IBC Bank-Oklahoma buys office building for Oklahoma City headquarters

The Texas-based bank started leasing space it now owns from Chesapeake Energy Corp. in 2008. The sale price has not been disclosed.
by Richard Mize Published: December 29, 2012
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IBC Bank-Oklahoma has bought the Caliber Center, the office building it has been leasing from Chesapeake Energy Corp., for an as-yet undisclosed amount.

The 10-story, Class A building at 3817 Northwest Expressway — known as Hertz Financial Center for more than a decade, even after Hertz Corp. moved in 2002 — will continue to house IBC Bank's Oklahoma headquarters.

Hertz sold the building, constructed in 1976, to Caliber Development, led by Jade Noles, in 2007 for $20 million. Caliber spent $5 million to upgrade the building.

Chesapeake Energy bought it just more than a year ago, paying $38.2 million. The Oklahoma County assessor estimated its market value at $30.2 million last March.

The 280,000-square-foot, glass exterior, multitenant building has an underground parking garage and surface parking, with banking services on the ground level, including a four-bay drive-thru, and offices on the second floor.

“Since entering the Oklahoma market in 2004, IBC Bank has invested more than $75 million in new branches and fixed assets in the Sooner State,” said Tom Travis, president and CEO of IBC Bank-Oklahoma. “Our multimillion-dollar investment in this state-of-the-art building tangibly demonstrates IBC Bank's continued deep commitment to its Oklahoma operations and to providing superior customer service in a modern, welcoming environment.”

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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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