INDIANAPOLIS-Inland American RealEstate Investment Trust has taken over two of the three officebuildings in the Meridian Corporate Plaza here, and has hired JonesLang LaSalle to market the roughly 200,000 square feet. Theproperties include the Lauth Property Group headquarters, but Lauthis moving out after the two former development partners had anunfriendly split last year.

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Lauth is fully vacating the 66,000-square-foot Plaza Onebuilding, according to John Robinson, EVP with JLL. The Plaza Twobuilding, at 135,500 square feet, is 96% leased to tenants such asWalker Information and Pillar Insurance, he says. Asking leaserates at the complex are $22 per square foot.

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The Inland REIT had invested more than $225 million with Lauthin 2007. However, Lauth struggled with the economy tanked, andcompany subsidiaries filed for bankruptcy. Just recently, the twofirms agreed that the REIT would take over the Plaza One and Twobuildings, while Lauth is keeping the Plaza Three office.

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The new Inland properties are at the intersection of Interstate465 and Meridian Road, in the center of the North MeridianCorridor, the strongest submarket in the city, Robinson tellsGlobeSt.com. He says JLL is looking for one tenant to lease theentire Plaza One building, and they already have a request forproposal from one interested firm.

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“There’s seven million square feet in that submarket,” Robinsonsays. “We’ve had good activity already. For a while the propertywas in limbo during the settlement process, no one knew what wasgoing to happen, but now it is being marketed, and activity isbrisk. When large users are looking for space in Indianapolis, theyare looking for two things – the proximity to this interchange, andsignage on I-465 and/or Meridian, and we have both.”

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