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Black Salmon, REDICO Pick Up BMO Plaza in Downtown Indianapolis for $70M

Hearn JV Flips 28-Story Office Tower with $6M Renovation Two Years After Initial Entry into the Market
March 8, 2018
Black Salmon, a new national investment platform and business line for Miami-based TSG Group, has partnered with REDICO to acquire the Bank of Montreal (BMO) Plaza, a 444,644-square-foot office tower in downtown Indianapolis.

The Black Salmon-REDICO partnership purchased the 28-story office building at 135 N. Pennsylvania St. for $70 million, or about $157 per square foot, from Chicago-based investor Hearn Co. and its equity partner CrossHarbor Capital Partners.

The Hearn joint venture made its initial entry into the market in 2016, acquiring BMO Plaza for $40 million, or roughly $90 per square foot, according to CoStar data.

Hearn and CrossHarbor Capital completed nearly $6 million in renovations to the property. Major tenants include BMO Harris Bank, General Electric and the U.S. Department of Defense (DOD).

Black Salmon also recently partnered with EverWest Real Estate Partners to acquire the 109,242-square-foot Public Market office building at 6001 Shellmound St. in Emeryville, CA for $33.3 million. The firm has set a goal of acquiring close to $300 million in real estate in its first two to three years, according to Jorge Escobar, managing partner of Black Salmon.

Ignacio Murman, head of acquisitions and managing partner for Black Salmon, said the firm's client base is largely composed of international investors seeking a streamlined investment process to diversify their portfolios.

Murman is a former head of acquisitions of Independencia Asset Management. In addition to Escobar, the firm includes Diego Madotta, former commercial vice president of Capital Markets Argentina, and Eduardo Escayol, a senior partner of Capital Markets Argentina. TSG Group is headed by CEO and Managing Partner Camilo Lopez.

Please see CoStar COMPS #4155752 for more information on this transaction.
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