FOR IMMEDIATE RELEASE
May 14, 2001
HARBOR GROUP INTERNATIONAL PURCHASES
NATIONAL CITY CENTER IN INDIANAPOLIS
 Harbor
Group International (HGI) of Norfolk, Virginia has acquired
the 16-story, 650,000 square foot National City Center
in Indianapolis, Indiana. HGI, in partnership with an institutional
investor, purchased the two adjoining towers from National
Office Partners, a joint venture of Hines Interests and
CALPERS Pension Fund at a purchase price of $59,725,000.
“National City Center is a landmark property with
great tenants in a great city and is a particularly exciting
acquisition for Harbor Group International,” said
Jordan E. Slone, Harbor Group International Chairman and
CEO.
Built in 1977, it is nearly 100% occupied. Five major
tenants occupy 85% of the building, including National
City Bank’s Indiana headquarters, as well as the
headquarters for Simon Property Group, the country’s
largest shopping mall owner, the Supreme Court of Indiana,
The Indiana Court of Appeals, and MCI WorldCom.
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.
National City Center continues Harbor Group International’s
aggressive acquisition strategy of the past few years.
HGI has acquired such trophy properties as the Crestar
Bank Building, and First Virginia Tower in Norfolk, Virginia,
Bank One Tower in Lexington, Kentucky, SunTrust Bank Building
in Nashville, Tennessee; as well as former Koger Center
office parks in Nashville, Tennessee, Columbia, South Carolina,
Norfolk, Virginia and El Paso, Texas.
Also last week, Harbor Group International sold its property
in Chicago, Illinois occupied by Dominick’s Grocery
Store, the largest grocery store chain in the Chicago market.
Harbor Group International sold the property for $2,725,000
to Dominick’s. It acquired the property in 1998 from
Woodmen of the World Insurance Company for $1,800,000.
Harbor Group International currently owns in excess of
$650 million worth of properties in 15 states in the United
States as well as three different countries.
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