INDIANAPOLIS — Emmis Corporation is looking for a new owner for 40 Monument Square, the seven-story, 140,000-square-foot building on Monument Circle that is home to local radio stations such as WIBC and B105.7.
Emmis announced the decision to seek buyers for the prime location in the heart of downtown on Tuesday, enlisting the help of real estate firm Cushman & Wakefield. Emmis stated that despite 40 Monument Circle being home to Emmis since 1998, the corporation plans to sell off ownership of the building much as it sold off its Indianapolis radio stations last summer to Urban One.
“As we divested assets, including our local radio stations, we weighed what to do with the building and ultimately decided that it made sense to look for a new owner,” said Emmis Chairman and Founder Jeff Smulyan.
“When we relocate, Emmis will remain in Indianapolis. It is our home and will always be our home,” Smulyan added.
Emmis said that the sale of the building would not immediately impact the current tenants, which include Star Bank and several Urban One radio stations such as WIBC. Emmis did not clarify, however, if these tenants would have to negotiate new leases with the eventual purchasers or if they could be required to relocate within a specific time following a sale.
Cushman & Wakefield’s Rebecca Wells said the premiere location of the Monument Circle building offers potential for tourism-retail and high-end dining in addition to being an ideal space for office headquarters and corporate tenants.
“With multiple exterior terraces, a lower-level basketball court and workout areas and stunning views of the city, the building offers an exceptional opportunity to create a new, centrally located amenity-rich Class A+ office and retail environment for employees to enjoy,” said Wells.
To contact Cushman & Wakefield, vist their website.