Indy office towers to be boarded up
Posted in the Indianapolis Forum
#1 Aug 13, 2014
Hertz Group of Santa Monica CA is in default on loans for 151 N Delaware, the Gold Building, and 251 E Ohio, the buildings that house the Prosecutor's offices and the Public Defenders, and those buildings are now in foreclosure Court. Hundreds of thousands of square footage rented by the PD and DA will move to the new Justice Center the mayor's building on the west side in 2018 apparently, spooking commercial building owners. Well HSBC Bank, which is getting stiffed on the loans for these buildings, ought to be miffed, because 30 days ago Hertz bought the Bank of America tower in Jacksonville, FL for 88 million dollars, and has been crowing all over Jacksonville about its interest in more properties. So the writing is on the wall, n'est pas, that the new justice center will not only be built, but that it will siphon commercial tenants from existing office space, even if that means the default by some of Indy's largest buildings on their bank loans. These Hertz guys aren't even insolvent. They're loaded. They just don't want the occupancy rate they're going to get after the DA and PD bolt for Ballard's folly. How's that gonna help downtown mayor? Shall we board up the gold building?
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