Transwestern’s Chicago Office announced today that it has brokered the sale of Intech I, II and III, a 433,972 square foot, trophy suburban office portfolio in Indianapolis’ Northwest market. Gary Nussbaum and Tom Gorman of Transwestern’s Investment Services Group, with assistance from John Robinson of Jones Lang LaSalle’s Indianapolis office, represented the sellers, affiliates of Northbrook, Illinois-based Romanek Properties, Ltd., in the transaction. The asset was purchased for $85 million by an institutional investor focused on owning real estate leased to government tenants. The sale represents one of the largest office purchases in the Indianapolis market over the last 10 years.
“Recently, there have been very few large suburban office transactions in the Midwest as investor demand for suburban office product has remained weak,” says Gary Nussbaum, managing director of Transwestern’s Investment Services Group, “However, institutional investors are still attracted to modern, Class A core suburban office assets if they have credit tenancy and long-term leases. The Intech I, II and III offering was a rare opportunity that met all of these requirements.”
Situated in Intech Park, the largest self-contained office development in Indiana, the property consists of three Class A core office buildings. The 97% occupied property is anchored by the U.S. General Services Administration (GSA), who leases some 56% of the project on behalf of various units within the Department of Homeland Security.
- Intech I is a 140,231 square foot building located at 6325 Digital Way. Its major tenants include Indiana Wesleyan University, TriMedx and the GSA.
- Intech II, located at 6650 Telecom Drive, is a 141,466 square foot building that is 100% occupied, 94.6% of which is occupied by the GSA.
- Intech III is a 152,230-square-foot building located at 6600 Telecom Drive. Its largest tenants include the GSA and Blackboard Inc (NASDAQ: BBBB).
Located 10 minutes from downtown Indianapolis and the Indianapolis International Airport, Intech Park is an ideal environment for technologically dependent businesses of all types and sizes, providing high-tech office and flex spaces with a sophisticated voice and data infrastructure. Highly visible from I-465, the property offers excellent water views, on-site property management services and abundant amenities including a fitness center, courtyard and conferencing facility. In 2011, the building was awarded an ENERGY STAR® label for its operating efficiency.
About Romanek Properties, Ltd.
Located in Northbrook, Illinois, Romanek Properties, Ltd. is a private developer of and investor in commercial real estate throughout the United States. Founded in 1959, the company invests in commercial properties both for their own account and together with institutional investors. More information is available at: www.romprop.com.
About Transwestern
Transwestern is a diversified operating company active in the real estate service, development and investment management businesses. Transwestern creates value for clients through innovation, penetrating market intelligence and legendary service delivered by teams of local market experts. The firm has product specialties including office, industrial, retail, multifamily and healthcare, as well as research affiliate, Delta Associates.
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