Emmis to sell HQ on southwest quad of Monument Circle
Emmis Corp. announces to seek buyer for Monument Circle
INDIANAPOLIS (WISH) — Emmis Corp. on Tuesday announced it’s chosen a real estate broker to sell its corporate headquarters on Monument Circle.
Emmis’ conglomerate of sports and entertainment media, which includes two New York City radio stations, has been based since 1998 in its seven-story headquarters southwest of the Soldiers & Sailors Monument.
Jeff Smulyan, Emmis chairman and founder, said in a news release, “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. We selected Cushman & Wakefield to help us explore that opportunity. When we relocate, Emmis will remain in Indianapolis. It is our home and will always be our home.”
Rebecca Wells, director of investment sales for Cushman & Wakefield, tells News 8 that the building is being listed at $35 million, excluding the parking garage.
“The owner of the building has an exclusive perpetual parking rights easement to lease up to 250 spaces in the attached Illinois Street garage,” Wells told News 8 by email.
The sale was not expected to immediately affect other tenants in the building: Star Bank and Urban One.
Emmis sold many of its radio assets in 2022 to Maryland-based Urban One. Indianapolis stations sold in that deal included WIBC-FM 93.1, Country 97.1 HANK FM (WLHK), 93.5 and 107.5 The Fan (WFNI) and B105.7 (WYXB). WIBC continues to broadcast from the building.
Emmis has sold off other assets in recent years to pursue opportunities in sales and marketing, including advertising in video games.
The city government recently closed tahe southwest section of Monument Circle to vehicular traffic in what it’s called a $750,000 experiment that could lead to a ban on vehicles going around the Soldiers & Sailors Monument.