IndyStar: See inside former Anthem HQ, where redevelopment is on the horizon
December 9, 2025
Alysa Guffey
Indianapolis Star
The grand atrium through which Anthem employees walked as they came to work at company headquarters still remains. But the space that once featured real trees and fancy water features has been mostly empty since the insurance company moved out of 120 Monument Circle in 2018.
Change could be on the way. Keystone Group bought the building for $6 million in June, according to property records.
At least two options exist: Wait for a large enough office tenant to show interest or tear down the short and stubby four-story building and build fresh, Keystone owner Ersal Ozdemir said.
The site first housed the English Hotel and Opera House built in 1880. That historic building was sold in 1947 to retailer J.C. Penney, who built a three-story department store there in 1950. When Blue Cross/Blue Shield, later Anthem, took over the property, the company added a fourth floor and the ground floor atrium.
Today, it’s perhaps the only building on Monument Circle that could be torn down because other buildings hold historical significance. It’s also the widest, taking up a quadrant of the Circle, meaning a demolition would mean a dramatic change.
In a news release in June, Keystone said the redevelopment was likely to include retail and restaurant space and outdoor component, but more recently Ozdemir said nothing is set in stone.
The Urban Land Institute in September hosted more than 100 people inside the 35-year-old property space to brainstorm ideas for the space.
Anthem headquarters on Monument Circle in Indianapolis. Jeff Swiatek/The Star File Photo
What is the Circle missing? they were asked. Some responses: a speakeasy, live music, kid-friendly indoor activities and a conservatory.
Several people echoed the need for more mixed-use developments with apartments, restaurants and bars.
Keystone will explore a short-term plan to introduce retail, restaurant and outdoor space while studying long-term plans, Ozdemir said.
“We look at more what’s good for the building,” Ozdemir said. “What’s good for the area that is going to help the area to become more active?”
