Hall Estill expands space in city
Tulsa-based national law firm Hall Estill has expanded its office space in downtown Oklahoma City to accommodate growth in several practice areas. The firm added 11,266 square feet to the 37,917 square feet it leases. When complete, the firm will occupy three floors in Chase Tower, 100 N Broadway Ave. Designed by Corken and Associates, the new space features art by Oklahoma artists, including a commissioned painting of downtown Oklahoma City by Roger Disney and a signature Jean Richardson piece.
“The consistent increased demand for our legal services locally as well as nationally across every practice area prompted us to take a long view of our future office requirements,” said Mike E. Smith, senior board member. “It was apparent our Oklahoma City office needed more space to accommodate the growth presented by several recent opportunities. The addition of several new Oklahoma City-based clients, especially in the energy, employment and intellectual property sectors, influenced our decision to expand the Oklahoma City office.”
Trilogy buys Owasso apartments
OWASSO — Chicago-based Trilogy Real Estate Group paid $31.8 million to Case & Associates for the 408-unit Villas at Bailey Ranch apartments in Owasso in a deal handled by brokers Andy Burnett, David Burnett and Justin Wilson of Sperry Van Ness/William T. Strange & Associates in Oklahoma City. It was Trilogy's second major apartment acquisition in Oklahoma. The investor group also owns Villas at Countryside in Moore, as well as properties in Colorado, Arizona and Minnesota. Riverstone Residential Group is managing the property.
Villas at Bailey Ranch, 8751 N 97th East Ave. in Owasso, was built in three phases beginning in 1998 with the third phase completed in 2004. The property was 95 percent occupied. The price was $77,941 per unit at a 6.4 percent capitalization rate.
“The sub-7 percent cap rate represented a strong price for the seller while the lower-than-average sale price per unit was enticing to the buyer. Both parties came out ahead in this transaction and the population growth in Owasso should lead to strong rental growth in the years ahead,” David Burnett said.
Capitol landscape work honored
CLS & Associates' landscape design at the State Capitol Complex received two design awards at the annual meeting of the Oklahoma Chapter of the American Society of Landscape Architects. Connie Scothorn, principal landscape architect at CLS & Associates, accepted the award.
The redesign of the landscaping surrounding the Capitol received a Merit Award for design. The design used native and drought-tolerant plants to create a landscape more representative of that naturally occurring in Oklahoma. The plan provided for reduced maintenance, watering needs and eliminated the use of expensive seasonal color changes. The project received recognition for its use of sustainable materials in a formal design to complement the historical building.
An Honor Award also went to CLS & Associates for design work at the Capitol complex as a whole.