Office O Indiana

Indianapolis' BMO Plaza office tower fetches $70 million

Indianapolis' BMO Plaza sells for $70 million,ph01

Indianapolis’ 28-story BMO Plaza office tower has been sold for $70 million. A group of real estate investment companies based in Michigan and Florida made the acquisition.

The tower, at 135 N. Pennyslvania St., sits in the heart of downtown Indianapolis. It is also the sixth-tallest building in the city.

The new ownership group of the building is made up of Detroit-based developer Redico and Black Salmon, an investor from Miami.

Adam Broderick, John Robinson, Bruce Miller and Nooshin Felsenthal from JLL reprented owner Hearn Co. in the sale.

The building’s occupancy was at more than 80 percent at the time of the sale. Notable tenants include the U.S. Department of Defense, G.E. Capital Services and BMO Harris Bank.