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Emmis to Sell Indianapolis Headquarters

But the evolving company will remain in the city

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.

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