MidFirst Bank has purchased four office buildings on Grand Boulevard from Chesapeake Energy Corp. for an undisclosed price.
The acquisition will give MidFirst an additional 230,000 square feet of office space and expand the the banking company’s campus off Interstate 44, MidFirst said.
The buildings include One and Two Grand Park, and two smaller office buildings including 601 NW Grand Boulevard, which once housed the Oklahoma State Medical Association, and 625 NW Grand that once housed the Central Oklahoma Homebuilders Association.
“These properties will allow us to centralize much of our workforce while complementing our presence in the I-44/Grand corridor,” Jeff Records, president and CEO for MidFirst Bank, said in a statement. “Our positioning for growth is reflective of our commitment to serving the businesses and people of Oklahoma.”
The sale continues Chesapeake Energy’s continued push to shed some of its extensive real estate holdings in northwest Oklahoma City. Terms of the sale were not disclosed and public records of the sale that would show the sales price were not yet available Tuesday.
“Through this sale, Chesapeake continues our strategy of divesting non-core assets to optimize operational efficiency and focus on our business of energy exploration and production,” Chesapeake spokesman Gordon Pennoyer said in a statement.
Love’s Travel Stops & Country Stores paid Chesapeake $24.25 million for three office buildings at NW 63 and Lake Hefner Parkway in November. Chesapeake also sold the Classen Curve, Nichols Hills Plaza, and Triangle @ Classen Curve shopping centers to Ohio-based Glimcher Realty Trust for $51.8 million in March.
Roy Williams, president and CEO of the Greater Oklahoma City Chamber of Commerce, said in a statement that the rapid pace that Chesapeake has been able to sell real estate is a testament to the strength of the local economy.
“As Chesapeake Energy relocates employees to its corporate campus as new buildings come online, we are pleased other corporate headquartered companies have quickly purchased the buildings to accommodate their expansion,” Williams said.