Chesapeake Energy Corp. has sold the twin Central Park office buildings near N Lincoln Boulevard and Interstate 44 for $22 million, taking a $7 million loss on the properties it purchased two years ago.
The six-story office buildings sold to the Florida limited liability company Central Park on Lincoln on May 1, according to property records. Chesapeake purchased the office towers in August 2011 for $29 million.
An attorney for the buyers declined to comment on the purchase.
Access Midstream Partners, formerly Chesapeake Midstream Partners LP, moved its operations into the north Central Park office building in 2012, after Chesapeake Energy sold all of its interest in the midstream company to its former partner, the private equity firm Global Infrastructure Partners.
Chesapeake has been selling off some of the many office buildings it owns over the past several months as the company looks to cut back on spending. With the sale of the Central Park buildings, Chesapeake has booked a $16.5 million loss on sales of office buildings in Oklahoma City over the past six months.
Chesapeake is expected to sell more office buildings in the coming months, said Cordell Brown, a real estate broker for Price Edwards & Co. who was not involved in the Central Park sale.
“I think it's just a matter of Chesapeake divesting itself of properties it doesn't see any future need for,” Brown said.
While Chesapeake's real estate holdings are significant in Oklahoma City, Ford Price, managing partner for Price Edwards & Co., believes the company's divestitures will have a negligible effect on the local market.
“Unless they really start selling off more assets, I don't expect there to be a significant impact on the office market,” Price said.