McGowan Insurance Group Proposes $2.5 Million Downtown Headquarters

Friday, August 15, 2008

FOR IMMEDIATE RELEASE

[Indianapolis, IN - August 15, 2008] - For 75 years, McGowan Insurance Group, Inc. has called downtown Indianapolis home. The independent insurance agency will soon write another chapter as it prepares to construct a new, 19,000 square foot headquarters at 340 N. Capitol Avenue in downtown Indianapolis. The project further illustrates the steady growth and stability of Marion County and Indianapolis.

“Where other Midwest metropolitan cities have struggled in a challenging national economy, Indianapolis continues to shine with economic development in our urban communities,” said Indianapolis Mayor Greg Ballard.

In addition to retaining 30 employees at McGowan Insurance, the $2.5 million project will create 13 new jobs. The City has agreed to support real property tax abatement for the project, pending approval by the Metropolitan Development Commission.

“For more than 75 years, we’ve been a resident, a steward and an independent provider of insurance products to a diverse clientele,” said, Hugh B. McGowan, President and CEO of McGowan Insurance Group. “The decision to maintain our headquarters in downtown Indianapolis was easy for us because it is the economic and cultural focal point of the nine-county region. We pride ourselves on being a part of the downtown community and look forward to expanding here.”

McGowan Insurance Group is a family-owned and operated agency with a commitment to community involvement. McGowan organizes youth activities, sponsors social services programs and many of its associates volunteer and serve as directors of numerous boards.

“It is always exciting when a home-grown and family-operated company like McGowan Insurance decides to stay, and continues to grow downtown while looking towards the next generation of corporate leadership. The new headquarters facility will make a fantastic addition to downtown and in the Indiana Avenue Cultural District,” said Jeb Conrad, Executive Director of Indianapolis Economic Development, Inc.

Katie Culp, Senior Vice President of Colliers Turley Martin Tucker (CTMT) – Indianapolis assisted McGowan Insurance Group in securing the real property tax abatement support for the project and John Crisp, SIOR, Principal/Vice President, also of CTMT, represented McGowan Insurance Group in ground purchase.

About McGowan Insurance Group, Inc.

McGowan is a family owned and operated agency that provides a broad array of insurance programs for diverse business classes (from start-ups to large corporations). Products include Commercial Insurance, Personal Insurance, Employee Benefits, Bonds, Risk Management and Consulting Services, and Loss Control and Claims Management. For more information, go to , www.McGowanInc.com.

About Indianapolis Economic Development, Inc.

Indianapolis Economic Development, Inc.(IEDI) is Marion County’s local economic development organization dedicated to providing business attraction; existing business retention, expansion; and location services in Indianapolis/Marion County, serving as a catalyst for capital investment and quality job growth. For more information about IEDI, please visit their website at www.indianapoliseconomicdevelopment.com.

About Colliers Turley Martin Tucker

One of the nation’s largest privately held, full-service commercial real estate firms, Colliers Turley Martin Tucker (CTMT) handles more than $5 billion in annual real estate transactions and manages over 237 million square feet of industrial, office, and retail space. CTMT has approximately 1,300 associates, of which 505 are licensed real estate professionals, throughout its regional offices in Cincinnati, Columbus, and Dayton, OH; Indianapolis, IN; Kansas City, MO; Minneapolis/St. Paul, MN; Nashville, TN; and St. Louis, MO. For more information about Colliers Turley Martin Tucker, visit their website at www.ctmt.com.

 

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