News Room
Tower Investments buys former Guide HQ in Pendleton
By Carlin K. Cook
February 7, 2008
Remy International Signs 64,654-SF Lease at Office Complex
Tower Investments purchased the former Guide headquarters at 600 Corporation Drive in Pendleton, IN, for $5.9 million, or about $49 per square foot. Days later the new owner gained its first tenant, Remy International Inc.
Remy International, which emerged from Chapter 11 protection just 12 days prior to its deal, leased 64,654 square feet. The lease went into effect on January 1 and will last for 10 years and four months. It is estimated that the tenant will pay nearly $5.08 million in rent over the duration of the lease.
The Madison Trace Business Park property at 600 Corporation Drive is a 120,000-square-foot office building.
Remy International Inc. is a designer, manufacturer, remanufacturer and distributor of electrical, powertrain/drivetrain and other related equipment. General Motors Corp. originally formed it in 1994 as a partial divestiture. Since then it has grown to become a $1.4 billion company that manufactures worldwide.
Zane Brown of CB Richard Ellis in Indianapolis represented Remy International. Kurt Mathewson and Tom Willey of Coldwell Banker Commercial Realty Services represented Tower Pendleton LLC.