Philadelphia-based vertically integrated real estate investment adviser Rubenstein Partners, L.P. recently announced the execution of another lease at Lakefront at Keystone. Aerospace and defense company Raytheon Intelligence & Space has signed on for a full-building, seven-year lease of the Lakefront 6 building.

Tenant representation was provided by Mike Semler from Cushman & Wakefield’s Indianapolis team, as well as Brendan O’Shaughnessy, while a JLL team led by Tammy Faulk and John Robinson represented the landlord.

The property is part of a 15-building, Class A office park that surrounds a lake and incorporates more than 1 million square feet of Indianapolis office space. Located at 3939 Priority Way, Lakefront 6 encompasses roughly 87,000 square feet of office space across four stories.

“We are pleased to announce a long-term deal with technology and innovation leader Raytheon Intelligence & Space to serve as the full-building occupant for the Lakefront 6 property,” said Brian Simel of Rubenstein. “With this lease, Raytheon Intelligence & Space is making a large investment in Central Indiana and we are proud to be a part of that, as well. Our ownership group has already made massive investments to enhance the Lakefront campus and we are not slowing down because these amenities and the fresh energy of the campus have been a big part of driving a lot of recent success we have been seeing in terms of leasing and tenant retention. As we look to the future, our goal is to continue to add even more amenities and make Lakefront at Keystone the most dynamic live/work/play community in the region.”

Rubenstein and Strategic Capital Partners previously acquired Lakefront at Keystone in 2017 as part of a portfolio deal. The partnership subsequently embarked on a sizeable capital improvements program to reposition the office park as one of the most desirable assets on the suburban Indianapolis market. The modernization added new indoor and outdoor amenities, including:

• The Anchor — an indoor amenity center with state-of-the-art fitness facilities, a tenant lounge, a full-service café, conference facilities and more
• The Harbor — a floating barge entertainment venue that takes full advantage of the office park’s 38-acre lake
• The Boardwalk — an outdoor amenity that includes a waterfront plaza, a basketball court, a workout circuit and a bike path, as well as a food truck depot and seating areas
• The Landing — a lakeside outdoor retreat area featuring casual seating with fire pits and interactive games for lunch breaks, team building or even after-hours meet-ups

Other high-profile tenants that have recently signed office leases at Keystone include eHealth, Ducharme McMillen & Associates and Thrivent Trust Company. On-site dining amenities will soon include Prodigy Burger Bar and Big Bear Biscuits, which were announced earlier this year for two restaurant leases.

Notably, Lakefront at Keystone is adjacent to Interstate 465, so the office park offers excellent visibility and signage opportunities. Moreover, business tenants here benefit from proximity to the Fashion Mall at Keystone, as well as numerous restaurants, hotels and entertainment venues.

With the repositioning program complete and a strong tenant on the roster, the owner partnership has enlisted a Newmark team led by Jim Postweiler to market the Lakefront 6 building for sale.

“This represents one of the most attractive investment opportunities available in the Indianapolis market,” Postweiler said. “The property is in an ideal location within the Lakefront at Keystone campus, offers a strong amenity package and is in exceptional condition through the recent capital improvements. Additionally, given the new, full-building lease with a strong, well-respected tenant, we feel there are many prospective buyers who would appreciate the predictable, long-term cash flow this investment can offer and so are pleased to bring Lakefront 6 to market.”