Indy Office Bldgs. Continue to Sell

INDIANAPOLIS—A broad range of properties has traded hands recently, including modern suburban complexes, and now a historic downtown structure.

By Brian J. Rogal | Updated on March 10, 2015

INDIANAPOLIS—Indianapolis has been one of the few Midwest cities to see a steady in-migration of new residents, including many millennials, which experts say will give a boost to its office market, especially the historic structures in the CBD that most appeal to the younger workforce. Investors are taking notice. Cushman & Wakefield-Summit just closed the sale of the Century Building, a 153,849 square-foot office building in the CBD at 36 S. Pennsylvania St.

It was built as a warehouse in 1901, but converted to office use in 1984. C&W-Summit marketed the property for the seller, Chicago-based Zeller Realty Group. Beloit, WI-based Hendricks Commercial Properties purchased the building for $13.85 million, or about $90 per square-foot.

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