INDIANAPOLIS (WISH) — A home technology association announced Tuesday it will build a $13.7 million headquarters in Fishers.
CEDIA is an international trade association with more than 3,500 member companies that design, make and install home technology. CEDIA will build a 40,000-square-foot building, which will include an auditorium and room for tenants, just east of Interstate 69 at 106th Street and Kincaid Avenue, said Olivia Sellke, senior public relations manager for CEDIA. The location is in the city’s Delaware Tech Park. CEDIA signed a purchase agreement for the land in Fishers, with closing scheduled in the coming weeks.
Since 2003, CEDIA said it has leased a space at 7150 Winton Drive, east of I-465 on 71st Street, on the northwest side of Indianapolis. By the end of 2017, the organization said it will have spent over $4 million in rent and upkeep, and its lease is up in October.
Early building estimates project that the Fishers headquarters will be ready for occupancy in early fall 2018: Until that time, CEDIA said it has negotiated to stay in its current location with a month-to-month lease.
“Building a new headquarters in a desirable, high-growth area gives the CEDIA membership an asset with appreciating value, as well as opportunity for monthly revenue from tenants,” said Dennis Erskine, CEDIA chairman, said in a news release. “We came to this decision only after 18 months of careful consideration of all options, including renovating the current space, finding new lease space, buying an existing structure and finally, building. We had three separate financial firms vet the build-to-suit alternative, and all concluded that real estate in this booming area was a sound investment, and a solid strategy to diversify CEDIA’s overall investment portfolio.”