Is there any substance/basis for the sporadic talk about a new Devon tower? Or, is it just internet/message board rumor, born totally on the boards

I can only second your question. Although I've heard many allusions to such a tower, I've never seen anything attributable to an authoritative source. I am a little more skeptical than ever, however, in light of Devon's apparent intent to increase its space in other downtown venues (e.g., First National Center). All that said, I really hope for a new tower in downtown OKC soon. Although our skyline can still impress, it has probably gone longer than that of almost any other major city without adding a skyline-altering tower. We've had buildiings such as the Renaissance Hotel which are welcome additons to the downtown landscape but don't really alter the skyLINE. We need a building as tall as or taller than Chase.
Please, Devon, consider it!!!!!

I can only second your question. Although I've heard many allusions to such a tower, I've never seen anything attributable to an authoritative source. I am a little more skeptical than ever, however, in light of Devon's apparent intent to increase its space in other downtown venues (e.g., First National Center). All that said, I really hope for a new tower in downtown OKC soon. Although our skyline can still impress, it has probably gone longer than that of almost any other major city without adding a skyline-altering tower. We've had buildiings such as the Renaissance Hotel which are welcome additons to the downtown landscape but don't really alter the skyLINE. We need a building as tall as or taller than Chase.
Please, Devon, consider it!!!!!

We could pass a penny sales tax and help them build it!!!

Just kidding.

I'm with you, I hope we get a tower that is taller than Chase that will alter the skyline. I'm also with you and Sooner8693 in liking to hear if there is any real information out there, or, if this indeed just rumour and hopeful/wishful thinking.

I wouldn't be surprised if this wasn't at least somewhat dependent on the vote's Tuesday and for MAPS 3.

If those two votes pass, private investment will follow.

We could pass a penny sales tax and help them build it!!!

Why not? First Bass Pro, then the Ford Center...why not Devon?

"Because Big League Cities Need Big City Buildings!"

Why not? First Bass Pro, then the Ford Center...why not Devon?

"Because Big League Cities Need Big City Buildings!"


I believe Devon being bought out and moving to Houston has greater odds than a new tower downtown. Face it, Houston IS the oil capitol. Think Kerr Mcgee.

I have heard Devon is looking to build a tower just South of Downtown...Core to Shore.

I have heard Devon is looking to build a tower just South of Downtown...Core to Shore.

If Devon doesn't build a tower the convention hotel with upper floor condos (part of Core to Shore) at the SE corner of the blvd. and Robinson will be our best bet. I imagine we would vote on providing public financing for it along with the new convention center on the blvd. similar to what Denver did when they expanded their CC and also built a 35 story Hyatt next door, a public-private project. I would expect any hotel there to be at least 800 rooms and with potential condos that it could be "skyline-altering" at above 25 stories, maybe as many 40...

The rumor was mentioned by Steve Lackmeyer in recent article in the Oklahoman, so it's more than just message board chatter:


Downtown developer purchases entire 100 block of Hudson
By Steve Lackmeyer, Business Writer

Veteran downtown developer Nicholas Preftakes, now owner of the entire 100 block of Hudson Avenue, calmly smiles and deflects any suggestion that his continued acquisitions along Hudson Avenue are any more than a routine investment. But his latest purchase of the 1 North Hudson Building — the former Black Hotel — has some observers wondering whether the purchases are based on widespread rumors that Devon Energy is contemplating building a new corporate headquarters at Hudson and Sheridan.

"He's probably hearing rumors of potential development across the street,” said Brett Hamm, president of Downtown Oklahoma City Inc. "It might reflect his hope or belief there might some validity behind all that.” To date, Devon Energy has not publicly discussed any plans for a new headquarters. The company currently occupies office space in five downtown buildings. Oklahoma City Urban Renewal director JoeVan Bullard, whose agency controls the parking deck, said he has had no formal discussions with potential developers.

Preftakes began buying property across from the parking deck earlier this year. Some properties, like the former Carpenter Square Theater and Dorn's Office Supply, already were empty. Anita Sanders, who renovated 408 W Main into her law offices, moved out when it was sold to Preftakes for $1 million in March. Likewise, all parking contracts were terminated when Preftakes paid $3.25 million in June for the seven-story Cheek garage at 17 N Hudson. Preftakes has confirmed he completed the purchase of the 1 North Hudson Building last week. He declined to disclose the price, and the deed transfer was not available Wednesday at the Oklahoma County assessor's office.

