Neyer Properties has sold Three Woodfield Crossing, a nearly 265,000 square foot Indianapolis office building for over $49 million, capping off 25 years of success.
The disposition marks the largest sale per square foot in the company’s history and lands in the top five multi-tenant office price per square foot transactions in Indianapolis history. Three Woodfield was 93% occupied at the time of sale.
Neyer Properties purchased Three Woodfield Crossing in conjunction with Two Woodfield Crossing in 2013, after the buildings were initially foreclosed upon by the lender. Three Woodfield was 33% occupied when originally purchased by Neyer.
Since 2013, Neyer has invested millions worth of improvements into the building and site. “We used our expertise to redevelop what was Class B into a highly desirable Class A building,” said Dan Neyer, President / CEO of Neyer Properties.
Improvements included transformation of the outdated five-story atrium lobby allowing for a more interactive and lively space and collaborative areas for tenants, upgraded restrooms, fitness center, and improvements in the common areas. Additionally, Three Woodfield is also home to the first golf simulator in an office building in the region, an amenity the tenants actively use as a break from the typical workday.
“These new to-the-building amenities, renovated lobby areas, and upgraded common areas, helped us land key tenants such as Sallie Mae,” said Neyer.