-feet of office space, which the investors say makes the partners some of the largest office property owners in the central Indiana market. SCP and Rubenstein plan to invest in aesthetic improvements, building systems upgrades, fitness center renovations, a new tenant lounge and cafeteria and "activate and amenitize" the 38-acre lake on the property with landscaping and walkability improvements.

"The Precedent has long been one of the premier office parks in Indianapolis. Its excellent location and proximity to the Fashion Mall at Keystone and other amenities is why many great local and national companies have chosen to locate their businesses here. Our capital campaign will be designed to retain and attract these tenants over the long term," said Strategic Capital Partners President Richard Horn.

Brandon Huffman of Rubenstein Partners says "we remain bullish on Indianapolis and look forward to executing our business plans at these campuses."