Cushman & Wakefield Brokers Record $12.25M Sale of Monon & Main in Carmel, Ind., Setting Indiana Office Price Record
INDIANAPOLIS — Cushman & Wakefield has brokered the $12.25 million sale of Monon & Main, a four-story, 34,650-square-foot Class A+ mixed-use office and retail property in Carmel, Indiana, setting a new record for office sale pricing in the state at $354 per square foot, the firm announced June 12.
The seller was a private partnership led by the Hannum family. The buyer was a private investor. Cushman & Wakefield's Rebecca Wells, Director, Capital Markets, in the firm's Indianapolis office, represented the seller.
A Record-Setting Transaction in Indiana's Office Market
At $354 per square foot, the Monon & Main transaction exceeded the previous statewide record by approximately 12%, according to Cushman & Wakefield research data. The prior benchmark had been set at The Edge, located on 116th Street in Fishers, Indiana. Cushman & Wakefield research shows that nine of the top 10 highest office sale prices per square foot in Indiana have occurred in the downtown areas of Carmel and Fishers — two of the state's fastest-growing communities.
The property, located at 211 West Main St. in the Carmel Arts & Design District, was 100% leased at the time of sale. Built in 2018, Monon & Main comprises 79% office and 21% retail space across its four stories.
"There was tremendous investor interest in this trophy asset, which may signal the beginning of a thaw in Central Indiana's commercial office market," said Wells. "It also reflects the exceptional construction quality of the building and the strength of the Midtown Carmel location within the Arts & Design District."
Property and Submarket Context
Monon & Main is part of a larger mixed-use development in Midtown Carmel that also includes a three-story, 12,000-square-foot independent steakhouse, seven townhomes, and a 200-space parking garage. A public plaza and pedestrian seating areas are also part of the broader development.
Carmel, a northern suburb of Indianapolis, has been recognized in recent years for strong job growth, cultural amenities, an award-winning school system, and extensive recreational infrastructure, including more than 200 miles of trails and pathways and over 1,000 acres of parks and green space, according to the firm's announcement.
About the Parties
Cushman & Wakefield (NYSE: CWK) is a global commercial real estate services firm with approximately 53,000 employees in over 350 offices across nearly 60 countries. The firm reported revenue of $10.3 billion in 2025 across its core service lines of Services, Leasing, Capital Markets, and Valuation and other.
The seller, a private partnership led by the Hannum family, was represented by Cushman & Wakefield in the transaction. The buyer, a private investor, was not publicly identified.