Office sales increase 'heartbeat' of Oklahoma City
Price Edwards & Co. said 15 office buildings totaling 2.4 million square feet changed hands for a combined $138 million. Several involved redevelopment projects, not just the usual rent return on multitenant investment.
OPUBCO's sale of its office building on Broadway Extension was another significant transaction last year, Price Edwards said.
The firm reported that the 282,971-square-foot, 12-story tower and adjacent parking garage accounted for $40 million of the $74.95 million that American Fidelity Corp. paid for them and other OPUBCO property at Britton Road and Broadway Extension in August. American Fidelity Assurance Co. is relocating from 2000 N Classen.
Another building conversion is under way at the long-vacant Osler Building, 1200 N Walker Ave., which Midtown Renaissance sold in November for $2.25 million to Tulsa's Coury Properties. It is being converted to the Ambassador Hotel. Coury Properties is the company that in 2005 made the Colcord Hotel, 15 N Robinson, out of an office building before selling it to Devon Energy in 2008.
“This will add to the incredibly successful metamorphosis of the midtown area, led by Midtown Renaissance LLC, which has made tremendous progress the last several years in redeveloping vacant properties into vibrant offices, retail shops and residential units. Coury's boutique hotel will be one more tremendous addition to the area,” Price Edwards said.
Chesapeake Energy Corp.'s divestment of real estate continued to affect the office market last year. Price Edwards noted the end-of-year sales of Caliber Center, 3817 Northwest Expressway, and Harvey Parkway, 301 NW 63, as particularly significant.
IBC Bank-Oklahoma paid Chesapeake $32,391,500 for the 274,400-square-foot Caliber Center, county records show. North Robinson Investments paid the energy company $6.4 million for the Harvey Parkway building.
Finally, 2012 saw another change in ownership of what Price Edwards called “long suffering” First National Center. Another investor bought the 1 million-square-foot property at 120 N Robinson out of bankruptcy for $5.3 million. The California-based owner has reported no plans to improve or redevelop the property, Price Edwards noted.