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The Pennway Building 241 N Pennsylvania St 25,016 SF Office Building Indianapolis, IN 46204 $4,950,000 ($197.87/SF)
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Investment Highlights
- The Pennway Building is the perfect blend of early-century character and contemporary style spanning 31,187 SF across four floors and a lower level.
- LEED Gold certified with modern amenities like a fitness center, sub-surface parking, key fob entry, and locker room facilities.
- Building signage available to form a high-identity presence on Pennsylvania and New York Street, passed by thousands of pedestrians and drivers daily.
- Historically rich design showcased throughout with a beautiful marble exterior, ornate iron staircase and elevators, and exposed brick and steel.
- Centrally located between Mass Ave, Monument Circle, and University Park offering boundless walkable restaurants, entertainment, sports, and hotels.
Executive Summary
The Pennway Building: Where Legacy Meets Vision
Originally constructed in 1902 as the Pennway Building, this storied structure served as a landmark headquarters for Indiana’s pioneering energy companies and local institutions. Now reintroduced under its historic name, the Pennway Building blends a century of architectural character with a modernized boutique office experience.
Located at 241 North Pennsylvania Street in the heart of Downtown Indianapolis, the building offers full-floor identity, exposed brick interiors, on-site parking, and LEED Gold certification. The Pennway Building is outfitted with all of the essentials and more after a comprehensive renovation in 2011. Peace of mind is ensured with secure key fob access to the building, suites, and restrooms. Teams can use the kitchenette and breakroom to unwind or chat with their partners in the client lounge. It’s also easy to fit in a workout with the on-site fitness center supported by private showers and locker rooms.
The dynamic suite mix is highly favorable for future lease-up initiatives and includes turnkey, fully furnished spaces and customizable spaces from approximately 2,238 to 25,053 square feet, with optionality for both open and private office layouts. The Pennway Building is an excellent asset for a variety of business looking to delivery a unique workplace experience in one of the most activated corridors in downtown Indianapolis offering tenants both a prime location, brand visibility, and a workplace experience that embodies authenticity, creativity, and a sense of place in the city’s urban core.
Pennsylvania Street is the primary thoroughfare for Downtown Indianapolis, laying out a world of amenities at the building's doorstep, and tenants can maximize this prominent position with building signage available. The Pennway Building boasts a walk and bike score of 99, with popular destinations like Mass Ave, Gainbridge Fieldhouse, Georgia Street, Monument Circle, and the expanded entertainment districts only blocks away. The heart of the CBD is also steps from the office, ideal for nurturing professional partnerships, hosting visitors in the city’s top hotels, or exploring the premier shopping and dining options.
Originally constructed in 1902 as the Pennway Building, this storied structure served as a landmark headquarters for Indiana’s pioneering energy companies and local institutions. Now reintroduced under its historic name, the Pennway Building blends a century of architectural character with a modernized boutique office experience.
Located at 241 North Pennsylvania Street in the heart of Downtown Indianapolis, the building offers full-floor identity, exposed brick interiors, on-site parking, and LEED Gold certification. The Pennway Building is outfitted with all of the essentials and more after a comprehensive renovation in 2011. Peace of mind is ensured with secure key fob access to the building, suites, and restrooms. Teams can use the kitchenette and breakroom to unwind or chat with their partners in the client lounge. It’s also easy to fit in a workout with the on-site fitness center supported by private showers and locker rooms.
The dynamic suite mix is highly favorable for future lease-up initiatives and includes turnkey, fully furnished spaces and customizable spaces from approximately 2,238 to 25,053 square feet, with optionality for both open and private office layouts. The Pennway Building is an excellent asset for a variety of business looking to delivery a unique workplace experience in one of the most activated corridors in downtown Indianapolis offering tenants both a prime location, brand visibility, and a workplace experience that embodies authenticity, creativity, and a sense of place in the city’s urban core.
Pennsylvania Street is the primary thoroughfare for Downtown Indianapolis, laying out a world of amenities at the building's doorstep, and tenants can maximize this prominent position with building signage available. The Pennway Building boasts a walk and bike score of 99, with popular destinations like Mass Ave, Gainbridge Fieldhouse, Georgia Street, Monument Circle, and the expanded entertainment districts only blocks away. The heart of the CBD is also steps from the office, ideal for nurturing professional partnerships, hosting visitors in the city’s top hotels, or exploring the premier shopping and dining options.
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Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
25,016 SF
Building Class
B
Year Built/Renovated
1902/2011
Price
$4,950,000
Price Per SF
$197.87
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
6,254 SF
Slab To Slab
14’
Building FAR
1.55
Lot Size
0.37 AC
Opportunity Zone
Yes
Zoning
CBD1 - Commercial
Parking
13 Spaces (0.52 Spaces per 1,000 SF Leased)
Amenities
- Atrium
- Controlled Access
- Fitness Center
Sustainability
Sustainability
LEED Certification Developed by the U.S. Green Building Council (USGBC), the Leadership in Energy and Environmental Design (LEED) is a green building certification program focused on the design, construction, operation, and maintenance of green buildings, homes, and neighborhoods, which aims to help building owners and operators be environmentally responsible and use resources efficiently. LEED certification is a globally recognized symbol of sustainability achievement and leadership. To achieve LEED certification, a project earns points by adhering to prerequisites and credits that address carbon, energy, water, waste, transportation, materials, health and indoor environmental quality. Projects go through a verification and review process and are awarded points that correspond to a level of LEED certification: Platinum (80+ points) Gold (60-79 points) Silver (50-59 points) Certified (40-49 points)
Walk Score®
Walker's Paradise (98)
Bike Score®
Biker's Paradise (98)
Demographics
Demographics
1 mile
3 mile
5 mile
2020 Population
18,709
107,352
256,572
2024 Population
20,276
127,821
281,927
Population Growth '20-'24
8.4%
19.1%
9.9%
2020 Households
11,257
47,658
107,343
2024 Households
12,247
56,678
118,122
Household Growth '20-'24
8.8%
18.9%
10.0%
Average Age
35
35
36
Median Household Income
$81,021
$52,939
$49,256
Daytime Employees
94,614
186,292
243,553
Total Businesses
5,337
14,560
19,811
College Degree + Higher
63%
32%
26%
Property Taxes
| Parcel Number | 49-11-01-163-001.000-101 | Improvements Assessment | $985,400 |
| Land Assessment | $383,700 | Total Assessment | $1,369,100 |
Property Taxes
Parcel Number
49-11-01-163-001.000-101
Land Assessment
$383,700
Improvements Assessment
$985,400
Total Assessment
$1,369,100
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