Receivership Sale: Class A Office Tower | Indianapolis CBD

Highlights:

• High-Quality Lease-Up Opportunity in a Premier CBD Location: New ownership will acquire a clear path to stabilization through the lease-up of 173,679 square feet of high-quality space — including five contiguous full floors — representing one of the largest available blocks in the entire Downtown Indianapolis submarket.
• Superior Location with Free, Controlled Parking: Situated on the northern edge of the CBD with direct highway frontage along Interstate 65, the Property offers an exceptionally rare parking ratio of 3.6 spaces per 1,000 SF across 1,027 controlled surface spaces — a significant competitive differentiator in downtown Indianapolis.
• Dominant I-65 Visibility with Premier Signage Opportunity: Located just west of the I-65/I-70 north split, the Property commands exposure to over 106,000 vehicles per day and offers new tenants the opportunity for high-profile building signage visible to one of the region's busiest interstate corridors.
• Vibrant, Growing Downtown with Nearly $8.5B in New Development: Indianapolis' Downtown is home to all state and local government offices, the #1 Convention Center in the U.S., two public universities, the state's top employers (Eli Lilly, Cummins, Salesforce), and all major professional sports teams — with nearly $8.5 billion in active development projects underway.
• Attractive Basis at a Significant Discount to Replacement Cost: Based on current construction estimates of approximately $450/SF for new Class A office, replacement rents would range from $46.50 to $51.00/SF gross — representing a 111% to 132% premium over the Property's current market rent, underscoring the compelling entry basis this offering presents.
• In-Place Cash Flow with Value-Add Upside: The Property is currently 39% leased to a stable roster of five tenants — including U.S. Citizenship & Immigration Services, Disciples of Christ Christian Church, Jacobs Engineering, and Volunteers of America — providing immediate income while new ownership pursues lease-up of the remaining 61% vacancy.
• Renovated, Amenity-Rich Class A Asset: The building was renovated in 2016 with competitive amenities including a conference center, fitness center, yoga studio, outdoor social hub/breakout areas, Uber & Lyft pickup locations, and a fully updated lobby and common areas — positioning it well to compete for quality tenants.

Description:

Copy and paste this link to view full auction details on RI Marketplace: https://rimarketplace.com/auction/3141/office/indianapolis/in

Cushman & Wakefield, in conjunction with RI Marketplace, is pleased to offer the opportunity to acquire the 100% fee simple interest in 1099 N Meridian St (the "Tower" or "Property"), a 12-story, 286,467 SF Class A office building located in the Downtown submarket of Indianapolis, Indiana. The Property occupies a prominent position on the northern edge of the CBD with direct frontage and expansive visibility along Interstate 65, immediate access to both I-65 and I-70, and a highly coveted free parking ratio of 3.6 spaces per 1,000 SF — an extremely rare attribute in a downtown market. The building is surrounded by the region's most significant institutional, governmental, and corporate demand drivers and is situated within walking distance of a rapidly growing residential and amenity base.

The offering presents an exceptional value-add opportunity driven by a large block of recently vacated space — five full floors formerly occupied by IU Health, which relocated to its new $4.5B hospital campus just north of the Property. With the building currently 39% leased to a creditworthy tenant roster, new ownership will benefit from in-place cash flow while capitalizing on one of the largest contiguous availabilities in the downtown submarket. The Property's ideal floor plate sizes of approximately 25,000 SF, superior parking, renovated amenities, and cost basis well below replacement cost position it as a compelling opportunity for an owner-user, operator with a user-in-tow, or value-add investor seeking outsized returns in one of the Midwest's strongest and most resilient office markets.