As with his other purchases along Hudson Avenue and Main Street, Preftakes was coy about buying 1 North Hudson, saying it represents continued investment downtown. "It's as simple as one thing leads to another,” Preftakes said. "Sometimes people contact me.” Preftakes said his immediate plans include some "cleaning up and TLC,” but no major changes. He said the tenants are not being asked to leave. "The office building works as an office building, and we will continue to operate it as an office building,” Preftakes said. "We won't be moving anyone out — tenants like Scotts Office Printing are there for a long time.”

I was a bit frustrated when I read that Devon was leasing another 100,000 square feet in First National. I think the group that bought that building should make it a mixed-use tower with 1/3 of it being Class A office and the rest as condos. The good news in all of this is that if they eventually get the FNB fully leased, our vacancy rate will take a freefall and there will be a major justification for new construction. Has anyone heard anything else on the possiblility of American Fidelity coming downtown? Perhaps they can build a new tower as well.:) The DOK said that Devon has leased 600,000 sq. ft total. That sounds like a huge new skyscraper if they ever end up building one.

John, think of it this way: FNC needs the income to fund renovations and hopefully Devon will only be there until they get their new tower built, which would likely take a few years, best case.

And I think we previously calculated that Devon occupies what amounts to be about a 40-story tower worth of office space; and obviously they'd want some room to grow and perhaps lease out just for income purposes.

Also remember that the head of Devon was very involved with getting Sandridge to take over the Kerr McGee building, and it was pretty clear they didn't want to build a new tower with a ton of existing space on the downtown market -- mainly for the strength and vitality of downtown.

All this points to a new tower announcement in the next year or so, and I'd expect it to be in the 50-story range; well taller than the city's current leader, Chase Tower at 36 floors.

I like how that sounds!:) OKC really needs a signature tower that obviously reflects the prosperity that is going on now and will continue into the future. I'm hoping the announcement will come within the next several months. Being that it will probably take a couple of years from announcement to completion, that would give FNC time to be fully renovated and leased, which would make downtown much more vibrant. My prediction is that a new Devon tower will be adding to our skyline before the new Crosstown is complete in 2012.

There will be a new Devon tower downtown. Larry Nichols said that "it will not only be an iconic building for the city, but for the entire region." He said that there will be a press release soon, but they are waiting to get all the building permits first. He also said that even though there is speculation that Devon will be acquired, he doesn't think it will happen.

BFizzy...Do you work for Devon or know someone who can confirm this? It sounds legitimate by the sound of the quote, but if this is true, I am looking so forward to this announcement. Also, the fact that it may be an iconic building for the "region" sounds particularly interesting.:) That's saying something when you have Dallas nearby that sports the most architecturally appealing towers in the southwest. If you look at the fact that Devon recently signed a lease for another 100,000 sq. ft, then it's obvious that they have to plan for something since the company is growing so fast. Wouldn't it be wonderful to find out that we passed the sales tax extension, and then find out we are about to get a new signature tower? This is truly a great time to be in OKC!:)

Here's another thread from about 9 months ago with another Steve Lackmeyer article quote inside sources at Devon:

http://www.okctalk.com/okc-metro-area-talk/10593-devon-tower-real-possibility.html

I know some of the "sources" that were behind the Lackmeyer article about the tower being off Hudson. I'm pretty sure that rumor is now dead in the water. As others have pointed out, Larry Nichols (Devon's CEO), wants what is best for OKC. He's flat out said publically several times, they are open to building a tower, but only if it is in OKC's best interest. Currently we still have a high vacancy rate downtown and dumping 600,000+sq. ft on market isn't exactly helping anything. I assume as others have said when the vacancy rate drops, and OKC voters are committed to more capital investment (either Ford Center, MAPS III, or hopefully both) then corporations will make long-term commitments. They aren't going to make these long-term commitments if voters aren't going to commit long-term to their own city at a very minimal expense. These huge corporations have a lot more at stake then we do.

I wouldn't be surprised if this wasn't at least somewhat dependent on the vote's Tuesday and for MAPS 3.

If those two votes pass, private investment will follow.

Congratulations, you are a very thoughtful and intelligent person.

The quote above was taken from an internal meeting for future leaders of Devon about three weeks ago.

I don't know Larry Nichols personally but I do respect his prudence in this matter.
It seems like he truly has the best interest of OKC and downtown in mind when making this big decision and would think that if Devon does build a big tower he has confidence he would not be leaving a big hole in the middle of the CBD just for the sake of us having a new tower. I don't know how long a tower of this magnitude would take to build, but I am assuming we are talking years. The new boulevard may be finished before a new Devon tower.

