Oklahoma City office market in good shape after major moves

The market for office space for lease in Oklahoma City's ends 2013 in good shape after big moves by the biggest energy companies.
by Richard Mize Modified: January 18, 2014 at 3:00 pm •  Published: January 18, 2014

The forest tells more than the trees in a couple of year-end office market reports out this week, but things look pretty good, either way.

The forest

“The Dust Settles,” Newmark Grubb Levy Strange Beffort said in its report for the fourth quarter of 2013. That would be the dust from shrinking Chesapeake Energy Corp.'s rapid divestment of office buildings as it ebbs back to its corporate campus at NW 63 and Western Avenue.

Love's Travel Stops & Country Stores' need for more front-office space — as the chain embarks on a 30-store expansion this year — timed well with Chesapeake's desire to unload buildings.

Love's opened its new 67,500-square-foot building at its headquarters at 10601 N Pennsylvania Ave., then bought Chesapeake-owned Atrium Towers, 3501 and 3503 NW 63, and the former Chesapeake Land & Title building at 3601 NW 63. Now 3503 NW 63 is for lease.

Chesapeake also sold Central Park One, 525 Central Park Drive, and Central Park Two, 515 Central Park Drive, southwest of Interstate 44 and N Lincoln Boulevard.

Devon Energy Corp.'s lease expired at First National Center, 120 N Robinson Ave., as Devon consolidated into its new headquarters at 333 W Sheridan Ave. SandRidge Energy also consolidated into its headquarters at 123 Robert S. Kerr Ave.

“Remarkably, almost all of this space was immediately absorbed by other tenants,” Newmark Grubb Levy Strange Beffort noted in the report, prepared by Julie Anewalt and Vicki Wells.

That's all she wrote for big movements in the office market for awhile, according to the firm — “movements,” not counting newcomers.

All in all, the office market remains healthy and “continues to thrive” on the strength of the strong local economy,” according to CB Richard Ellis-Oklahoma's year-end report by Amy Dunn and A.J. Jacobs.

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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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