Keystone Group acquires former Elevance Health headquarters on Monument Circle

INDIANAPOLIS — The Keystone Group has acquired the former headquarters of Elevance Health on Monument Circle in Downtown Indianapolis.

According to a news release from the real estate firm, the building, located at 120 Monument Circle, occupies the most prominent and expansive quadrant of Monument Circle. The site was also the former headquarters of Anthem.

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This comes after the company’s recent acquisition of more than 1,000,000 square feet of vacant office buildings in one downtown Indianapolis block. The release said that Keystone Group has invested more than $250 million into luxury mixed-use residential, retail and hospitality developments downtown.

“120 Monument Circle is more than just a building, it’s a centerpiece location in the beating heart of our city,” Ersal Ozdemir, the founder and owner of Keystone Group, said in the release. “Building on our reputation for leading the way with bold, catalytic developments, Keystone will transform this currently vacant space into a vibrant hub of activity, innovation, and community in downtown Indianapolis. The sky is the limit for the redevelopment of 120 Monument Circle, presenting a generational opportunity to remake the face of Monument Circle and will stand as testament to Keystone’s ongoing dedication to visionary development of our state capital.”

The release said that the company expects this space to be a mixed-use major development and will likely include:

• Sweeping rooftop views
• High-end outdoor amenities
• Parking
• Maximized retail and restaurant space

“We are proud that Keystone has been at the vanguard of renewed private investment in our downtown and are excited that 120 Monument Circle will provide the first opportunity in nearly three decades to reimagine how the northwest quadrant of Monument Circle can better serve locals and visitors to Indianapolis.” Ozdemir continued.

For more information about the Keystone Group, click here.