Steak 'n Shake buying the Ober Building in downtown Indianapolis

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Indianapolis-based restaurant chain Steak 'n Shake is moving its downtown headquarters across the street, next to Bankers Life Fieldhouse.

It's buying the Ober Building on 107 S. Pennsylvania from the city's Capital Improvement Board. The CIB, which owns Lucas Oil Stadium and the Fieldhouse, has owned the historic Ober since 1999.

The CIB and Steak and Shake agreed to a sale price of $3.1 million for the six-story building. The CIB originally wanted $3.8 million, but CIB president Ann Lathrop said since the building needs a new roof and HVAC system, they agreed to renegotiate the final cost.

The Ober building, at one time a furniture store, has since housed a handful of offices. The deal still needs the approval of the Metropolitan Development Commission.

Closing is set for February 28.