Q&A with Emily Dobson-Timm
Work continues on improvements at First National Center
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Published: November 6, 2009
Q: Capmark Financial Group, one of the nation’s largest commercial lenders, filed for bankruptcy this week. Published reports indicate that the investment group that owns First National Center, led by Aaron Yashouafar, CEO of Milbank Real Estate, bought the landmark with financing from Capmark. Will Capmark’s bankruptcy have an impact on operations at First National Center?
2008 file photo - Emily Dobson-Timm, senior property manager at First National Center in Oklahoma City.
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A: For clarification, the present ownership did not purchase First National Center with a loan from Capmark. Furthermore, we have no reason to believe at this time that Capmark’s bankruptcy will affect First National Center. The loan was funded more than two years ago as part of a refinance. The owners are in full compliance with their loan terms, and we see no issue with Capmark’s bankruptcy as it relates to First National Center.
Q: Before the economic crash, an overhaul of First National was announced that included plans to renovate the building’s arcade and north entrance. Are those plans still moving forward?
A: Yes we are still working on the renovations and other additional improvements within the building. The present ownership has spent millions of dollars in the building, and continues to do so. Some of the work which has cost the most, is not visible to the public because it has spent to upgrade the infrastructure and major building systems. That being said, it is notable that the lobby to the west building has been renovated, and work is ongoing to upgrade the retail arcade area. The owners have been very careful to pay attention to the slightest details and address various comments and requests by tenants and community. While those changes have caused some delays, those details compliment the extraordinary quality of construction which has made First National Center one of the most cherished buildings in
Oklahoma City.
Q: How is occupancy holding up? Do you see new tenants moving into space once occupied by Italian Express and Becky’s Hallmark store?
A: We continue to market and lease space within the building even in light of the difficult economy where many businesses are suffering. The current owners have consistently been able to bring in new tenants and increase the occupancy of the building since their acquisition.
Q: What’s next for First National Center?
A: The owners have a lot of plans in the works for major changes to First National Center, which will compliment not only the building itself, but the community. We are working with the city to determine how we can best implement these ideas, and create the best benefit to the community. We believe that once a final plan materializes, it will be the most noteworthy and exciting project for downtown Oklahoma City since Devon’s announcement to build its new headquarters.
STEVE LACKMEYER, BUSINESS WRITER
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