Advantage Leases a Third of New Duke Office

INDIANAPOLIS-Duke Realty Corp. is building a second office building next to its current River Road property. River Road Two, a 120,000-sf office building, is planned for six acres of property on River Road here.

The building will have 30,000-sf floor plates, according to a company press release. A spokesman could not be reached for comment. The company expects to break ground this month, and complete the River Road Two facility by July. Nearly 80,000 sf will be available as spec space.

Duke has already leased 40,000 sf of the building to health plan provider Advantage Health Solutions, which will occupy the first and second floors of the planned four-story building. The property is in the Keystone submarket of Indianapolis. Jennifer Burk, SVP of Duke’s Office Group, said in the release that the company’s other Keystone/Northeast properties are leased at nearly 95%, “so we believe this is the right time to offer more class A office space in this growing market.”

Vicki Perry, president and CEO of Advantage, says in the release that the new development will provide her company with the required space and capacity for growth. The company is moving from its current space at the Precedent building in northern Marion County. Chad Collier and Tom Frank with Summit Realty Group represented Advantage in the lease, and Aasif Bade represented Duke. The lease rate for the Keystone area is at $20.16 per sf, according to a second-quarter market report by Grubb & Ellis.