Challenges: Parkstone Office Center consists of four (4), 4-story buildings located in the highly-developed College Park sub-market, Northwest of Indianapolis’ CBD. The office center was consistently being overlooked due to the outdated look and feel of the exterior as well as the interiors.
Solutions: Major renovations were completed in these buildings, which involved full re-configuring and reconstructing. Friedman began with their own scope of design that showed the modifications of the buildings from start to finish. Common areas, elevator lobbies, corridors and restrooms along with the building facade and landscaping were all extensively renovated.
Results: Friedman was engaged to offer the property for sale on its national platform. After receiving multiple offers through a competitive bid process, an international investor was chosen as the winning bidder at a price point that, at the time, set the market for office sales within the Indianapolis office market. After a relatively short due diligence period the purchaser was able to obtain financing and close the transaction within 30 days after removal of all contingencies.