TRANSFORMATION - FROM START TO FINISH MERIDIAN CENTER, INDIANAPOLIS OWNER REPRESENTATION + MANAGEMENT
A tired, soon to be 100% vacant office building in Indianapolis was in need of new ownership and a serious transformation. We achieved both, and more.
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ProjectDetails
Capitol Equities’ expertise and full scope of services were called into use for the Meridian Center project in Indianapolis. From brokering the original sale of the property between two existing customers – one reducing redundant properties due to consolidation in their industry and another looking to expand their investment assets – to managing, transforming, leasing, to ultimately selling the property on behalf of our investment client in the midst of a global pandemic, Capitol Equities directed every step to transform this 170,000+ square foot office property.
Approach
- Facilitated the purchase of a soon to be 100% vacant office building based upon the promise of unmet office needs in the Midtown neighborhood, per our market analysis.
- Directed the transformation of a single-tenant building to multi-tenant, dynamic office environments, while utilizing the building’s historic amenities – including a cafeteria, gym, and executive board rooms.
- Rigorously managed the budget every step of the way to maximize the bottom line through the first few years of redevelopment and leasing efforts.
- Strongly vetted all potential tenants to achieve a mix of high-profile non-profit and corporate organizations.
While a quick sale of this investment was not originally planned, the transformation of the Meridian Center created an attractive asset for a local developer investing in the Midtown market. Less than five years after the initial purchase of a vacated insurance office, Capitol Equities brokered the profitable sale of a 76% occupied, show-stopping office campus, in the midst of a global pandemic.
ProjectTestimonials
I cannot provide enough superlatives for the quality of work provided to us by Capitol Equities. We have been privileged to partner with Capitol Equities on a large number of real estate projects. In each case, they have shown themselves to be out-of-the-box thinkers, with can-do attitudes, and a real understanding of every aspect of each of our transactions. From the time that they presented us with the opportunity to purchase this 170,000 sf office building until selling the property five years later, Capitol Equities was with us every step of the way. They were critical in re-envisioning the space, overseeing the massive renovation of the building, and closely managing costs and timelines. They also worked carefully and thoughtfully to lease the building to tenants who made sense to be there, ultimately creating an attractive asset for a local investor to purchase. I have never experienced such a true and deep commitment to property owners. We have benefited in so many ways from the Capitol Equities team.
Jonathan Petuchowski - Principal, First Majestic Asset Management LLC