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Pan Am Building leasing picks up; city cites proximity to hotel, Georgia Street improvements
Summary
Board heard a leasing update: the Pan Am Building reported about 60% occupancy, active leads with Colliers handling leasing, and model rooms planned for the Shinola Hotel. Staff said closing two key leads could change the building’s trajectory.
City staff and project partners reported to the Indianapolis City board that the Pan Am Building is roughly 60% occupied and that leasing activity has produced important leads.
Staff said downtown office towers face market pressure but that the Pan Am Building’s proximity to the new hotel, nearby redevelopment, and planned Georgia Street improvements should help leasing. Colliers is handling leasing and tenant improvements; staff described a targeted approach aimed at realistic class-B office finishes. Staff said model rooms for the Shinola Hotel will be available at the Pan Am site and said two significant prospective tenants are under discussion; if both close, staff said that would alter the building’s outlook.
The board discussed operations and whether the city’s portfolio management would treat Pan Am separately; staff said the building is maintained through the building facilities corporation with Colliers managing leasing and operations. No board action was taken; staff said they will report back as leads close.
