{"id":1004209588,"date":"2018-03-08T05:30:20","date_gmt":"2018-03-08T13:30:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004209588"},"modified":"2022-12-08T08:55:52","modified_gmt":"2022-12-08T16:55:52","slug":"tsg-groups-new-platform-buys-downtown-indy-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tsg-groups-new-platform-buys-downtown-indy-tower\/","title":{"rendered":"TSG Group\u2019s New Platform Buys Downtown Indy Tower"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

\"Jorge<\/a>

Jorge Escobar, CEO & managing partner of Black Salmon<\/p><\/div>\n

Black Salmon, a new national CRE investment platform and business line of TSG Group<\/a>, of Miami, has purchased, for $70 million, Bank of Montreal (BMO) Plaza, a 444,644-square-foot, 28-story Class A office building in Indianapolis\u2019 central business district, the buyer announced.<\/p>\n

The prominent building, at 135 N. Pennsylvania St., near Monument Circle, is occupied by finance, government and corporate tenants, such as BMO Harris Bank, the U.S. Department of Defense and General Electric Capital Services.<\/p>\n

Black Salmon purchased BMO Plaza with general partner REDICO, of Southfield, Mich.<\/p>\n

The property, completed in 1988, is currently 82 percent occupied, and Black Salmon is currently working to increase that to 95 percent, a Black Salmon spokesperson told Commercial Property Executive<\/em>.<\/p>\n

\"BMO<\/a>

BMO Plaza in Indianapolis<\/p><\/div>\n

The building underwent a $6 million cosmetic renovation in 2016 and 2017, in addition to which Black Salmon reportedly plans to further upgrade the property\u2019s common areas.<\/p>\n

BMO Plaza largely meets the investment selection criteria implemented by Black Salmon, including low vacancy; proximity to top-tier universities, like Purdue University, Butler University and Indiana University; and a sizable Millennial population.<\/p>\n

Black Salmon\u2019s recent acquisitions include The Offices at Public Market, a Class A building in San Francisco<\/a>, for $33 million.<\/p>\n

\u201cWe launched Black Salmon with the goal to reach close to $300 million in assets during the first two to three years<\/em>,\u201d Jorge Escobar, CEO & managing partner of Black Salmon, said in a prepared statement. \u201cThe acquisition of \u2026 BMO Plaza signifies the $100 million mark for our firm.<\/em>\u201d<\/p>\n

The seller was Hearn, of Chicago, which had purchased the building for $40 million in April 2016 from True North Management Group. The latter had taken possession in October 2009 by means of a deed in lieu, according to information provided to Commercial Property Executive<\/em> by Yardi Matrix.<\/p>\n

A stable market, with a twist<\/h2>\n

Indianapolis office rents have been on the rise, if a bit unsteadily, since 2012, according to a report from JLL: \u201cNew construction and building renovations have largely contributed to this trend in the past few years, especially for Class A office product<\/em>.\u201d<\/p>\n

Another angle to the Indy office market is a trend for office tenants to be more likely to renew leases in their current buildings than relocate. Renewals\/expansions jumped by nearly 10 percentage points from 2016 to 2017, JLL reported.<\/p>\n

And in an interesting twist, Indianapolis is seeing a record surge in conversions of downtown office buildings to hotels, JLL noted. Two such conversions happened in the 1990s and two more in the 2000s, but in this decade, one has been completed, two are under way and three more are proposed.<\/p>\n

The demand for hotels guestrooms downtown is driven by conventions, sporting events and business travelers, according to JLL, and these conversions will tighten the CBD office supply, especially in Class B space.<\/p>\n

