Overseas Investors Set Sights on Midwest Tech Markets

The BMO Plaza building is the sixth-tallest in Indianapolis.

INDIANAPOLIS—Black Salmon, a national commercial real estate investment platform and new business line of TSG Group, has set its sights on properties in top tech markets, and that includes Indianapolis. The Miami-based company just acquired that city’s Bank of Montreal Plaza, through the $70 million purchase of the entity 135 N. Pennsylvania, LLC. The 444,644-square-foot, class A office building is one of the most prominent towers in downtown Indianapolis’ central business district.

It’s a big change for a property that fell on hard times during the Great Recession. An undercapitalized owner let occupancy fall to less than 50%, and the building fell off the radar screens of local brokers. But an entity managed by True North Management Group bought it and began pouring millions into renovations. True North filled the building and sold it for $40 million in 2016.