The CEDIA board of directors recently approved the building of a new global CEDIA headquarters in Fishers, Ind., just outside of Indianapolis.
The decision came after 18 months of careful consideration of all options, including renovating the current space, finding new leased space, buying an existing structure and finally, building. Since 2003, CEDIA has leased space on the northwest side of Indianapolis; by the end of 2017, the organization will have spent over $4 million in rent and upkeep, with no return.
Building a new headquarters benefits the CEDIA membership two-fold, not only will it have a space that can host world-class training and events, but it will have an asset with appreciating value that diversifies CEDIA's overall investment portfolio. CEDIA 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.
The proposed building will be 40,000 square feet total on three floors and is expected to cost $13.7 million dollars. CEDIA plans to occupy 30,000 square feet, which will include staff office space, as well as a world-class training facility, experience center, and auditorium, all of which will be available for member use. Ten thousand square feet will be made available for tenants and will provide an additional revenue stream for the association to reinvest in the membership.
CEDIA is working with Indianapolis-based architect American Structure Point and Meyer Najem Construction to determine the design and space requirements for the future global headquarters.
Early building estimates project that the new CEDIA headquarters will be ready for occupancy in early fall 2018: Until that time, CEDIA has negotiated to stay in its current location with a month-to-month lease.