New Office Construction Beginning in Indianapolis

The level of leasing activity has increased enough for developers to launch spec properties like this.

INDIANAPOLIS—Occupancy has grown so significantly in this metro area’s northern suburbs that developers have finally started new construction projects. Citimark, an Indianapolis-based construction company has just launched a state-of-the-art 60,000 square foot, three story, class A office building in Carmel, one of several towns that has seen a great deal of leasing activity. Wagner Reese, LLP, a personal injury law firm, and Blue Horseshoe, a software and technology enterprise service provider, have agreed to occupy 50% of the building, which the developers will finish by January 2017, leaving 30,000 square feet for lease.

Wagner Reese, LLP acquired the property at 11939 N. Meridian St. in 2005 as an eventual location for the law firm’s headquarters.  Jason Reese and Steve Wagner, firm principals, say they recognized that the in-fill location on US 31 was an excellent place to develop a landmark office project.  “After years of planning and contemplation, we are very excited to take this step with our firm’s headquarters,” says Reese.  “We could not be more excited to move in.”

“Our organization was focused on landing our company within a location that would support our continued growth and our culture,” says Chris Cason, president of Blue Horseshoe.  “We believe we have found the perfect pairing of efficiency, mission, and company values.”

“Citimark is excited to be partnering with Wagner Reese and Blue Horseshoe to develop the 11939 Building on one of the last remaining land sites on US 31 in the Carmel submarket,” says Matt Carlstedt, a Citimark principal. “The Carmel office market is the strongest performing in Central Indiana, currently below 10% vacancy. The location, quality of the project, proximity to amenities, and adjacency to virtually everything, embodies the growing demand in the market.” 

Carmel Mayor Jim Brainard, speaking at the podium, Jim Schellinger, president of the Indiana Economic Development Corp. to the far left and Blue Horseshoe executives announce the project at a press conference last week.

The architectural firm American Structurepoint designed the building and utilized expansive glass and brick to create a prairie-style look. The site is bound by US 31, Old Meridian and Pennsylvania St., providing a great deal of exposure along US 31.   

Rich Forslund and Matt Langfeldt of Colliers International will serve as the listing agents for the project. More than 200,000 square feet of speculative office projects were underway in the Carmel and Keystone Crossing submarkets at the beginning of the new year, according to a recent report by the firm.  

“With the ability to offer exterior building and monument signage, effective design, and a blank canvas for any office user looking to create or strengthen their own unique culture, this project will be very desirable,” says Forslund.