I know some of the "sources" that were behind the Lackmeyer article about the tower being off Hudson. I'm pretty sure that rumor is now dead in the water. As others have pointed out, Larry Nichols (Devon's CEO), wants what is best for OKC. He's flat out said publically several times, they are open to building a tower, but only if it is in OKC's best interest. Currently we still have a high vacancy rate downtown and dumping 600,000+sq. ft on market isn't exactly helping anything. I assume as others have said when the vacancy rate drops, and OKC voters are committed to more capital investment (either Ford Center, MAPS III, or hopefully both) then corporations will make long-term commitments. They aren't going to make these long-term commitments if voters aren't going to commit long-term to their own city at a very minimal expense. These huge corporations have a lot more at stake then we do.

The thing is, all the downtown vacancy is Class B and C, and that's why it's not filling up. The Class A space will fill much easier, especially if American Fidelity takes a large chunk of it.

I can see a situation where Devon sells its tower to American Fidelity when it moves into a new building. Unless AF is looking to move downtown sooner than that.

Devon doesn't own any tower.

Devon doesn't own any tower.

That's actually not true. I worked at Devon back in 1996 when they acquired Mid America Tower.
They purchased it for around $12 million, if I remember right, under the private name DBC Inc. Unless its changed hands, they still own it. I'd have to do a county assessor search to be for sure though.

Interesting enough, when I worked there they only used 3 floors in the 20 floor tower. My has Devon grown.

I stand corrected.

No problem jbrown! :) You're still my number 1 fan!

DBC Inc. is the private subsidiary of Devon that manages their building. A lot of large property owners have a separate subsidiary that manages their building for them. That way, it keeps the books separate.

The thing is, all the downtown vacancy is Class B and C, and that's why it's not filling up. The Class A space will fill much easier, especially if American Fidelity takes a large chunk of it.

I agree, however these are the words from Larry Nichols CEO of Devon, so take it for what it's worth. I imagine he still sees there is a need/demand for Class B,C office space for other uses, and would like to see it filled up a little more as well as the Class A, to create an urgent need for at least one new tower.

I'm sure I could just look the info up on ask.com or something but this just seems easier. What is the difference between all this Class B & C office space that downtown OKC has to offer and a Class A office tower that Devon or American Fidelity would build/lease?

I'd like to see more concrete evidence on this and I hope to wish it into fruition!

Comparing class A space to Class C space, is like comparing an outdated older home, to a newer, modern updated one. Age doesn't matter, as much as how updated the facility is.

As for specifics, I'm not sure.

The commercial real estate community generally determines where a building is A, B or C by general consensus. Class A is either new construction or remodeled space up to high standards. B&C is pretty much everything else. For example, First National Center is still considered Class B space -- that is until they do a major renovation.


Several of brokers publish occupancy/vacancy surveys by area of the city. Here's one from Levy Beffort that shows that Class A space is growing tight:

http://www.levybeffort.com/Websites/29/Files/OKCOffice%204q07.pdf (http://www.levybeffort.com/Websites/29/Files/OKCOffice%204q07.pdf)

I'm beginning to wonder if Devon might have it's eye on the land just west of the Ford Center -- I think it's presently occupied by a car dealership.

On all the Core to Shore renderings, it shows that property as two towers with retail on the south end along what will be the new boulevard.

That's a fantastic piece of property because it has Myriad Gardens to the north, the new Central Park to the south, the improved Ford Center to the East and a lot of frontage on the boulevard.

It might make sense for the city to lure Devon to this site because they will need a big development to kick off Core to Shore and also the new boulevard (which if built now would border on empty lots and the backs of a few properties).

http://www.pc78.com/images/okctalk/boulevard.jpg

That makes sense Pete. I assume they'd need both towers, unless they end up taller than in the rendering.

I'd like to see the property closest to the Ford Center be a hotel even though I know they have one penciled in just across the boulevard as part of the convention center.

But that one hotel won't be enough and I'd hate to see a huge, private office building that butts up against the Ford Center and the Myriad Gardens. At the very least, the bottom section should have retail and other space that would draw in the general public. And a hotel at that location would provide guests (and those holding events) great views of the skyline and the two parks.

Then, they could just build a huge office tower to the west as part of the same complex

Why don't we just turn everything into Las Vegas?

go away

Another question someone doesn't want to answer?

It doesn't get answered because it is a stupid question that is not relevant in this discussion.

No one wants Class C space. Property owners need to pull their head out fo the sand. That's like trying to get high income young professionals to rent out one bedroom flats in a dodgy complex with 1970s fixtures and green shag carpeting.

