{"id":1004027863,"date":"2011-03-16T11:12:46","date_gmt":"2011-03-16T19:12:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004027863"},"modified":"2022-12-08T21:43:47","modified_gmt":"2022-12-09T05:43:47","slug":"rolls-royce-signs-404000-sf-lease-at-former-eli-lilly-faris-campus-in-indianapolis","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rolls-royce-signs-404000-sf-lease-at-former-eli-lilly-faris-campus-in-indianapolis\/","title":{"rendered":"Rolls-Royce Signs 404,000-SF Lease"},"content":{"rendered":"

March 16, 2011
\nBy Barbra Murray, Contributing Editor<\/p>\n

\"\"<\/a><\/p>\n

Rolls-Royce North America Inc. has dotted the final i’s and crossed the last t’s on a 404,000-square-foot office lease at the former Eli Lilly & Co. Faris campus in Indianapolis. The aircraft engine-maker’s commitment will allow it to combine 2,500 staff members, currently working at six different area locations, under one state-of-the-art roof in the city’s central business district. <\/p>\n

Developed at a cost of $58 million, the four-structure Faris campus was designed by Browning Day Mullins Dierdorf Architects and reached completion in 2001 and welcomed Eli Lilly employees in 2002. However, the property, which includes a 1,500-space parking facility and a 40,000 square-foot cafeteria and meeting center, has been collecting dust since the pharmaceutical giant slashed its staff and relocated what was left of it to other sites in 2010. <\/p>\n

CB Richard Ellis marketed the space and with the closing of the lease agreement with Rolls-Royce, the commercial real estate services firm has helped provide some much-needed relief to the Indianapolis office market. From the close of 2009 to the close of 2010, the average Class A office vacancy rate downtown skyrocketed from an already high 16.9 percent to a staggering 21.2 percent, CBRE noted in a report, adding, “This large increase in vacancy was primarily due to Eli Lilly vacating Faris I and II, which added 321,000 square feet of vacant space.”<\/p>\n

UGL Services ushered Rolls-Royce through the entire leasing process beginning with site selection and ending with the completion of the long-term agreement. “This was not only an extremely cost effective, initial term occupancy opportunity, but it provides a long-term low-cost solution for 2,500 employees,” Michael Cook, vice president with UGL, commented. The campus has now been renamed the Rolls-Royce Meridian Center. <\/p>\n

Rolls-Royce made other real estate news recently, with the completion of the first phase of its $500 million, 1,000-acre aerospace complex in Prince George’s County, Va. The property marks the first Rolls-Royce manufacturing facility to be built from the ground up in the U.S. <\/p>\n","protected":false},"excerpt":{"rendered":"

The aircraft engine-maker’s commitment will allow it to combine 2,500 staff members, currently working at six different area locations, under one state-of-the-art roof in Indianapolis’s central business district. <\/p>\n","protected":false},"author":936,"featured_media":1004027864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,21747],"tags":[],"class_list":["post-1004027863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-office"],"acf":[],"yoast_head":"\nRolls-Royce Signs 404,000-SF Lease - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/rolls-royce-signs-404000-sf-lease-at-former-eli-lilly-faris-campus-in-indianapolis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rolls-Royce Signs 404,000-SF Lease\" \/>\n<meta property=\"og:description\" content=\"The aircraft engine-maker's commitment will allow it to combine 2,500 staff members, currently working at six different area locations, under one state-of-the-art roof in Indianapolis's central business district.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rolls-royce-signs-404000-sf-lease-at-former-eli-lilly-faris-campus-in-indianapolis\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-03-16T19:12:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:43:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/03\/Rolls-Royce-Eli-Lilly-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"562\" \/>\n\t<meta property=\"og:image:height\" content=\"373\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rolls-royce-signs-404000-sf-lease-at-former-eli-lilly-faris-campus-in-indianapolis\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/rolls-royce-signs-404000-sf-lease-at-former-eli-lilly-faris-campus-in-indianapolis\/\",\"name\":\"Rolls-Royce Signs 404,000-SF Lease - 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