Indianapolis Business Journal
July 23, 2001

Four Carmel buildings sold to Zeller
By Tammy Lieber

Four high-profile Carmel office buildings with more than 600,000 square feet of office space changed hands in a recently completed deal.

The local office of Holliday-Fenoglio Fowler, a financing intermediary for the commercial real estate industry, today announced it arranged $48.4 million in financing for Chicago-based Zeller Realty Corp. to purchase the properties from Lowe Enterprises Investment Management.

The deal includes Meridian Mark I and II and One Penn Mark Plaza at 116 N. Meridian Street and a one-story office building at 11711 N. College Ave.

Jonathan S. Wood, who worked on the deal for Holliday, said the financing did not represent the full purchase price for the properties. Neither he nor Zeller’s local property manager, Jessica Meek, would disclose the full purchase price.

Earlier this month, IBJ reported the building, built in the 1980s, probably wouldn’t bring the $54 million that Lowe paid for them in 1997 because of more competition in the market for Class A office space.

Meridian Mark II is 97-percent leased and the building on North College Avenue is 100-percent leased, according to a news release. Meridian Mark I is 72-percent leased and One Penn Mark is 79-percent leased.

Locally, Zeller also owns Castleton Park, a 48-building complex with about 1.2 million square feet of space on the northeast side, which it acquired less than two years ago, Meek said.

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