Indy Radio: Emmis Lists Former HQS Building At $35M

Jeff Smulyan at 40 Monument Circle in Indianapolis

Emmis Corporation is looking for a new owner for 40 Monument Square, the seven-story, 140,000-square-foot building on Monument Circle that is home to local radio stations such as WIBC and B105.7, according to Fox-TV59.

Emmis announced the decision to seek buyers for the prime location in the heart of downtown on Tuesday, enlisting the help of real estate firm Cushman & Wakefield. Emmis stated that despite 40 Monument Circle being home to Emmis since 1998, the corporation plans to sell off ownership of the building much as it sold off its Indianapolis radio stations last summer to Urban One.

“As we divested assets, including our local radio stations, we weighed what to do with the building and ultimately decided that it made sense to look for a new owner,” said Emmis Chairman and Founder Jeff Smulyan. “When we relocate, Emmis will remain in Indianapolis. It is our home and will always be our home,” Smulyan added.

Emmis said that the sale of the building would not immediately impact the current tenants, which include Star Bank and several Urban One radio stations such as WIBC. Emmis did not clarify, however, if these tenants would have to negotiate new leases with the eventual purchasers or if they could be required to relocate within a specific time following a sale.

In June 2022, Emmis announced an agreement to sell its Emmis Indianapolis station cluster to Urban One for $25-million.  When announced the cluster included B105 (WYXB 105.7FM), HANK FM (97.1FM), The Fan (93.5FM and 107.5FM), WIBC (93.1FM) and Network Indiana.

In recent years, Emmis has sold many of its media assets and redeployed capital into new ventures which emphasize its sales and marketing experience. Emmis also operated Indianapolis Monthly magazine and two radio station licenses in New York (1190AM and 98.7FM).

“Monument Circle has been Emmis’ home since 1998, and I’m proud of what we built, and the people who helped build it,” Emmis Chairman and Founder Jeff Smulyan stated. “As we divested assets, including our local radio stations, we weighed what to do with the building and ultimately decided that it made sense to look for a new owner.”

Last month Emmis Corporation’s Rick Cummings, the programming genius behind LA’s Power 106 and New York’s Hot97, as well as dozens of other radio stations and formats across the United States, announced his retirement from full-time employment effective September 1, 2023, after 43 years with the company. He will remain a consultant with Emmis.