Colliers International completed the sale of 550 Congressional, a three-story, Class A, 106,404-square foot office building located in the heart of Carmel, Indiana.
The buyer, an affiliate of Los Angeles, California-based Tryperion Partners, paid all cash for the asset, for an undisclosed amount.
Over the last several years, the building has undergone more than $1 million of physical improvements, including the addition of a bocce ball court, a fire pit and grill, outdoor meeting areas, and a bike share program. During that period, ownership successfully increased occupancy of the building from 25 percent to 83 percent at the time of sale.
550 Congressional represents Tryperion’s first acquisition in Indianapolis. Tryperion also currently owns assets in St. Louis and Minneapolis.
The firm marketed the property on behalf of the joint venture owners of REI Real Estate Services and Perennial Investments.
