March 8, 2018 Comments Off on Black Salmon Acquires Iconic Tower in Indianapolis for $70M Views: 2328 Indiana, Midwest, National News

Black Salmon Acquires Iconic Tower in Indianapolis for $70M

Miami-based Black Salmon acquired Bank of Montreal (BMO) Plaza in downtown Indianapolis from Chicago-based Hearn and Boston-based CrossHarbor Capital Partners LLC for $70 million. The 444,644-square-foot, Class A office building is one of the city’s most prominent CBD towers, and was acquired in partnership with Michigan-based REDICO.

Located at 135 North Pennsylvania St., the 28-story trophy property houses such tenants as BMO Harris Bank, the U.S. Department of Defense and General Electric Capital Services. In addition to a $6-million renovation in 2016 and 2017, Black Salmon plans to invest in further upgrades of the asset’s common areas.

Black Salmon’s Jorge Escobar says, “The acquisition of the prized BMO Plaza signifies the $100 million mark for our firm, far exceeding our expectations and reinforcing Black Salmon’s position for tremendous national market growth.”

The purchase entity was 135 N. Pennsylvania, LLC. Black Salmon is a new business line of South Florida-based TSG Group.

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