Hail, floods in 2010 lead to foreclosure of Oklahoma City office park

Lincoln Plaza Office Park, owned by a California investor with longtime property interests in Oklahoma City, never could recover from damage from a massive hailstorm, then heavy rains and flooding, in spring and summer 2010.
by Richard Mize Modified: March 21, 2013 at 11:10 pm •  Published: March 22, 2013

Apparently, the agency had no interest in moving back, even though it was looking to relocate from its temporary home at Shepherd Mall Office Complex.

Within months, the health care authority had signed a deal with Gardner Tanenbaum Group to relocate at the former Lincoln Plaza Hotel, 4345 N Lincoln.

Gupta's property continued to limp along. The lender filed a foreclosure motion in state district court March 11. The court appointed Jim Parrack, of Price Edwards & Co., as receiver.

Bert Belanger, an attorney and real estate broker who works with Gupta, said the family worked with the lender “and took some steps to make sure the (other) state tenants were handled” as well as possible.

Nether Vinod Gupta nor his son, Amil, vice president of operations for the family's property management company CR Operating Co., could be reached Thursday.

Belanger said the Guptas' fortunes have been vastly different at Landmark Towers, their office buildings at 3535, 3545 and 3555 NW 58.

“The Guptas have cooperated fully with the lender and have helped get a receiver in place,” Belanger said. “We continue to renew state leases at Landmark, and we are over 90 percent occupied, with several tenants seeking to expand.”

by Richard Mize
Real Estate Editor
Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked...
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