Seattle-based Colliers International Group Inc. (Nasdaq: CIGI) has announced the sale of a 1900s-era office building in downtown Indianapolis. One North Pennsylvania, formerly known as the Oddfellows building, was sold for $4.9 million.
Florida-based NAYA USA Investment & Management purchased the building. One North Pennsylvania was built in 1909 to house the Independent Order of the Oddfellows and was the tallest, high-rise building in Indianapolis at the time.
"The sale of One North Pennsylvania represents another win for downtown Indianapolis and its office users." Alex Cantu, who led the sale for Colliers. "NAYA’s long term investment and revitalization plan ensures this historic asset retains its vitality and notoriety within our urban core. This fiercely competitive sale is another example of out-of-market capital investing into Indianapolis’s central business district. This signifies the investment market’s continued belief in downtown Indianapolis’s ability to attract and retain a strong workforce through a core set of housing, retail and entertainment offerings."
The building currently houses several tenants, including Centier Bank, Pita Pit and Alpha Tau Omega National Fraternity.