Parkwood Crossing sold for nearly $163 million
By Mark Ambrogi
Parkwood Crossing has new owners and will add new amenities.
Philadelphia-based Rubenstein Partners, L.P., and Indianapolis-based Strategic Capital Partners have purchased the eight-building, 1.2 million square-foot office park for $162.9 million. Parkwood Crossing was developed by the seller, Duke Reality Corp., between 1989 and 2005. Parkwood is situated near the Carmel/Indianapolis line at East 96th Street.
“We are planning on investing $20 million in capital, a lot of which will be used to improve the existing buildings both aesthetically and from a physical systems standpoint,” said Brandon Huffman, regional director of midwest for Rubenstein Partners. “A big chuck of that money will be to create a state-of-the-art free standing amenity center next to one of the retention ponds on the campus, which will house a fitness center, dining options, conference center, a bunch of collaborative space and a big outside patio overlooking the lake. Something that’s never been done in the market, frankly.”
Huffman said the dining will likely be a full-service cafeteria.
The design for the amenity center is in process now.
“It’s a little bit of a moving target, but ideally we would like to be breaking ground early next year,” Huffman said. “We’ll also provide a campus trail, which provides bigger interconnectivity between all of the buildings and the newly developed amenity center, as well.”
This is the Rubenstein Partners’ first investment in the Indianapolis region. Huffman said the office park was well designed and built by Duke and benefited from its long-term ownership.
“Historically this has been a best-in-class office park that’s been maintained by Duke,” Huffman said. “They’ve done a great job. We’re just going to try to take it to the next level and make it unquestionably the best product in the market.”
JLL, a professional services and investment management firm which brokered the transaction, will serve as exclusive leasing agent for the property.
“Our team has a long history with Parkwood, and we are delighted to have the opportunity to further enhance the social and collaborative aspects of the property,” said Richard Horn, president of Strategic Capital Partners. “We have a strong partnership with Rubenstein Partners and are committed to providing superior service to Parkwood’s tenancy as new owners.”