Federal Reserve Building Sold

[ChristianConservative]

Hmmm.....wonder what plans they have for this building...


The sale of the historic building that has housed the Oklahoma City branch of the Federal Reserve Bank of Kansas City for 84 years closed Friday, branch officials said Friday.
The Federal Reserve sold the building to Gen-One Real Estate Group, a state-based real estate adviser, along with Randy Allen and his Edmond company MIDCON Data Services.

The purchase price was not disclosed, but Oklahoma County records show the 80,000 square-foot building was assessed at about $4.3 million.

Under a five-year agreement, the federal reserve will lease back the third floor of the building, about 22,000 square feet, to house 40 employees in the economic research division, community affairs arm and the bank examination and inspection department.

"We're pleased to be staying in our historic building in the heart of Oklahoma City," Branch Executive Chad Wilkerson said.

[jbrown84]

I think the building would be great for some sort of museum. I actually sent an email to the Int'l Photography Hall of Fame suggesting they relocate there from the Omniplex. I got a response that they were looking at relocation and would check it out. That was 6 months ago though.

[metro]

I remember jbrown, unfortunately if their using just a portion of the Omniplex, I doubt they can afford a $4.3million dollar building or the rent on it.

[ChristianConservative]

Besides, the Omniplex could probably use the rent. They're not doing so well financially themselves.

[BricktownGuy]

Price was $5.675 million.

The transaction also included a lease for the Federal Reserve to remain in approximately 22,000 square feet of the building.

Reserve Partners LLC intends to market the remainder of the building to law firms and other downtown space users. The lower level of the building which features three large bank vaults, a loading dock and a 30,000-pound lift is expected to be marketed for data storage, which is a specialty of MIDCON Data Services, LLC a wholly owned subsidiary of MIDCON Inc.

[metro]

Price was $5.675 million.

The transaction also included a lease for the Federal Reserve to remain in approximately 22,000 square feet of the building.

Reserve Partners LLC intends to market the remainder of the building to law firms and other downtown space users. The lower level of the building which features three large bank vaults, a loading dock and a 30,000-pound lift is expected to be marketed for data storage, which is a specialty of MIDCON Data Services, LLC a wholly owned subsidiary of MIDCON Inc.

OK but I was going by

The purchase price was not disclosed, but Oklahoma County records show the 80,000 square-foot building was assessed at about $4.3 million.

from the article

[BricktownGuy]

OK but I was going by from the article

No problem, I was just updating the other information, thats all.

[ChristianConservative]

I fully see this building becoming office space. It's in the middle of the CBD, afterall.

[metro]

Wed June 20, 2007
Ex-Federal Reserve building marketed for multitenant

By Richard Mize
Real Estate Editor
Owners of The Reserve, the new name for the former Oklahoma City branch of the Federal Reserve Bank of Kansas City, have started marketing the building as multitenant office space.

Reserve Partners LLC — Gen-One Real Estate Group, Randy Allen and others — paid $5.6 million for the 80,000-square-foot building at 226 Dean A. McGee Ave. in October. The federal bank branch is leasing the third floor, about 22,000 square feet, from the new owners.

Price Edwards & Co. handled the sale and is marketing the historic Class A space. Property management services are being provided by MidCon Management.

Construction of the property started in the early 1920s. In 1958, the building was expanded. It was renovated again in the 1990s. The Federal Reserve obtained a permit to renovate its space in April, city records show.

"Despite the building's age, it possesses modern mechanical systems, elevators, American with Disabilities Act-compliant restrooms that were installed during the 1994 renovation,” said Price Edwards's Craig Tucker, who handles leasing. "The building is really the best of both worlds.

"It has all the systems a tenant would expect in a modern building and the unmatched architecture and quality of materials that just aren't available in today's construction. Constructing a building like this is no longer economically feasible given today's market.”

Tucker said the building's proximity to the county and federal courthouses should make it attractive to law firms and others who do public business. Features include a full basement with loading dock and 30,000-pound lift, three vaults averaging 2,000 square feet, and a five-story garage that can hold 40 vehicles.

"Unless you worked for the Federal Reserve or did business with the bank, you have no idea of the many wonderful features it possesses,” Tucker said.