Fairbridge Properties (“Fairbridge”), a privately held real estate investment company, announced today that it has acquired Landmark Center, a 304,946-square-foot, Class-A office tower in Indianapolis, Indiana. Fairbridge paid $21.5 million for the 12-story building, located at 1099 N. Meridian Street in the city’s central business district.

Purchased by Fairbridge at a cap rate above 10 percent — more than 50 percent below replacement cost — Landmark Center offers a rich amenity package that includes a new fitness center and yoga studio, a conference facility, indoor bike storage, a full-service cafeteria and a parking ratio of 4 spots per 1000 square feet. Floor plates at Landmark Center measure 25,000 square feet, thus enabling open-space configurations that are ideal for large national companies, government agencies and other team-intensive businesses.