BOK Park Plaza

[turnpup]

pretty sure they are going to buy it.

Thanks!

[catcherinthewry]

pretty sure they are going to buy it.

Why would OKC sell?

[shawnw]

Discussion of a move by Enable was spurred by the email's notice that 500 spaces in the BOK Park Plaza garages would be reserved for Enable within the next two weeks. The company's employees currently park at Santa Fe garage.

(from the article)

Seems like a pretty imminent maneuver.

[shawnw]

FYI, Enable spent well over $2 million to improve that space at Leadership Square in 2014.

They probably have a 5-year lease with a bunch of options.

For them to consider making that move, they have likely been offered a heck of a deal.

Article states Leadership lease is up next year

[Pete]

Article states Leadership lease is up next year

Right, hence my comment about a 5-year lease term with lots of options. That's pretty standard.

Options in a situation like this are almost always one-sided. The tenant can choose to stay and exercise the option or just walk away.

Very unusual for someone to walk away after 5 years after such a huge investment.

[shawnw]

ah, thought you were saying they were still in the middle of their 5 year lease and would have to break it to move

[Pete]

The moved into Leadership Square in 2014 so 2019 would signal the end of a 5-year lease.

[db411]

Enable was named Enogex before they merged with CenterPoint’s midstream assets in Spring 2013 and changed their name. Enogex actually moved into Leadership Square (floors 3-7 and part of 9 in the north tower) back in Spring 2012. It’s possible they expanded in 2014 after they named OKC as their HQ and that may have changed their lease terms but they have essentially been in Leadership Square six years already.

[HOT ROD]

all in all, great news.

ENABLE goes into say 10 floors in BOK and parks there, we get a worldwide brand coffee shop in Starbucks, a (another) mexican restaurant, on the ground floor. Santa Fe gets free'd up for Continental to LEASE. Leadership Square is free'd up for lease as well. Everybody gets something and we keep nearly 500 office workers downtown (and maybe add more if they consolidate the few hundred located elsewhere).

Only downsides are:

Mexican restaurant - really? don't we have enough of them already?? I'd only be pleased with this if it is the return of 'La Luna' that was downtown in the Stage Center supersite OR if this is a destination mexican restaurant that ISN"T in Oklahoma already. Otherwise, Meh.

Santa Fe Parking freed - we will miss having those 480+ or so employees having to walk through the core of downtown between Leadership Square and Santa Fe. Darn.

Leadership Space - I don't think this is a downside really, as Leadership seems to fill up very quickly. Perhaps the same will be the case since there might not be as expensive for someone to take on the space being vacated.

It is a mistake for OKC to sell Santa Fe. A long term lease is much better.

[Pete]

Enable was named Enogex before they merged with CenterPoint’s midstream assets in Spring 2013 and changed their name. Enogex actually moved into Leadership Square (floors 3-7 and part of 9 in the north tower) back in Spring 2012. It’s possible they expanded in 2014 after they named OKC as their HQ and that may have changed their lease terms but they have essentially been in Leadership Square six years already.

As I previously stated, they expanded in 2014 and spent more than $2 million on tenant improvements.

The also replaced the Enogex sign atop the north building with a new Enable sign.

[jonny d]

https://newsok.com/article/5598700/e...bok-park-plaza

[Pete]

^

What that article doesn't address is who is leasing the space to Enable.

Enable will take floors 15-20 and it had been previously reported Devon was taking that space along with 4 other floors for a total of 250,000 square feet.

So, who is the landlord?

This appears to be a sublease -- when sublease space is not considered as vacancy in office surveys -- rather than a direct lease with the building owners.

So, is Devon competing with the owners of the building to lease their space first? What type of deal did they give Enable?

We've been told over and over again that Hines was the building owner and Devon was just a tenant.

[OkiePoke]

Is Devon sub-leasing or is BOK/Hines leasing directly to Enable? Steve mentioned there are 16 more floors to be leased, but that would mean Devon would have 0 leased... Something doesn't sound right.

[Pete]

What's even stranger is that the only open marketing of the entire building is being done for the space supposedly leased by Devon and then the retail bays.

Otherwise, the remainder of the building is not openly listed by any leasing broker, not on any of the commonly used commercial real estate sites, the Chamber site, etc.

[David]

Is there any chance that is an indication there is a secret tenant that hasn't announced the move yet?

[Pete]

Is there any chance that is an indication there is a secret tenant that hasn't announced the move yet?

Has been zero indication of something like that.

I haven't even heard a whisper.

[catch22]

Has been zero indication of something like that.

I haven't even heard a whisper.

Could BOK want more space then? I believe they just purchased a new CO bank.

[Pete]

Could BOK want more space then? I believe they just purchased a new CO bank.

Remember, that office is just for OKC operations.

They are HQ'd in Tulsa. and owned by Tulsan George Kaiser.

[catch22]

Remember, that office is just for OKC operations.

They are HQ'd in Tulsa. and owned by Tulsan George Kaiser.

Ah, that’s right.

[BG918]

Remember, that office is just for OKC operations.

They are HQ'd in Tulsa. and owned by Tulsan George Kaiser.

My brother works for Williams in Tulsa and told me there are rumors that BOK may build a new tower there (BOKF and Williams are both HQ'd in the BOK Tower).

[gopokes88]

BOK is a huge economic driver for the state. It’s more behind the scenes, but the lending they do for Oil and Gas helps fuel the economy.

[CCOKC]

BOK also announced the purchase of Colorado Business Bank last week. I'm sure this news has absolutely nothing to do with this building except the fact that they are expanding.

[Jeepnokc]

Remember, that office is just for OKC operations.

They are HQ'd in Tulsa. and owned by Tulsan George Kaiser.

Kaiser's foundation does a lot for Tulsa. I believe they were the major donor for the Gathering Place.

[Pete]

Kaiser's foundation does a lot for Tulsa. I believe they were the major donor for the Gathering Place.

The Kaiser Family Foundation has given more than $200 million for the $465 million Gathering Place, and has helped raise millions more.

Compare that to OKC... What has been the some of the larger private contributions to civic projects? The only thing that leaps to mind is Chesapeake and their support of a boathouse and finish line tower on the river. Devon did something similar down there.

But it's interesting that OKC citizens have paid billions in new taxes for civic improvements with little help from the private sector.

[Pete]

Work has started on finishing 6 floors for Enable Midstream.

Here is how the building stacks up: