Following the formation of a global CEDIA organisation, a new global headquarters is set to be built in Fishers, Indiana. More than 18 months of research, financial analyses and due diligence has been performed, with the CEDIA board deciding that a new built-to-suit global headquarters would provide the best solution for the current and future needs of the association and its members.
The building will be 40,000 sq-ft total on three floors and is expected to cost $13.7 million dollars. CEDIA plans to occupy 30,000 sq-ft, which will include staff office space, as well as a world-class training facility, an experience centre, and an auditorium, all of which will be available for member use. 10,000 sq-ft will be made available for tenants.
Since 2003, CEDIA has leased a space on the northwest side of Indianapolis; by the end of 2017, the organisation will have spent over $4 million in rent and upkeep. The association’s lease is up in October 2017. Early building estimates project that the new CEDIA headquarters will be ready for occupancy in early autumn 2018: Until that time, CEDIA has negotiated to stay in its current location with 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,” says Dennis Erskine, CEDIA chairman.
“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.”
CEDIA is working with Indianapolis-based architect American Structurepoint and Meyer Najem Construction to determine the design and space requirements for the future global headquarters.
“We are incredibly excited to create a space that reflects CEDIA – we represent the very best in technology and yet we have struggled to accurately represent that in our current headquarters. The new global headquarters will be a space that CEDIA members can not only be proud of, but can utilise for training, client tours, after-hours events, and much more,” adds Tabatha O’Connor, CEDIA COO and Acting President/CEO.
CEDIA has a signed a purchase agreement for a plot of land in Fishers, Indiana, with closing scheduled in the coming weeks. Fishers has become a popular area for tech-focused companies to put down roots, and has been named as one of the Best Places to Live by both Time (2016) and Niche (2017) and was honoured as Indiana’s 2016 Community of the Year.
CEDIA members interested in providing products and technical expertise to fully integrate the new global headquarters should contact firstname.lastname@example.org.
The move to a new headquarters follows the departure of CEDIA CEO Vin Bruno, who spearheaded the global integration of CEDIA EMEA.