KennMar acquired The Pyramids office park with the assistance of INVST LLC, an SEC Registered Investment Advisor based in Indianapolis, IN, and with the help of its lender, Teachers Credit Union. Located at 3500 Depauw Blvd., the office park is recognized as an iconic landmark in Indianapolis, Indiana and consists of three 11-story office buildings totaling 366,704 square feet.
“As an Indianapolis-based real estate investment firm, we were very much interested in purchasing one of the most recognized office properties in the city,” stated Brent Benge, President & C.E.O. of KennMar. “While the pandemic has created uncertainty around the office market, we are bullish on the sector and anticipate that businesses will eventually return to an in-person work setting over the next several years.”
In a recent survey conducted by CoreNet Global, 88% of companies surveyed stated they intend to keep their offices open in 2022. KennMar also recognizes that when employees do return to the office, their expectations will be different. While many may want to maintain a hybrid work schedule, office environments will need to offer comfort, safety, and collaboration spaces in addition to providing amenities that may not have been available before the pandemic.
“We want to create an office environment that gets people excited about returning to work,” Benge added. “With this in mind, we have plans to redevelop the property by upgrading the façade, enhancing interior common areas, and adding some new external amenities that will rival newer office developments.”
The Pyramids Office Park is one of the most highly visible office parks in Indianapolis. Situated along Michigan Rd. and Interstate 465, it is located along a corridor that continues to see growth and new developments.
“KennMar took advantage of a great opportunity to invest in the community by purchasing this landmark office park,” said Kevin Gillihan, Senior Vice President at JLL. “The Pyramids are home to some of Indy’s most reputable businesses and KennMar’s determination to redevelop areas within our city is something many of us are looking forward to. We are confident KennMar will make the most of this investment.”
The acquisition of the Pyramids also fits in well within KennMar’s plans to develop the site formerly occupied by Caribbean Cove. The company currently has several projects under construction on that site including a free-standing Starbucks and a 10,000 square-foot retail center known as College Park Shoppes, which includes Panera Bread.
Kevin Gillihan and Beth Sallee represented KennMar in the purchase of The Pyramids and are marketing the complex on its behalf.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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