Indianapolis, Indiana – January 2024 – Today, Stutz’s developer SomeraRoad announced the signing of a 52,000-square-foot lease with Indianapolis-based specialty products manufacturer Calumet. The new office space will be located on the 4th floor of the Stutz across Buildings three, four, and six. Calumet will move 200 employees to the revitalized, historic adaptive reuse, mixed-use Stutz project, which will serve as the company’s headquarters upon move-in in October 2024.
“We’re excited to start Calumet’s next chapter in our new headquarters in the heart of Indianapolis,” said Todd Borgmann, Calumet CEO. “Calumet has been operating for over a century thanks to our innovative and entrepreneurial spirit. The Stutz building is a great fit for us with its own rich history of innovation and creativity. Our team will appreciate the access to great businesses in and around the building.”
For more than 100 years, Calumet has manufactured a diverse slate of specialty products for customers all over the world and recently built North America’s largest sustainable aviation fuel plant. Headquartered in Indianapolis, Indiana, nearly 1,500 team members operate at more than ten facilities across North America.
Through Develop Indy, the City of Indianapolis is working through its economic development toolbox to support Calumet’s 10 million dollar investment in the new office. Incentives are contingent on approval from the Indianapolis City-County Council and the Metropolitan Development Commission since the project is located in a TIF district. In 2022, the Hogsett Administration supported SomeraRoad’s redevelopment of the Stutz with a $12.3 million developer-backed bond.
“The Stutz is a testament to the impact that public-private partnerships can make on a city,” said Mayor Joe Hogsett. “From being home to GANGGANG’s BUTTER, to serving as a hub for small and local business, the addition of Calumet’s move to the Stutz joins the momentum happening at this historic site and across Indianapolis neighborhoods. Today’s announcement certifies what we know to be true – Indianapolis is the economic driver of the Midwest, and continued investment downtown is tremendous news in this era of Indianapolis’ story.”
“The Stutz has firmly positioned itself over the past year as the ultimate live-work-play destination in Indianapolis,” said Brock Kenyon, Vice President, SomeraRoad. “Anchor retail, F&B, and office tenants have generated great momentum for the project and played a significant role in realizing the project’s vision of becoming a true 24-7, 365 days a year destination. Calumet will become a significant part of this identity, with their impressive teams adding to the creative and entrepreneurial spirit felt throughout The Stutz.”
The Stutz redevelopment project encompasses 441,000 square feet of leasable space, spanning a 3.8 acre, 7-building complex located between 10th and 11th streets and Senate and Capitol avenues in Indianapolis. Purchased by SomeraRoad in 2021 and revitalized and reopened in Summer 2023, the former car factory today operates as a dynamic, live-work-play micro-neighborhood offering the best of F&B, retail, office, and cultural programming. The Stutz exudes a creative spirit, attracting both top talent and tenants, as well as neighbors, visitors, and tourists looking for an authentic Indianapolis experience.
“The Stutz serves as a prime example of how strategic investments in historic spaces can drive economic development, create employment opportunities, and enhance the vibrancy of our downtown,” said Aletha Dunston, Director of Develop Indy. “The city’s commitment to fostering innovative and attractive office spaces is attracting new office users downtown. Calumet’s decision to make The Stutz its headquarters clearly indicates that our efforts in creating appealing work environments are yielding positive results.”
For more information on Calumet, please visit: https://calumet.com. For more information on office leasing opportunities or overall happenings at The Stutz, please visit: https://www.thestutz.com/.
For more than 100 years, Calumet has delivered high-quality products and services to customers around the world. Calumet manufactures, formulates and markets a diversified slate of specialty branded products to customers in various consumer-facing and industrial markets. Headquartered in Indianapolis, Indiana, nearly 1,500 team members operate at more than 10 facilities across North America, including 10 specialty product manufacturing and production facilities. Calumet products are available in more than 90 countries across the world, serving nearly 3,000 customers globally.
SomeraRoad is a commercial real estate investment and development platform with headquarters in New York and Nashville, and additional offices in Kansas City, Indianapolis, Austin, Pittsburgh, and Cleveland. Since inception over six years ago, the firm has taken an entrepreneurial and opportunistic approach to commercial real estate across a wide spectrum of asset classes, geographies, investment products, and risk profiles. At its core, SomeraRoad aims to navigate complex structures, identify market dislocations, craft an asymmetric risk profile, and align its interest with its investors. SomeraRoad invests in and develops CRE across a variety of product types (office, industrial, multifamily, retail, hotel) in 50+ US geographies, and it has transacted on nearly $3B of investments, utilizing nearly $1B of equity during its history. The firm has evolved into a diversified, vertically integrated platform with a reputation for solving complex problems, becoming local experts, and aggressively executing its business plans.