Indiana’s Salesforce Tower Divested For US$192.5m

USA – The 49-storey Salesforce Tower, which is the highest building in the state of Indiana, was sold for US$192.5 million, reported Inside INdiana Business on Friday (8 January).

It was divested by California-based Hertz Investment Group to Square Deal Investment Management, enabling the latter to own its 2nd commercial property in downtown Indianapolis, after buying the 30-storey Market Tower in 2017.

“We are thrilled and honoured to acquire the city’s trophy asset and are fortunate to have this rare opportunity. Indianapolis is characterized by its business opportunities and its citizens whose passion for their city make it an ideal place to live and work, and we are proud to continue planting roots here,” said Square’s Director of Asset Management Andy Ridley.

He revealed that the Oklahoma City-based private equity firm had been attempting to enlarge its presence in Indianapolis for several years.

Moreover, Square’s representative Claire Hunter stated that they have no plans to rename the building and that Salesforce will continue to lease the iconic property.

“While we recognize that the pandemic has created an evolving office market, we have a long-term outlook that the highest quality assets will maintain relevancy in the market,” said Square’s Vice President & COO Mark Beffort.

“We look forward to elevating the Salesforce Tower and the tenant experience that has represented decades of hard work in Indiana for decades to come.”

Salesforce’s Senior Manager of property communications Benny Ebert-Zavos commented that they are committed to Indianapolis’ long-term growth. At present, the firm has over 2,100 staff in the city.

“While we don’t have a target date when Salesforce Tower Indianapolis will start to reopen, we’re looking forward to welcoming our employees back, when the time is right,” noted Ebert-Zavos.

For the available commercial space, the new owner has engaged realtors Russ van Til, Bennett Williams, and David Moore from property consultancy Cushman & Wakefield (C&W) to handle the leasing matters.