Tryperion Nabs Class A Office Building in Indianapolis
- Oct 13, 2016
Indianapolis—An affiliate of Tryperion Partners, a private real estate investment manager based in Los Angeles, is the new owner of 550 Congressional, a three-story, Class A, 106,404-square-foot office building located in the heart of Carmel, Ind. The company purchased the asset in an all-cash transaction arranged by Colliers International.
Colliers also marketed the property on behalf of the joint venture owners of REI Real Estate Services and Perennial Investments.
The building has recently undergone an approximately $1 million renovation, which included the addition of a bocce ball court, a fire pit and grill, outdoor meeting areas and a bike share program. Following these improvements, ownership successfully increased the building’s occupancy from 25 percent to 83 percent at the time of sale.
“We believe the 550 Congressional asset delivers tenants a unique and in-demand office experience within the healthy, desirable and growing submarket of Carmel, while providing our investors the opportunity to achieve additional upside through the lease-up of the highly attractive remaining vacancy,” commented Eliot Bencuya, head of acquisitions at Tryperion.
Image courtesy of Colliers International