The Real Deal Miami

Miami-based venture buys Indianapolis office building for $70M

Miami-based Black Salmon Capital is part of the joint venture that acquired the 440,000-square-foot office property
March 11, 2018 01:10PM

Jorge Escobar

Miami-based commercial real estate investment firm Black Salmon Capital is part of a joint venture that bought an office building in Indianapolis for $70 million.

Black Salmon acquired BMO Plaza, which has about 440,000 square feet of interior space, by purchasing its former owner, a company called 135 N. Pennsylvania, LLC.

Black Salmon, led by CEO and managing partner Jorge Escobar, is part of TSG Group, a Miami-based group that plans to invest as much as $300 million in commercial real estate properties by 2019. Escobar owns half of TSG, formerly known as The Solutions Group.

BMO Plaza in Indianapolis

In November, TSG made its first acquistion, spending  $33 million for a 109,000-square-foot office building in San Francisco called the Offices at Public Market.

The Indianapolis acquisition continued Black Salmon’s strategy of “investing in prime commercial real estate properties throughout the U.S.,” Ryan D. Bailine, a shareholder in the Miami office of law firm Greenberg Traurig, said in a prepared statement.

Bailine led a team of real estate, tax and corporate attorneys at Greenberg Traurig that represented Black Salmon in the $70 million transaction.

The Greenberg Traurig team including shareholders Paul Berkowitz, Seth Entin, Jonathan Gelman, and Evan Kanter, and associate Travis Walker. – Mike Seemuth