Lauth Moves on Diverse Projects in Indy, Charleston
- Apr 17, 2008
Indianapolis-based developer and contractor Lauth Group is expanding its Intech Park on the northwest side of Indianapolis and is also about to begin construction on the first of two bulk distribution buildings at the North Pointe Industrial Park in Charleston, S.C. The additions at Intech Park, Indiana’s largest office park, comprise a new office building, a new hotel and a new office tenant. A Lauth spokesperson declined to name any dollar amounts. Construction on Intech Four, a 150,000-square-foot spec Class A office building, will begin this fall, with completion scheduled for the third quarter of 2009. Once completed, a Lauth spokesperson told CPN, the 210-acre park will have 900,000 square feet of office space in nine buildings. The eventual total could be as high as 2.5 million square feet. The park also includes approximately 230,000 square feet of R&D space. The new hotel, a Hilton Garden Inn to be built for Vision Hospitality, will begin construction this summer. Featuring 122 rooms and 4,000 square feet of conference space, it will join the two existing hotels at Intech Park, a Residence Inn and a Wingate by Wyndham.The new office tenant is the Department of Homeland Security’s U.S. Customs and Border Protection, which is moving 80 human resources personnel from Washington, D.C., to Indianapolis. The agency will be occupying a full floor of 38,000 square feet at Intech Three (pictured), which opened in February and is currently 60 percent leased. According to a first-quarter report by Summit Realty Group, a member of the Cushman & Wakefield Alliance, the office vacancy rate in the 3.5 million-square-foot northwest Indianapolis submarket is 23.6 percent. Year-to-date absorption is being outpaced roughly 2-1 by new construction, and asking rents for Class A space (gross) are averaging $19.15. In Charleston, Lauth closed yesterday on the acquisition of two parcels and will begin construction in June on a 390,000-square-foot spec bulk distribution building, North Pointe Building Four. It will feature a cross-docking configuration, 32-foot clear height, up to 100 dock doors and parking for 72 trailers and should be available in the first quarter of next year. North Pointe Building Five will be a similar building, slightly larger at 400,000 square feet. Construction will begin either after Building Four is completed or as needed on a BTS basis. Colliers Keenan is handling the leasing of both buildings. A Colliers Keenan broker told CPN that two existing 305,000-square-foot buildings in North Pointe, previously occupied by apparel maker Jones New York, are available for sublease. The park is only four miles from the Port of Charleston. Established in 1977, Lauth is ranked by CPN as the nation’s 13th-largest real estate developer and by Modern Healthcare as the eighth-largest healthcare developer.