American Realty Capital Trust IV has purchased a high-profile downtown Indianapolis building, formerly occupied and owned by Eli Lilly and Co., for a reported 79.1 million. A Lilly spokesman acknowledged the sale closed May 9, but declined to divulge the price or the buyer, saying only that a real estate investment firm acquired Rolls-Royce Meridian Center, formerly known as the Faris Campus, on South Meridian Street, according to an Indianapolis Business Journal article. CoStar Group reported that the property at 450-525 S. Meridian Street sold for $79.1 million, or about $186 per square foot, exclusive of closing costs.
The three-building, 425,786-square-foot portfolio includes the four-story Brougher Building constructed in 1908 and renovated in 2001, a six-story building completed in 2002, and a seven-story office built in 2000, and a parking garage. The properties are located on almost eight acres in the Indianapolis CBD, west of Meridian Street between Merrill and South Streets. The entire complex is occupied by Rolls Royce Corp., an aircraft engine maker, which announced in March 2011 that it would lease the property from Lilly. Rolls-Royce invested about $20 million to modernize and occupy the once-vacant building.
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