News
Indianapolis State of Market

REVAMPING A LUXURIOUS CLASSIC

If buildings could tell stories, the nearly 110-year-old 25 Broad would have plenty. When the Clinton & Russell-designed property was completed in 1902—then known as Broad Exchange Building—it was the US's largest (at 400k SF) and most valuable office building (above is its landmarked lobby). In 1997, Crescent Heights purchased the building to convert it to rentals, then sold it to Swig Equities in 2005, which converted it to condos. The condos never caught the market's fancy, and the building went into receivership. Developer LCOR, serving as GC, then stepped in to rehab the building back to rental.
We snapped LCOR EVP David Sigman in the kitchen of one the units—unusually oversized for residential, but the conversion from office allowed for larger footprints (up to 1,500 SF) and higher ceilings unseen in ground-up rentals, he says. LCOR is spiffying up the high-end finishes and improving the mechanical systems, turning over the 307 residences at 30 units per month. So far, 80 units (marketed by Rose Associates) have been leased, averaging $55/SF; the building's two-thirds one bedroom, one-third two bedroom, and will have four penthouses when it opens next summer.
Here's the children's playroom, one of the many community areas in the building. (Small lounge chairs are set up for the genteel toddler who appreciates lively discussion... or just wants to watch Dora the Explorer.) There's a huge expanse of space to work with, David says—perks include a fitness center, entertainment center, rec room (with pool tables that convert to dining tables), and golf simulator. When mechanical work, Local Law 11 façade work, and structural work are completed, 25 Broad will also have 6,000 SF of both private and public terraces for residential use. Me and General Design (which has joined LCOR on Brooklyn's 34 Berry and other projects) is helping with interior design.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Indianapolis Newsletters
Related Stories

Houston CRE Firms Turn To Contractors As They Look To Scale

Tax Break Fight Threatens Development In Housing-Starved Long Island

The Revitalization Of Sugar Creek On The Lake, A Premier Waterfront Property In Greater Houston

Vornado, Related's Google-Anchored Office Building Faces 'Imminent Default'

Illinois' Record Storm Season May Be Changing The Risk Equation For CRE

10 States Alone Carry $1.4T In Wildfire Property Risk, Cotality Finds

Pied-À-Terre Tax Won't Deter Buyers Long Term, Developers Say

Long Island City Lab Sells At A Loss: The N.Y. Deal Sheet

Ari Emanuel Invests In Broadway's Next Act With $6B Theater Buy

Yardi-Backed Flex Office Marketplace Launches In U.S. As Companies Plan To Up Attendance

SL Green Booted As Worldwide Plaza Manager Amid Foreclosure Battle

Comcast Consolidates To 140K SF In Times Square