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CARMEL, IN-A joint venture of Opus North and Atlanta-based design group TVS has started construction on a new regional headquarters complex here for the Capital Group Cos., an investment organization based in Los Angeles. The company is now split between a 100,000-sf building in Indianapolis and a 106,000-sf building here on 24 acres along the North Meridian Street corridor. Capital is spending $50 million on a new 175,000-sf office and a 35,000-sf mail processing center, and the investment firm is going to consolidate its Indiana staff, about 1,500 employees, into the Carmel campus by 2010.

Reid McCartney, VP in charge of design and construction for Capital, tells GlobeSt.com that the firm knew it had to consolidate employees into one location. “We’ve been in Indianapolis for a number of years, this is a service center for our company. But we couldn’t accommodate our growth requirements at the existing site, both in terms of existing space and parking. Also, the building is somewhat aged, and the amount of work it would take to upgrade was greater than the cost of relocating,” he says.

The company will remain in the Indianapolis building, at 8332 Woodfield Crossing Blvd., until the move. Capital had owned the 100,000-sf building, but sold it to Lauth in July for an undisclosed amount, and is leasing it back for two years.

Capital purchased the 106,000-sf office here in Carmel from Opus North in 2007 for an undisclosed amount. At the time, however, McCartney says his firm wasn’t sure where it would host the consolidation. “Opus owned the rest of the 24 acres, and there was a question of whether the land was going to be available,” he says. Availability of land was also the reason the company decided to move all employees to the Carmel location, about five miles north of Indianapolis, he says.

The new office and current office will connect through a catwalk, McCartney says. The new buildings will have floor-to-ceiling glass, and green features such as a water system using onsite wetlands, low VOC finishes and efficient building systems. The campus will have walking paths, and is adjacent to the Go Commuter Express. “Our buildings will meet or exceed LEED standards, though we don’t feel the need to apply for that certification,” McCartney says.

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