Regarding the earlier discussion, Devon does indeed own their building, formerly known as Mid-America Tower -- now just 20 N. Broadway. They bought it from an investment firm in 1996 for $12.3 million.

So, they have to worry about being able to lease that out if they in fact build a new headquarters. It's great to have our corporate leaders TRULY invested in downtown. :)

Well, looks like it is a reality. $350 million dollar, 1,000,000 square foot tower. Largest and tallest in OKC.


Devon Energy Corp. is pursuing plans to build a new "iconic" downtown corporate headquarters — one that would be the tallest building in Oklahoma City.

In an exclusive interview with The Oklahoman, Devon Chief Executive Officer Larry Nichols also confirmed he resigned from the board of the Oklahoma City Urban Renewal Authority because the city agency owns the proposed tower site.

In response to interest expressed by Devon Energy, Urban Renewal is set to issue a request for development proposals at next week's meeting for the old Galleria parking deck just north of the Myriad Gardens.

"In talking with experts and engineers, we're looking at something in excess of $350 million," Nichols said. "We're talking about something that matches MAPS I."

With 1,350 employees based downtown, Nichols said the company needs to move forward with construction of a new headquarters that he hopes can be completed within four years. He expects 2,000 people will move into the new tower when it is completed.

"Devon has recognized for some time that we need to consolidate into one building," he said. "We now have employees in five different buildings. There are obviously inefficiencies in that."

Nichols said Devon has yet to hire an architectural firm, though there have been "extensive conversations" with a potential candidate.

He estimates the building will span more than 1 million square feet. But when asked the potential height of the building, he could only cite the size of the floor plans. By dividing 1 million square feet by the proposed floor size, the height will be at least 37 stories.

Currently, the tallest building in Oklahoma City is downtown's 36-story Chase Tower.

"To have 1 million square feet, it will probably be the tallest building downtown," Nichols said. "That's not the goal — I don't care about having the tallest building or not. I do care that it be an iconic building, that it be distinctive building. It will change the skyline downtown, and we want to build a building that everyone will be proud to have in Oklahoma City."

While he has toured buildings in major metropolitan areas including New York and Washington, Nichols could not single out a particular skyscraper as a personal favorite.

"I wish there were a building I could say, 'Go build that,'" Nichols said.

But Nichols does have some basic ideas as to what he does and does not want in a new corporate headquarters. He doesn't want the sort of windswept plazas that often are desolate around some of the downtown Oklahoma City towers built in the 1970s.

But he does want a large public space — a large enclosed atrium with cafes, a large conference center, and an enclosed garden.

"We want a fairly large distinctive atrium that would be unlike anything that exists in Oklahoma at the moment," Nichols said.

He also wants to explore opening a never-completed tunnel that connects the Galleria parking deck to the gardens, and he hopes to somehow connect to The Underground pedestrian tunnels.

But before any of this can become reality, Devon must first respond to Urban Renewal's request for development proposals. Nichols isn't legally required to resign from his board seat, which he had held since he was first appointed by former Mayor Ron Norick. Nichols said he insisted on resigning to avoid any appearance of impropriety.

If selected as the developer for the site, Devon must still negotiate parking arrangements with the city for the City Center Garage. Nichols said the discussion would likely include adding floors to the west City Center garage, which opened two years ago. The tower would also have underground parking.

Urban Renewal Executive Director JoeVan Bullard called the proposed tower the largest single development in the agency's history.

"What a great, great day this is," Bullard said. "But there are always two sides to this story, and Larry not being an Urban Renewal commissioner any longer is really saddening. He has served admirably for 20 years. He's absolutely the best example of a corporate citizen willing to take on the responsibility to serve on this voluntary board, and he has been wonderful."

Devon plans downtown skyscraper | NewsOK.com (http://newsok.com/article/3215709/1205381348)

Nice!:congrats:

No one wants Class C space. Property owners need to pull their head out fo the sand. That's like trying to get high income young professionals to rent out one bedroom flats in a dodgy complex with 1970s fixtures and green shag carpeting.

Oh you mean Regency tower?

Wow! that is news - any ideas as to the "potential architect"?

Everything Nichols said is spot on, in my opinion.

I respect his decision to resign from OCURA to pursue this, and his statement that he's not as interested in having the tallest building as in having an iconic one.

As for the developers who need to upgrade the quality of their office space, I suspect many of them and perhaps most of them can't get the financing they need to do that. It's not a matter of wanting to own 'B' or 'C' class space - it's a matter of what they can afford to do with the property they've got.