Emmis : Announces Decision to Seek Buyer for 40 Monument Circle

For Immediate Release

MEDIA CONTACTS

Kate Snedeker, [e-mail]
Bailey Webb, [e-mail]

Cushman & Wakefield to market 7-story headquarters in heart of Indianapolis

INDIANAPOLIS, September 12, 2023 - Emmis Corporation announced today that commercial real estate firm Cushman & Wakefield has been selected to market its corporate headquarters at 40 Monument Circle.

"Monument Circle has been Emmis' home since 1998, and I'm proud of what we built, and the people who helped build it," Emmis Chairman and Founder Jeff Smulyan said. "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. We selected Cushman & Wakefield to help us explore that opportunity. When we relocate, Emmis will remain in Indianapolis. It is our home and will always be our home."

A sale would not immediately impact the building's current tenants, Star Bank and Urban One.

The seven-story, 140,000-square-foot building is located directly on Monument Circle, the epicenter of Downtown Indianapolis. The property offers a contiguous block of 100,000 square feet of Class A office space ideal for a prestigious office headquarter space for owner-users or corporate tenants. With its expansive, three-story atrium, 40 Monument Circle has the potential for tourism-retail and high-end dining as well. The property's offering also includes a right of first refusal to acquire the adjacent parking garage and air rights over the garage for a potential building expansion.

Cushman & Wakefield's Rebecca Wells will lead efforts with support from John Crisp and Spud Dick to identify a buyer for the Downtown Indianapolis landmark.

Given its prime location, 40 Monument Circle has a 97 Walk Score and access to more than 440 restaurants and bars, 32 cultural institutions, 14 monuments and memorials and more than 340 acres of park and green space.

"The Emmis building on Monument Circle offers the discerning buyer high-end boutique office space with a premier location and walkability to residential uses, state and local government offices, sporting venues, entertainment, theater, retail and restaurants. With multiple exterior terraces, a lower-level basketball court and workout areas and stunning views of the city, the building offers an exceptional opportunity to create a new, centrally located amenity-rich Class A+ office and retail environment for employees to enjoy," said Wells, Cushman & Wakefield director, investment sales, in Indianapolis.

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com.

About Emmis Corporation
Emmis Corporation (formerly Emmis Communications) is a long-time owner and operator of media, sports, entertainment, and other diversified operations, including Lencore, the world leader in high-quality sound masking solutions for offices and other commercial applications; a controlling interest in Digonex, which provides dynamic pricing solutions for attractions, performing arts organizations, and other industries; as well as one AM and one FM radio station in New York City. Emmis also has an investment in Anzu, the most advanced intrinsic in-game advertising solution for PC, console, mobile, and cloud-based video games.

-END-