Union Building | Value-Add Through Lease-Up 1106 Meridian St

Union Building, situated at 1106 Meridian Street, is a historic staple of Downtown Anderson. Built in 1902, this remarkable office rings in at an impressive 111,520 square feet spread across six stories. The structure has a Class C steel frame with masonry and concrete exterior walls. Once inside, the office features a glass atrium on the first-floor lobby level, which extends upward to form a vertical corridor that provides attractive window exposure for interior office spaces. Situated on 0.44 acres of land across two parcels, there is ample and plentiful parking for employees and visitors alike. With broad B-2 zoning, owners can lease out to multiple businesses. In a B-2 zone, permitted uses include professional offices and personal service businesses. Presently, the property is approximately 10% occupied with mostly month-to-month tenants. This flexibility allows ownership several options moving forward for this spacious asset. Buyers can restructure current tenants with longer lease terms to ensure a stronger investment. Alternatively, new ownership can use space for their own business while collecting income from other tenants.
The first four floors are fully built out and the building has operated at above 80% occupancy since 2018 until recently. Floors 5 and 6 are open floor plates, which provides an opportunity for a large tenant user, an executive suite configuration, or a possible residential use conversion. There is also a large basement that provides storage space that could be leased out.
In 2023 ownership commenced an improvement program that included all new bathrooms on floors 1-3, new paint and carpet in all of the common areas, and HVAC improvements. In May 2024 a water pipe broke on the 4th floor and caused significant damage that resulted in the building being vacated. The extensive insurance claim work has been completed and the building is in very good condition. Due to the extensive repair work that was done which took several months, most of the tenants were forced to relocate, so the current occupancy is much less than before the water pipe broke.

The Union Building is in the perfect position for investment. Strategically placed at the intersection of Meridian and 11th Streets in Downtown Anderson, the office is close to it all. This asset is adjacent to the historic Paramount Theater, which hosts a number of private and civic events, performances, exhibitions, and festivals throughout the year. Anderson also has tons going on outside of the downtown area. Among its notable distinctions, Anderson is home to the largest manufacturing plant in North America of Swiss food giant Nestle N.A. It also boasts the Hoosier Park Casino, which attracts visitors from around the state of Indiana and beyond. The casino features both live and electronic gaming and horseracing and is a major driver of local economic activity.

Anderson is conveniently located approximately 40 miles northeast of Indianapolis on Interstate 69, approximately 18 miles southwest of Muncie. Anderson is also dedicated to economic development. Over the last 10 years, Anderson has attracted over $1.5 billion in direct investment, leading to a substantial increase in jobs. In addition to jobs and investment, Purdue has recently set up two installations, one located within the City’s Flagship Center adjacent to Interstate 69 and the other located immediately adjacent to the downtown area, which houses the state-of-the-art, multi-disciplinary Purdue Polytechnic Institute. The city is also home to Anderson University, founded in 1917, a private church -affiliated liberal arts residential university.

Set up shop in Anderson’s most vibrant district with the value-add office at 1106 Meridian Street and discover the immense advantages of this one-of-a-kind locale.

Property tours are available by appointment only. Please contact the listing broker to schedule.

Listed by Brian Brockman of Bang Realty, IN License #RB14037939.