The Pyramids is a distinctive office complex on the Far Northwestside of Indianapolis, along the historic Michigan Road. I shared its history here. The Indianapolis Star reports that it has been sold.
The buyer is Speedway, Indiana, based KennMar, which plans to revitalize the site by upgrading the facade and enhancing interior common areas.
KennMar believes that this acquisition complements the company’s in-progress development of a site within the same office park that once contained a large hotel with an indoor water park. The site will contain a free-standing Starbucks and a 10,000-square-feet shopping complex that will include a Panera Bread location.
KennMar is doing this at a time when office occupancy is down considerably thanks to the coronavirus pandemic. They are betting that businesses will return to in-person working over the next several years.
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