Emmis Corporation, formerly Emmis Communications, has announced its decision to place its corporate headquarters located at 40 Monument Circle in Indianapolis on the market. The commercial real estate firm Cushman & Wakefield has been selected to manage the sale of the property.
The seven-story, 140,000-square-foot building offers a block of 100,000 square feet of Class A office space. Additionally, the property includes features suitable for high-end dining and retail, potentially appealing to buyers interested in the tourism industry.
The property also offers the right of first refusal for the adjacent parking garage and air rights over the garage, potentially allowing for future expansion of the building. The location boasts a high Walk Score of 97, providing easy access to restaurants and bars, museums, performance venues, and parks.
Emmis has been slowly leaving radio ownership, only having two stations left – WEPN 98.7, leased to ESPN Radio, and WLIB-AM, which remains unsold despite years on the market. Both stations are in New York City.
Despite the sale, Emmis Corporation Chairman Jeff Smulyan emphasized that the company plans to stay in Indianapolis. The building currently houses tenants Star Bank and Urban One, both of which will be unaffected by the building’s potential change in ownership.
Leading the sale efforts will be Cushman & Wakefield’s Rebecca Wells, supported by John Crisp and Spud Dick.
