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The Oklahoma City Abstract & Title Co. leases space at 50 Penn Place

The title company went looking for a new place for a branch after the owner of Nichols Hills Plaza declined to renew its lease, preferring to concentrate on retail tenants. Finding a space in a former store at 50 Penn Place was a pleasant surprise.
by Richard Mize Published: October 20, 2012

So a lease was inked in a deal handled by Chad Khoury, a broker with Colliers International-Oklahoma, which then marketed space in 50 Penn Place. The property is now represented by Sperry Van Ness/William T. Strange & Associates.

Mukang Cho, CEO of In-Rel Properties, said In-Rel has been working to reposition the mall portion of 50 Penn Place to appeal to retail and non-retail businesses alike since buying it 18 months ago.

“We acquired 50 Penn to create an environment in which retail, commercial and service businesses create great synergy and add value to the other businesses,” Cho said. “This is something we were able to accomplish successfully in our other markets and a model that is prevalent in many leading gateway cities.”

In-Rel also owns office buildings and shopping centers in Florida, Georgia, Alabama and Tennessee. In addition to its Florida headquarters, In-Rel, founded in 1985, has offices in Birmingham, Ala., and Memphis and Nashville, Tenn.

Dixon said renovation of the new Oklahoma City Abstract space will start later this month and the branch will open in January with six employees with room for expansion.

“Our employees are excited and customers will benefit from the other businesses in 50 Penn,” she said. “When you work a long day at the office, having amenities like restaurants, a bookstore, gift shops, a tailor and other service businesses means convenience for us. I think on some days, having a restaurant a few steps away will mean the difference between being able to grab lunch and having to skip it.”