X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CARMEL, IN-Duke Realty Corp. has fully leased its 180,000-sf One West office building two weeks after the speculative facility was completed. Bridgestone Firestone Diversified Products, which manufactures products not related to the tire industry, recently signed a lease for 166,000 sf in the building for its headquarters. The rest of the building space was reportedly leased by McDonald’s.

The building is the first to be constructed in Duke’s Park West business park, with two more buildings planned, says Jennifer Burk, SVP of the company’s Indiana Office Group. “The other two buildings will be similar,” she tells GlobeSt.com. “The one directly across from One West, to be called Three West, we intend to build next, it will be about the same size as One West. We’re in the planning stages for that buildings, I can’t say when it will start.” The entire project will take up about 550,000 sf.

The One West building is served by a parking garage and outdoor parking. Duke was asking $23.50 per sf to lease in the building, and sources tell GlobeSt.com that the final arrangement was pretty close to that figure. The average asking rate for class A office space in the Meridian Corridor is about $20.37 per sf, according to a second quarter Grubb & Ellis market report.

Burk says as demand warrants, the company also plans a third speculative building, Two West, parallel to the highway. That building will be slightly larger than the others, at 190,000 sf, but will be five stories high like the first two offices. “It will have larger floor plates, and by then we’ll build a larger covered parking garage,” she says. “Depending on the market, and given our success leasing up the first building so quickly, we expect to be fully developed in three-to-five years.” There has already been interest in Three West, she says.

Duke has also made road improvements as part of the Park West project, widening 96th Street and adding turn lanes on both sides of Meridian Road. The site will also include retail, as there is two available restaurant pads of about 18,000 sf. Directly across Meridian is Duke’s Parkwood Crossing, an office park with more than one million sf. “We’re very pleased with the demand for high-quality office space in the Meridian Corridor in Indianapolis,” she says. “There’s always risk involved in spec buildings, but we’re confident we’ll find more companies interested in being here.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.