CARMEL, INDIANA (December 10, 2018): Carmel-based, Lauth Group, Inc. announces it has acquired Pan Am Tower from San Francisco-based Coastal Partners, LLC. Located at 201 S. Capitol Avenue, the 12-story, 138,000 SF office building anchors the Pan Am Plaza development, which is also home to the recently announced Kite plaza development project.
“We are very bullish on the future of the downtown Indianapolis central business district, which is a hub for the city’s growth plans. The Pan Am building is an excellent fit for Lauth’s corporate development and investment strategy,” commented Michael Garvey, Chief Investment Officer and partner with privately-held Lauth. Garvey led Lauth’s acquisition team for this project.
Lauth will self-manage the building through its property management group and will have an onsite management office within the building. It has plans to renovate interior public areas of the building including the lobby, restrooms and workout facility.
“Our focus will be to create and maintain a positive environment and experience for the building’s tenants,” added Michael Garvey. “In addition, we look forward to working with the City of Indianapolis and Kite Realty on the overall plaza development project.”
Lauth has selected Adam Broderick and Kevin Gillihan with JLL to assist with leasing the property, which is currently over 90% leased. The building’s 12,500 SF floorplates offer flexibility for full and partial-floor tenants. Lauth represented itself in negotiations for purchase of the building. Coastal Partners was represented by Dan Richardson of CBRE. The sales price was not disclosed.