Love's Travel Stops & Country Stores has purchased three office buildings from Chesapeake Energy Corp. at NW 63 and Lake Hefner Parkway for an undisclosed price.
The buildings include the twin six-story office Atrium Towers office buildings that Chesapeake purchased for $17.3 million in 2011.
Love's also has acquired an adjacent three-story office building at 3601 NW 63 that Chesapeake purchased for $5.4 million in 2006.
Love's is rapidly expanding its presence across the United States, opening 15 to 20 new Travel Stops and Country Stores each year.
The company needs the extra corporate office space as it grows, said Greg Love, president of Love's Development Companies.
“As we continue to grow the company, we of course need more people and we're out of room,” Love said.
Love's recently finished construction on a new, 68,000-square-foot, three-story office building on its corporate campus at near N Pennsylvania and W Hefner Road.
But the new building is not sufficient for Love's long-term office space needs, Love said.
The company has more than 700 corporate employees in Oklahoma City.
“We're out of space on our campus at Hefner and Penn. There's no more room there to put another building,” he said.
Love's initially will move some employees into the former Chesapeake building at 3601 NW 63.
While Chesapeake completed extensive renovations to the south Atrium Tower building just last year, its twin to the north still needs to be remodeled, Love said.
Love's initially plans to lease out space in the Atrium Towers buildings, and gradually move in its employees as the company grows, he said.
The 227,000 square feet of office space that Loves bought from Chesapeake will give the company enough room to accommodate its growth for the next five years, Love said.
Chesapeake has begun to sell off some of its off-campus office buildings in Oklahoma City as it looks to downsize.
The company also is wrapping up construction on several new office buildings on its main campus at NW 63 and Western.
In October, Chesapeake sold the three-story Nichols Hills Executive building at 6403 NW Grand Boulevard to a Fort Worth, Texas-based investment group for $1.8 million. Chesapeake paid $5 million for the property in 2008.
Love's and Chesapeake declined to release the terms of the sale, which was finalized Friday.
Oklahoma County offices were closed Monday in observation of Veterans Day, and property records that would include the sale price were not immediately available.
“We have tremendous admiration for Love's and their business, and we are very pleased with this transaction,” Chesapeake spokesman Gordon Pennoyer said in a news releases. “The sale allows both companies to meet their business objectives — a win-win scenario for Oklahoma City.”
Chesapeake said in a recent regulator filing that the company had real estate in Oklahoma and Texas valued at $319 million that was for sale.