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."