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Precendent Office Park Purchased By HDG Mansur
01 November 2006
Indianapolis, IN – [November 2005] – HDG Mansur acted as advisor to its private client on the acquisition of Precedent Office Park in Indianapolis for $143 million. The 19 building park is situated on over 150 acres of land between I-465 and 96th Street, and contains low- to mid-rise professional office space and supporting restaurant and retail facilities.
The office park is comprised of 115 major corporations and local businesses, including a host of high profile tenants such as Walker Information, ADP, Zurich American Insurance, AT&T Wireless, IBM, and MJ Insurance Inc. Park amenities also include a 38-acre lake, on-site day care, conference capabilities, retail, dining and a walking trail.
Precedent Park has averaged 95% occupancy of high profile tenants over the last eight years, and no single tenant occupies more than 8.5% of the total rentable area in the office park.
"Due to its long-term stability and low vacancy rate, the decision to add The Precedent to our client's portfolio was an easy one," states Harold D. Garrison, Chairman/CEO of HDG Mansur. "It's in a prime location in the north office corridor and the sellers have maintained the property very well. No significant improvements are necessary in the foreseeable future."
In addition to Precedent Office Park, HDG Mansur manages the downtown office buildings Market Tower, 120 Monument Circle and Century Building and two nearby residential developments, Watermark townhomes and Hamilton Proper.
In the last 24 months, HDG Mansur has acquired US $1.2 billion in property worldwide on behalf of private clients. HDG Mansur continues to seek attractive property acquisition opportunities in North America and in Europe.
HDG Mansur is a collection of international companies that shares common values in providing real estate wealth management services for high net-worth individuals and select institutions worldwide. Since 1982, HDG Mansur has advised, developed or managed international real estate projects and investments totaling over $4.3 billion. HDG Mansur has offices in London, New York and Indianapolis.
For more information, contact:
tgerber@hdgmansur.com
Phone: 317-655-7700