FOR IMMEDIATE RELEASE
May 25, 2005
HARBOR GROUP INTENATIONAL SELLS NATIONAL
CITY CENTER IN INDIANAPOLIS
Harbor Group International
(HGI) of Norfolk, Virginia has sold the 16-story, 625,000
square foot National City Center
in Indianapolis,
Indiana to HRPT Properties Trust, a real estate investment
trust, or REIT, listed on the New York Stock Exchange under
the symbol "HRP."
"National City Center was a landmark acquisition for HGI
in 2001 and we had great success executing our investment
strategy
with such an outstanding asset," said Richard Litton,
President of Harbor Group International. "The property
boasts a high tenant satisfaction rate and truly lives
up to its reputation as ‘the center of it all.’"
Built in 1977, the property was 96% occupied at the time
of sale. Five major tenants occupy 85% of the building,
including National City Bank’s Indiana headquarters,
the Supreme Court of Indiana, and The Indiana Court of
Appeals.
National City Center is situated on an entire city block
in the heart of downtown Indianapolis. The property comprises
twin towers connected by a 16-story glass atrium lobby, which
is one of the largest enclosed spaces in the country. A Hyatt
Regency Hotel with a revolving restaurant on its rooftop
adjoins
the property, but was not included in the acquisition.
Harbor Group International has been an aggressive acquirer
of investment property since its creation in 1985. HGI’s
other prominent central business district office properties
include Dominion Tower in Norfolk, Virginia; State House Square
in Hartford, Connecticut; PNC Center in Cincinnati, Ohio; One
Enterprise Center in Jacksonville, Florida; and the Mercantile
Bank & Trust Building and Wachovia Tower in Baltimore,
Maryland.
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