Devon Energy Tower brings joy, worries

By Steve Lackmeyer

Published: August 26, 2008

Have we sobered up from last week's unveiling of designs for the new Devon Energy tower? The mood was certainly celebratory — nobody I spoke to seemed to anticipate the skyscraper wouldn't just be the biggest in the city or state, but in the entire region. Take that, Dallas!

But in the ensuing hours and days, questions emerged about everything from parking to what will be the fate of Devon's existing office space. And there's one answer ahead among many that I can provide today — a painful transition is ahead.

The list of hardships that led to today's downtown renaissance can go on and on. And if it's to continue, yes, there will be more growing pains. We don't know all the details about parking yet, but Devon Energy Chief Executive Larry Nichols does want to buy the west City Center Garage from the city, add five floors and make it exclusively for his company's employees and visitors.

Once that expansion and transaction is completed, hundreds of spaces will free up in the frequently full Santa Fe Parking Garage and Cox Convention Center Garage. But will those garages be as convenient to all those using the west City Center Garage? Or could the Central Oklahoma Transportation Authority use Devon's proceeds to add onto the east garage which will remain with the city?

Downtown is growing. We know that because office vacancy stands at 23 percent, the lowest in 20 years. Take out some Class C office space that may very well be converted to other uses and isn't very competitive, and the office market looks even better.

And that is where we begin to see why Nichols is more comfortable with this project today than he was a couple of years ago. Devon's work force is spread out among five buildings, including 15 floors at its home, Mid-America Tower, and 15 floors across the street at Chase Tower.

Both properties are considered top downtown properties, are within walking distance of Bricktown, the Cox Convention Center and the Skirvin Hilton Hotel, and will, in due time, have ample parking.

It's a bit cliche, but it's true — some will see this Devon space as empty and a drag on the downtown office market. Others will see this space as the best shot downtown has at attracting more business to the central business district.

It's simply a matter of perspective.

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