CB Richard Ellis’ Investment Properties team recently announced the sale of two office buildings totaling 610,300 square feet in downtown Indianapolis.
The total value of the transaction was more than $40 million.
CBRE brokers Andy Banister, John Merrill and Gary Woodworth led the marketing efforts for the sellers, both of whom were managed pension funds. Morgan Stanley managed the fund, which owned the 396,300-square-foot Market Square Center, known to many as “the Gold Building.” The fund that owned the adjacent 214,000-square-foot East Ohio Street property was managed by Principal Financial.
Santa Monica, Calif.-based Hertz Investment Group became the new owner of these prominent downtown buildings. Hertz also owns properties in St. Louis, Pittsburgh and New Orleans. This deal offered Hertz the opportunity to diversify its portfolio by entering the Indianapolis market, according to a press statement.
Los Angeles-based CB Richard Ellis Group Inc. provides commercial real estate services worldwide.
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