CEDIA Plans to Build Global Headquarters Near Indianapolis
Though financial terms between CEDIA and Emerald Expositions for the sale of the CEDIA tradeshow remains undisclosed, it became a little bit clearer yesterday what the group plans to do with their new lump sum of money. The association announced that it plans to build a 40,000-square-foot global headquarters in Fishers, Indiana.
The three-floor building, located just northeast of Indianapolis, is expected to cost around $13.7 million, and will be ready for move-in by early fall 2018. Until then, CEDIA said it has negotiated to stay in its current location on 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," Dennis Erskine, CEDIA Chairman, said in a statement. "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."
The move will be a big one for the association, which has leased space in Indy since 2003, and it will likely result in cost savings over the long-run—the association said it will have spent over $4 million in rent and upkeep by the end of this year.
Of the 40,000 square feet in the new building, CEDIA said it will occupy about 75 percent of that space. That will include staff office space, a “world-class training facility,” an experience center, and an auditorium, all of which will be available for members to use. The remaining space will be made available for outside tenants to rent.
"We are incredibly excited to create a space that reflects CEDIA - we represent the very best in technology and yet we have struggled to accurately represent that in our current headquarters,” Tabatha O'Connor, CEDIA COO and Acting President/CEO, said in the statement. “The new global headquarters will be a space that CEDIA members can not only be proud of, but can utilize for training, client tours, after-hours events, and much more.”
The association is working with Indianapolis-based architect American Structurepoint and Meyer Najem Construction to hash out the final design and space requirements. They’ve already signed a purchase agreement for the plot of land in Fishers with the closing scheduled for the coming weeks.