Wednesday, October 8, 2014

Low Office Occupancy Rates in Downtown Indianapolis Lead to Foreclosures on Major Downtown Office Buildings

A reader alerted me to the publication of a sheriff's sale notice 10 W. Market Street, i.e. the 30 story Market Tower which is the sixth largest office building in downtown Indianapolis.  The Indianapolis Business Journal reported on the filing of the foreclosure action back in December of 2013.  Back then the IBJ reported the building was only 75% occupied.

But that is not the only downtown office building facing foreclosure.  The IBJ reported back in August that HSBC bank has filed to foreclose on the office buildings at 151 N. Delaware St., also known as the "Gold Building" and 251 E. Ohio Street. 

The 20 story Gold Building is the 10th largest office building downtown and is 73% occupied.   The office building at 251 E. Ohio Street is the 16th largest office building and is only 62% occupied.

A major tenant in the Gold Building is the Marion County Public Defender while the Marion County Prosecutor has offices at 215 E. Ohio Street.

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