Lauth purchases Pan Am Plaza Tower

WTHR file
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INDIANAPOLIS (WTHR) - Carmel-based Lauth Group has acquired the 12 story Pan Am Plaza Tower from San Francisco-based Coastal Partners.

The price was not disclosed.

Built in 1987, Pan Am Tower is approximately 90-percent full of leased tenants, according to a media release from Lauth.

Lauth will manage the building and plans an onsite office in the building.

Renovation plans include the lobby, restrooms and workout facility.

"We look forward to working with the City of Indianapolis and Kite Realty on the overall plaza development project,” said Lauth partner Michael Garvey in a statement to the media announcing the purchase.

Pan Am Plaza, which is bordered by Capitol Avenue, Georgia Street, Illinois Street and the Crown Plaza Hotel, is owned by Indianapolis-based Kite Realty.