Colliers International has closed the sale of two office towers in Downtown Indianapolis, 151 N Delaware St, commonly known as the Gold Building, and Two Market Square, located at 251 E Ohio St. The portfolio also included Market Square Center garage, which sits between the office buildings at 225 E Ohio St. Combined the portfolio includes 584,684 SF of commercial space and 505 space parking garage.
Alex Cantu and Alex Davenport with Colliers International of Indianapolis facilitated the transaction on behalf of the buyer, a joint venture between two locally based firms, Citimark and Gershman Partners. Mission Peak Capital, a real estate investment management and advisory firm based out of Kansas City, MO, sold the asset.
Located in the heart of Downtown, the Portfolio accounts for an entire city block and is located in the Market East District of downtown Indianapolis adjacent to notable new projects including Cummins Distribution Headquarters, the new 360 Market Square a 292 luxury apartment tower inclusive of 42,000 SF of retail, and the new downtown Whole Foods.
The purchase and redevelopment of the portfolio provides an immediate value add for downtown Indianapolis as the block will add to the emerging sense of place growing from the Mass Avenue cultural corridor and extending into the market east district of downtown.
Citimark will manage the property. The Gershman Partners and Citimark additionally have a joint venture in the Lockerbie Marketplace, a highly successful retail/office portfolio currently over 90% leased.