Rubenstein Partners, L.P., a vertically integrated real estate investment adviser focused on value-added office property equity and debt opportunities,announced that tenant Kimley-Horn has agreed to a new lease renewal and expansion at the Parkwood Crossing development in Indianapolis.
Kimley-Horn, a planning and design consultancy firm, has agreed to a nearly 29,737-square-foot lease renewal, an expansion from its original 9,779-square-foot space. In addition, Kimley-Horn is also relocating to a new building at the Parkwood Crossing campus, moving to Four Parkwood from its previous location at One Parkwood. Rubenstein is completing a substantial capital improvement program at Four Parkwood, which includes a modernization of the lobby and other interior and exterior enhancements.
This also marks the second major move within the campus for long-term tenant Kimley-Horn as its original location was at Six Parkwood before transferring to a bigger space at One Parkwood that included additional expansions. This new location at Four Parkwood meets the current space needs for Kimley-Horn and Rubenstein is completing a substantial capital improvement program at the building, which includes a modernization of the lobby and other interior and exterior enhancements.
Parkwood Crossing is an eight-building, 1.2 million square foot office park located in the North Meridian/Carmel submarket of Indianapolis.Rubenstein acquired the development in 2016 and implemented a comprehensive renovation of the campus includingthe additionof a14,000-square-foot amenity center overlooking alake known as PARC, the Parkwood Amenity and Recreation Center.
“Tenant interest and retention in well-located Class-A suburban office campuses remains strong,” said Brian Simel with Rubenstein Partners. “We have invested heavily in Parkwood Crossing campus and have added significant value as evidenced by quality tenants like Kimley-Horn choosingto remain and expand their space.”
The state-of-the-art PARC facility includes a concierge, dining facilities,fitness center, cybercafé, conference rooms, a bike share option, and collaborative spaces available to all tenants.The strategically-positionedParkwood Crossing campus is based in Carmel, one of Indianapolis’ mostdesirable suburbsand offers immediate access to I-465, U.S. 31, and 96th Street as well as strong I-465 visibility.
Rubenstein was represented by a JLL team comprised of Traci Kapsalis, John Robinson, and Brittany Shuler. The tenant was represented by both Hayden Rasmussenwith Savills and Kevin Dick with Bradley Company.
About Rubenstein Partners
Rubenstein Partners is a Registered Investment Advisor and Fund Manager for a series of private equity funds focused on equity and debt office investments throughout the United States. The firm is vertically integrated and provides first-class investment services on behalf of its investor base, which consists of some of the nation’s preeminent public and private pension funds, university endowments and family offices. For more information, visit www.rubensteinpartners.com.
