Rockville Business Center :: Indianapolis, IN
The Rockville Business Center is a 600K+SF building that was formerly utilized as a manufacturing facility for RCA/Phillips Electronics. Acquired by Covington from GMAC in late 2005, the building was over 60% vacant and functionally obsolescent. Embarking on a modernization program to update the building and make it more functional, Covington is projecting the building to be fully leased by the end of 2006, at rents exceeding initial projections. Within less than one year, Covington doubled the value of the building by creating a stable, creditworthy stream of income from strong regional and national tenants. This building was sold in early 2008.