New faces at BMO

March 13, 2018 by  

The BMO Plaza in downtown Indianapolis, the sixth-tallest building in Indiana, has new owners.

The 28-story office tower was bought by investors from Florida and Michigan, who closed the deal recently for $70m. The purchasers paid $30m more than the last buyers, Hearn Company and CrossHarbor Capital Partners, who paid $40m in 2016.

The ownership group that now owns the tower comprises Redico LLC, an investor and developer based in Detroit; and Black Salmon of Miami, a real estate investment company affiliated with TSG Group, which is a real estate developer.

Black Salmon says that Hearn put approximately $6m into redeveloping the tower, including upgrading the lobby, fitness center, and common areas, as well as adding a game room and tenant lounge. Hearn also moved the restaurant space to street level from the second floor, with King David Dogs as the tenant. Black Salmon says it will continue the upgrades to common areas.

The tower was first developed in 1988 by Phillip R. Duke and Associates, and opened under the name First Indiana Plaza, after the First Indiana Federal Savings Bank, its anchor tenant. In 2008, First Indiana was acquired by the Marshall & Ilsley Corporation, and the tower became M&I Plaza. In 2011, after the Bank of Montreal acquired M&I, it became BMO Plaza.

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