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News release

INDIANAPOLIS, IN

Suburban Office Market in Indianapolis Draws Tenants, Investors

JLL closes million sale of Class A Meridian Corporate Plaza and arranges financing for the property.


INDIANAPOLIS, IN, Dec. 18, 2013  — Jones Lang LaSalle’s Capital Markets experts today announced the sale of Meridian Corporate Plaza, a 329,546-square-foot, Class A office park in suburban Indianapolis. Equus Capital Partners purchased the three-building campus from Inland American Real Estate Trust. Jones Lang LaSalle (JLL) also secured acquisition financing on behalf of the buyer. Guggenheim Life & Annuity Company provided the five-year loan.

Managing Director James Postweiler led the JLL team on the disposition, and Executive Vice President Keith Largay led the firm’s efforts on the financing. JLL also will lease Meridian Corporate Plaza, and Managing Director John Robinson and Senior Vice President Adam Broderick will oversee those efforts.

“With its location in the most prestigious submarket of suburban Indianapolis and its exceptional roster of high-quality tenants, Meridian Corporate Plaza is a great investment opportunity,” Postweiler said. “Furthermore, with no tenant occupying more than 15 percent of the total rentable space, the property is well insulated from sudden vacancy shocks.”

“The financing on Meridian Corporate Plaza drew a tremendous amount of interest from life insurance companies and banks eager to lend on one of the highest-quality properties in the tight Carmel/North Meridian submarket,” Largay said. “The institutional sponsorship of Equus, which has a long track record of successful investing in Indianapolis, provided an important ‘comfort factor’ for lenders looking to lend in a recovering market.”

Located in the North Meridian/Carmel suburban office submarket, the 22-acre Meridian Corporate Plaza features a serene campus setting with mature trees and a large pond. The property serves as the headquarters location for two of its largest tenants, Walker Information and Guggenheim Life & Annuity Company, and is home to other major tenants including Hartford Fire Insurance Company, Blackbaud Inc. and Belden Inc. Institutional-quality tenants lease more than 56 percent of the property. Amenities include a deli, conference space, three miles of outdoor jogging paths and outdoor seating areas.

Located twelve miles north of downtown Indianapolis, the North Meridian/Carmel submarket accounts for approximately 38 percent of all Class A office space in the metro area. Class A space in the submarket has a direct vacancy rate of 7.8 percent, compared to a rate of 13.2 percent for Class A space in suburban Indianapolis overall. Additionally, Indianapolis has experienced one of the nation’s largest increases in the percentage of private-sector jobs located in the suburbs, according to a recent report from the Brookings Institution. In 2000, one-third of the metro area’s private-sector jobs were located 10 to 35 miles away from the CBD; by 2010, the number had climbed to 40 percent.

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.