June 28, 2019
Equus Capital Partners has sold the six-building Keystone at the Crossing office campus to a joint venture between DRA Advisors and M&J Wilkow Properties. At 1,054,886 square feet, the Keystone campus is the largest Class A office park in Indianapolis.
Financial terms of the sale weren’t disclosed. The Indianapolis Business Journal reported that the property is believed to have garnered about $142 million.
Eastdil Secured’s Kenneth Glomb and Stephen J. Livaditis represented both seller and buyer. Equus’ Chris Locatell told the Journal that his company, which has owned the campus since 2005, sold it in order to acquire other properties.
Developed between 1975 and 1988 by locally-based Duke Realty, Keystone at the Crossing underwent $20 million in capital improvement during Equus’ hold. Currently, it’s 83% occupied.
The Journal reported that the Keystone deal represented the fourth major office park sale on the city’s north side in as many years.
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