Pan Am Tower has a new owner with big renovation plans

A Hamilton County property group has purchased Pan Am Tower in Downtown Indianapolis and has big renovation plans. 

Lauth Group, Inc. announced Monday that it has acquired the 12-story, 138,000 square foot building at 201 S. Capitol Avenue from the San Francisco-based Coastal Partners, LLC. The sale price has not been disclosed.

The building, constructed in 1987 when the Pan American Games were hosted in Indianapolis, anchors the Pan Am Plaza development, which is also home to a recently announced hotel project.

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Kite Realty Group's proposal would put two luxury hotels and more than 1,400 Hilton-branded hotel rooms atop the Pan Am Plaza. The hotel project includes a 38-story tower with 814 rooms and a smaller building with 600 rooms.

“We are very bullish on the future of the downtown Indianapolis central business district, which is a hub for the city’s growth plans. The Pan Am building is an excellent fit for Lauth’s corporate development and investment strategy,” Michael Garvey, Chief Investment Officer and partner with Lauth, said in a statement. Garvey led Lauth’s acquisition team for this project.

Lauth will self-manage the building through its property management group, according to a news release from the company. An onsite management office will reside within the building. 

Lauth also has plans to renovate interior public areas of the tower including the lobby, restrooms and workout facility. A timeframe for the renovations has not been provided. 

“Our focus will be to create and maintain a positive environment and experience for the building’s tenants,” Garvey said. “In addition, we look forward to working with the City of Indianapolis and Kite Realty on the overall plaza development project.”

Lauth has selected Adam Broderick and Kevin Gillihan with JLL to assist with leasing the property, which is more than 90 percent leased, officials said. 

IndyStar has reached out to Coastal Partners for more information.

Call IndyStar reporter Justin L. Mack at 317-444-6138. Follow him on Twitter: @justinlmack