Indianapolis Office Commands $32M

Tryperion Partners purchased the recently developed, 137,000-square-foot asset, home to Allied Solutions’ headquarters, with Morgan Stanley providing more than $17 million in acquisition financing.
350 Veterans Way

Tryperion Partners has acquired a 137,000-square-foot suburban Indianapolis office asset—headquarters of Allied Solutions—for $32 million from Ambrose Property Group, according to Yardi Matrix. Morgan Stanley provided $17.6 million in acquisition financing to the buyer. The 10-year note bears interest at a fixed rate of 4.5 percent per year.

Ambrose completed the property in November 2017, Yardi Matrix data shows, following the project’s groundbreaking in mid-2016. Associated Bank financed the development to the tune of $26.9 million.

Located at 350 Veterans Way in Carmel, Ind., the five-story building is situated on a 3.4-acre lot, 2.5 miles east of Meridian Street. The property is a few blocks south of the busy Main Street retail corridor, home to a wide variety of shops and restaurants. Several assets have been developed in the Carmel-Meridian submarket in recent years, with coworking firm Serendipity Labs signing for 24,000 square feet in a property undergoing redevelopment immediately south of Tryperion’s structure in August.

Allied Solutions occupies 108,000 square feet of the building and the F.C. Tucker Co. signed a deal to lease 15,750 square feet through 2029, according to the Indianapolis Business Journal. REI Real Estate Services manages the property and a Colliers International team leads leasing efforts.

Image courtesy of Yardi Matrix