Crown Properties Buys Partner’s Interest in First Indiana Plaza

An affiliate of Greenfield Partners L.L.C., South Norwalk, Conn, has sold its interest in the joint venture that owns First Indiana Plaza in downtown Indianapolis to its JV partner, Crown Properties, Garden City, N.Y., which is now the sole owner of the 28-story, 425,000-square-foot Class A office building. Crown and Greenfield had owned the property jointly for the previous six years. Both parties declined to release financial information. Completed in 1988, First Indiana Plaza counts among its primary tenants KPMG, First Indiana Bank and Bose McKinney & Evans, one of the state’s largest law firms, according to the Crown Properties Web site.According the the Indianapolis Business Journal, sources have pegged the building’s value in the $32 million to $38 million range, and that it will be renamed.Since its founding in 1997 by Eugene A. Gorab, the privately held Greenfield has sponsored six investment vehicles totaling roughly $2.1 billion of invested or committed equity: Greenallon I L.L.C., Greenfield Acquisition Partners L.P. II–IV, Greenfield BLR Partners L.P., and Greenfield Land Partners I L.P. Founded in New York City in 1982, Crown Properties initially focused on converting manufacturing loft space into office space. The company’s assets currently total 2 million square feet, primarily in the Northeast.