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PLAINFIELD, IN-Pitney Bowes Government Solutions Inc., a logistics firm that supports federal needs, has taken 40% of Building Three in the MetroAir Business Park here. The tenant will lease 99,288 sf for six years in the 248,336-sf facility, which was finished in February at a cost of about $11 million. The building is on a 13-acre site at Stafford Raod and Ronald Reagan Parkway.

The 56-acre park is owned and run by a joint venture of McShane Corp. and Horn Properties LLC. The park already includes a 109,782-sf building fully leased by DJO Inc., a medical device manufacturer. The JV plans to have five buildings on the site by 2010, with up to 775,000 sf.

Rich Horn, president of the self-named firm, says there are a handful of good prospects to take the rest of Building Three (which was actually the second building constructed on the site). “I think there’s no doubt that the industrial market has slowed a little bit,” Horn tells GlobeSt.com, “but we’re still on track to do one building a year.” The average lease rate for the area is in the mid-to-upper $4-per-sf range, he says. The park is adjacent to the Indianapolis International Airport.

The site is zoned for mixed-use, but there hasn’t been any significant commercial property interest yet, Horn says. New road extensions in the area, including the parkway, should encourage more companies to the site, he says.

Jeremy Woods with Summit Realty Group represented Pitney in the lease transaction. Patrick Lindley with Colliers Turley Martin Tucker represented the owners.

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