Emmis Corp. announced that it intends to sell its corporate headquarters at 40 Monument Circle in Indianapolis, Ind.
The company was a major radio group owner that, thanks to founder Jeff Smulyan, has always had a major connection to Indianapolis and to Indiana. However, since 2015, it has been divesting itself of most of its radio holdings “to focus on higher-growth businesses,” including last year when it sold its stations in Indianapolis to Urban One.
Commercial real estate firm Cushman & Wakefield will market the property as Emmis seeks a buyer.
“Monument Circle has been Emmis’ home since 1998, and I’m proud of what we built, and the people who helped build it,” Smulyan said in a press release. “As we divested assets, including our local radio stations, we weighed what to do with the building and ultimately decided that it made sense to look for a new owner. When we relocate, Emmis will remain in Indianapolis. It is our home and will always be our home.”
The seven-story, 140,000-square-foot building is located directly on Monument Circle, the epicenter of downtown Indianapolis. Emmis said a sale would not immediately affect the building’s current tenants, Star Bank and Urban One.
Recently, Smulyan proposed a three-year plan that, if shareholders approve, will take the company private. Emmis still owns New York stations “ESPN New York 98.7” WEPN(FM) and gospel WLIB(AM) (1190), with plans to sell.
