The Indianapolis Star – MetroNorth
July 20, 2001

City’s 3 tallest buildings bought by Zeller Realty
By Stuart A. Hirsch

CARMEL, Ind. – Zeller Realty Corp. has bought three of the city’s prime office buildings at 116th and Meridian streets: Meridian Mark I, Meridian Mark II and One Penn Mark.

The eight-story buildings – the tallest in Carmel – encompass more than 529,973 square feet of space. The company also bought a building at 11711 N. College Ave. that contains 74,395 square feet.

Current tenants include AT&T, Cisco Systems, St. Vincent Hospital and Liberty Mutual Insurance Co.

The deal closed Tuesday. Although exact terms were not disclosed, $48.4 million in financing was arranged by the Indianapolis office of Holliday-Fenoglio Fowler LP.

The buildings were owned by Lowe Enterprises, a Los Angeles-based pension fund.

In 1999, Holliday helped the Chicago-based Zeller firm finance the purchase of Castleton Park, a 120-acre, 42-building office park.

“Obviously, they consider Indiana an attractive investment opportunity,” said David B. Keller, a senior managing director of Holliday Fenoglio Fowler.

The three Meridian Street properties are among the most visible and high-profile office buildings in the Metro North area. They were built between 1983 and 1986.

Keller said Zeller plans “significant capital upgrades and improvements to the properties.”

Carmel Mayor James Brainard said the sale shows Carmel’s economy remains robust despite weakness elsewhere in the state and nation.

“I’m pleased investors continue to want to invest in Carmel, and we look forward to working with Zeller,” he said.

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