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Salesforce Tower sold to Oklahoma-based investment company for $192.5M

Posted at 7:41 AM, Jan 08, 2021

INDIANAPOLIS — The tallest building on the Indianapolis skyline has a new owner.

Square Deal Investment Management, an Oklahoma City-based real estate investment company, announced Friday it purchased Salesforce Tower from California-based Hertz Investment Group for $192.5 million. Square Deal also owns Market Tower at the corner of West Market and North Illinois Streets.

“Expanding our footprint in Indianapolis has been our firm’s priority for several years, so we are thrilled and honored to acquire the city’s trophy asset and are fortunate to have this rare opportunity,” said Andy Ridley, Director of Asset Management – Commercial Real Estate at Square Deal in a news release.

The Indianapolis brokerage firm Cushman & Wakefield will handle leasing at Salesforce Tower.

“While we recognize that the pandemic has created an evolving office market, we have a long-term outlook that the highest quality assets will maintain relevancy in the market,” said Mark Beffort, COO and VP at Square Deal in a news release.

The skyscraper previously known as Bank One Tower and Chase Tower opened in 1990 and stands 811 feet.

In 2016, Salesforce leased 250,000 square feet at the tower and changed the name of Indiana's tallest building.