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Deals & Dealmakers

Rubenstein Partners Announces Latest Lease at Parkwood Crossing with Old National Bank Renewal and Expansion

Financial services firm increases to over 45,000 square feet at Nine Parkwood and relocates downtown Indianapolis office to expanded Parkwood Crossing space

Rubenstein Partners, L.P. (including its affiliates, “Rubenstein”), a vertically integrated real estate investment adviser focused on value-added office property equity and debt opportunities, announced a lease renewal and expansion for Old National Bank at Parkwood Crossing, the eight-building, 1.2 million square foot office park located in the North Meridian/Carmel submarket of Indianapolis.

Old National Bank renewed its lease at the Nine Parkwood building and expanded its space from 25,531 square feet to 45,077 square feet. The financial services firm is also consolidating its regional office space by moving its existing downtown Indianapolis office to its newly expanded space at Parkwood Crossing.

This latest announcement continues the recent strong leasing activity at Parkwood Crossing, coming on the heels of design consultancy firm Kimley-Horn agreeing to a nearly 29,737-square-foot lease renewal, an expansion from its original 9,779-square-foot space. Kimley-Horn also relocated to a new building at the Parkwood Crossing campus, moving to Four Parkwood from its previous location at One Parkwood.

“We are pleased that Old National Bank has renewed and expanded its space, and we are excited about the strong leasing momentum that we have developed at Parkwood over the last 12 months. More than ever, tenants like Old National Bank are seeking a best-in-class office experience for their employees,” said Brian Simel with Rubenstein Partners. “This leasing momentum speaks to all of the investments that we have implemented at Parkwood Crossing, including a brand-new lakeside amenity building as well as other improvements inside and outside the buildings themselves. We bought Parkwood with a goal of elevating it as the premier office campus in Indianapolis/Carmel and we believe we have achieved that.”

Rubenstein acquired the development in 2016 and implemented a comprehensive renovation of the campus, including the addition of a 14,000-square-foot amenity center overlooking a lake known as the Parkwood Amenity and Recreation Center (PARC).

The state-of-the-art PARC facility includes a concierge, dining facilities, fitness center, cybercafé, conference rooms, a bike share option, and collaborative spaces available to all tenants. The Parkwood Crossing campus is based in Carmel and offers immediate access to I-465, U.S. 31, and 96th Street as well as strong I-465 visibility.

Rubenstein was represented by a JLL team comprised of Traci Kapsalis, John Robinson, and Brittany Shuler. The tenant was represented by Jeff Harris with Cressy Commercial Real Estate.

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