Images courtesy of Black Salmon<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Black Salmon, the company\u2019s recently launched CRE investment vehicle, has acquired BMO Plaza, a 444,644-square-foot, 28-story Class A office building in Indianapolis\u2019 central business district.<\/p>\n","protected":false},"author":882,"featured_media":1004209598,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1590,21783,13,21742,21747],"tags":[39270,36551,37831,32796,39269,34878],"class_list":["post-1004209588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-indianapolis","category-investment","category-midwest","category-latest","category-office","tag-black-salmon","tag-bmo-harris-bank","tag-hearn","tag-jll","tag-redico","tag-tsg"],"acf":[],"yoast_head":"\nTSG Group\u2019s New Platform Buys Downtown Indy Tower - 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\/tsg-groups-new-platform-buys-downtown-indy-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TSG Group\u2019s New Platform Buys Downtown Indy Tower\" \/>\n<meta property=\"og:description\" content=\"Black Salmon, the company\u2019s recently launched CRE investment vehicle, has acquired BMO Plaza, a 444,644-square-foot, 28-story Class A office building in Indianapolis\u2019 central business district.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/tsg-groups-new-platform-buys-downtown-indy-tower\/\" \/>\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=\"2018-03-08T13:30:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T16:55:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Jorge-Escobar.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"827\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tsg-groups-new-platform-buys-downtown-indy-tower\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tsg-groups-new-platform-buys-downtown-indy-tower\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"TSG Group\u2019s New Platform Buys Downtown Indy Tower\",\"datePublished\":\"2018-03-08T13:30:20+00:00\",\"dateModified\":\"2022-12-08T16:55:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tsg-groups-new-platform-buys-downtown-indy-tower\\\/\"},\"wordCount\":495,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tsg-groups-new-platform-buys-downtown-indy-tower\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/03\\\/Jorge-Escobar.jpg\",\"keywords\":[\"Black Salmon\",\"BMO Harris Bank\",\"HEARN\",\"JLL\",\"REDICO\",\"TSG\"],\"articleSection\":[\"Deals\",\"Featured\",\"Indianapolis\",\"Investment\",\"Midwest\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tsg-groups-new-platform-buys-downtown-indy-tower\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tsg-groups-new-platform-buys-downtown-indy-tower\\\/\",\"name\":\"TSG Group\u2019s New Platform Buys Downtown Indy Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tsg-groups-new-platform-buys-downtown-indy-tower\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tsg-groups-new-platform-buys-downtown-indy-tower\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/03\\\/Jorge-Escobar.jpg\",\"datePublished\":\"2018-03-08T13:30:20+00:00\",\"dateModified\":\"2022-12-08T16:55:52+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tsg-groups-new-platform-buys-downtown-indy-tower\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tsg-groups-new-platform-buys-downtown-indy-tower\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tsg-groups-new-platform-buys-downtown-indy-tower\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/03\\\/Jorge-Escobar.jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/03\\\/Jorge-Escobar.jpg\",\"width\":827,\"height\":620,\"caption\":\"Jorge Escobar, CEO & managing partner of Black Salmon\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tsg-groups-new-platform-buys-downtown-indy-tower\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"TSG Group\u2019s New Platform Buys Downtown Indy Tower\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/scott-baltic\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"TSG Group\u2019s New Platform Buys Downtown Indy Tower - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/tsg-groups-new-platform-buys-downtown-indy-tower\/","og_locale":"en_US","og_type":"article","og_title":"TSG Group\u2019s New Platform Buys Downtown Indy Tower","og_description":"Black Salmon, the company\u2019s recently launched CRE investment vehicle, has acquired BMO Plaza, a 444,644-square-foot, 28-story Class A office building in Indianapolis\u2019 central business district.","og_url":"https:\/\/www.commercialsearch.com\/news\/tsg-groups-new-platform-buys-downtown-indy-tower\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2018-03-08T13:30:20+00:00","article_modified_time":"2022-12-08T16:55:52+00:00","og_image":[{"width":827,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Jorge-Escobar.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/tsg-groups-new-platform-buys-downtown-indy-tower\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/tsg-groups-new-platform-buys-downtown-indy-tower\/"},"author":{"name":"Scott Baltic","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"headline":"TSG Group\u2019s New Platform Buys Downtown Indy Tower","datePublished":"2018-03-08T13:30:20+00:00","dateModified":"2022-12-08T16:55:52+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/tsg-groups-new-platform-buys-downtown-indy-tower\/"},"wordCount":495,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/tsg-groups-new-platform-buys-downtown-indy-tower\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Jorge-Escobar.jpg","keywords":["Black Salmon","BMO Harris Bank","HEARN","JLL","REDICO","TSG"],"articleSection":["Deals","Featured","Indianapolis","Investment","Midwest","News","Office"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/tsg-groups-new-platform-buys-downtown-indy-tower\/","url":"https:\/\/www.commercialsearch.com\/news\/tsg-groups-new-platform-buys-downtown-indy-tower\/","name":"TSG Group\u2019s New Platform Buys Downtown Indy Tower - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/tsg-groups-new-platform-buys-downtown-indy-tower\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/tsg-groups-new-platform-buys-downtown-indy-tower\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Jorge-Escobar.jpg","datePublished":"2018-03-08T13:30:20+00:00","dateModified":"2022-12-08T16:55:52+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/tsg-groups-new-platform-buys-downtown-indy-tower\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/tsg-groups-new-platform-buys-downtown-indy-tower\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/tsg-groups-new-platform-buys-downtown-indy-tower\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Jorge-Escobar.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Jorge-Escobar.jpg","width":827,"height":620,"caption":"Jorge Escobar, CEO & managing partner of Black Salmon"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/tsg-groups-new-platform-buys-downtown-indy-tower\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"TSG Group\u2019s New Platform Buys Downtown Indy Tower"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Jorge-Escobar.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004209588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004209588"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004209588\/revisions"}],"predecessor-version":[{"id":1004532550,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004209588\/revisions\/1004532550"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004209598"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004209588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004209588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004209588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}