Former Marsh Office

Challenges

The former Marsh Office is an approximately 175,000 SF office building located 13 miles northeast of Downtown Indianapolis in the affluent suburb of Fishers. The building was constructed in 1990 as the headquarters for Marsh Supermarkets. Unfortunately, Marsh filed chapter 7 bankruptcy in June 2017, shut down operations, and terminated their lease thereafter. This caused the previous owner to default on their mortgage. Friedman Real Estate was hired in 2019 to help turn around the distressed asset.

Solutions

Once in control, Friedman worked with the buildings’ existing tenants to ensure their needs were being met and occupancy did not decline further. The facilities management team addressed the building’s deferred maintenance issues and completed several capital improvement and cleaning projects. The asset management team identified that the property included extra acreage and worked with the City to create separate parcels for the office and parking component, and the excess land. Friedman subsequently marketed the assets for lease and sale.

Results

Friedman secured a user to purchase the office property as their new corporate headquarters. The buyer was attracted to the asset’s desirable location and the ability to grow into the building’s available space. In addition, an approximately 3 acre excess land parcel was retained, which could be developed for additional parking or other commercial uses.