SandRidge Center & Commons

[Pete]

The board of the OK Commisioners of the Land Office voted to acquire SandRidge Commons and the Broadway/Kerr garage for $35.5 million.

From a good source, I'm told they hope to close in September as long as their due diligence and appraisals pan out.

State agencies could start occupancy in October.

The CLO would be acquiring all the furniture and fixtures and plans to lease out the top 2 floors, as they are joined by a huge opening and spiral staircase, are quite opulent and can command high rental rates.

All of the revenue from the property would help fund education in Oklahoma.

[Laramie]

The governing board of the Oklahoma Commissioners of the Land Office voted Thursday to approve the $35.5 million purchase of the SandRidge tower in downtown Oklahoma City for use as a state office building...

...SandRidge put almost $100 million in upgrades into the building.

The 29-story tower has a 450-seat auditorium, health club and meeting rooms that are expected to be used as common areas by the various state agencies, Kuhlman said.

Full story link: http://digital.newsok.com/Olive/ODN/...n/default.aspx--Oklahoman, 06/12/2020

State of Oklahoma is getting one hell of a bargain.

[Anonymous.]

https://oklahoman.com/article/566733...andridge-tower

[BridgeBurner]

Oh man, my friend who works at the DEQ is going to be super bummed.

[Pete]

Oh man, my friend who works at the DEQ is going to be super bummed.

They will likely be moving elsewhere.

[BridgeBurner]

Yeah, just saw that Oklahoman article. Apparently the DEQ has been super shady telling their employees anything during this process. People would ask questions about news articles or things on websites like OKC talk after meetings and all the execs would ever say was "we cannot confirm or deny anything at this time."

[Pete]

Yeah, just saw that Oklahoman article. Apparently the DEQ has been super shady telling their employees anything during this process. People would ask questions about news articles or things on websites like OKC talk after meetings and all the execs would ever say was "we cannot confirm or deny anything at this time."

Pretty standard, unfortunately.

But they have been touring other spaces. They have a buyer for their current property.

The big hang-up is the cost of moving their testing lab. They test all types of environmental things and to recreate it would cost at least $10 million. There is talk of a new lab which would be a combination for several state agencies.

[onthestrip]

Pretty standard, unfortunately.

But they have been touring other spaces. They have a buyer for their current property.

The big hang-up is the cost of moving their testing lab. They test all types of environmental things and to recreate it would cost at least $10 million. There is talk of a new lab which would be a combination for several state agencies.

Always interesting how a state owned property doesnt go up for sale on the open market but has a special buyer already in place. Doesnt seem like the best way to maximize taxpayer dollars.

[HOT ROD]

ya, but it could be part of a deal for Sandridge Tower, which is honestly worth way more than $35M.

I too would be bummed if there were the possiblity of working in the CBD in a skyscraper and then after all not be in downtown at all - let alone my current EDQ midtown location.

[Ronnie Jackson]

Always interesting how a state owned property doesnt go up for sale on the open market but has a special buyer already in place. Doesnt seem like the best way to maximize taxpayer dollars.

Agreed. There are a lot of secret real estate deals in OKC — both public and private. Seems like everyone with a little bit of money in OKC is trying to be like Aubrey (who was well known for secret deals) — but none can actually pull it off.

That’s why getting a guy like Musk to invest in Oklahoma (at some point) is so important. We need a new billionaire with bad ideas and questionable ethics. They tend to throw money around very loosely, and that lifts all boats.

We don’t have that guy right now. Chad, Marty and Harold are way too focused on Shareholders, the Big Guy and Harold respectively. Would love to see Chad make some splashy moves, but that’s not his personality.

[Lanni]

OTC employees are receiving notices of their planned move time frames.

[yukong]

Yeah, just saw that Oklahoman article. Apparently the DEQ has been super shady telling their employees anything during this process. People would ask questions about news articles or things on websites like OKC talk after meetings and all the execs would ever say was "we cannot confirm or deny anything at this time."

I would dispute “super shady.” I know people there and they tell me there have been a number of agency wide emails sent out all throughout the process. From the introduction of legislation to sell their building that was filed months ago, up to just this past week. Those email provided information regarding what was happening as best as anyone knew. Confirmations or denials were at times appropriate since DEQ is ultimately not in charge of their own fate. The CLO is driving the bus. Its hard to confirm or deny things that are constantly changing. DEQ was moving to Sandridge, even had their floors picked out. But now they arenÂ’t. Things have been very fluid and nothing has been carved in stone. It isnÂ’t even certain that they will even move now from what I understand. But I also hear that the CLO is looking at other properties.

[Pete]

The state will start moving in their first employees on Sept. 1.

As previously reported, they also bought all the furniture so it will be a relatively quick process given the number of people and agencies.

[Southsider2]

Such a steal. Great purchase for the state.

[Pete]

The state closed on the purchase of this property on 8/31/20. Paid $35.5 million.

Oklahoman reporting that the few remaining Sandridge employees will be moving elsewhere. I believe they are down to about 35 or so.

[Pete]

One big bummer is that this property will now be exempt from property tax, which primarily funds schools.

Sandridge was pay about a half a million a year.

[Pete]

Looks like the new name will be Oklahoma Commons.

[theanvil]

One big bummer is that this property will now be exempt from property tax, which primarily funds schools.

Sandridge was pay about a half a million a year.

Wasn't there talk of the state flipping this to a REIT for a favorable long-term lease agreement? A REIT would still have to pay property tax. Or am I wrong and the state plans on being owner/manager/tenant of this property?

[Pete]

Wasn't there talk of the state flipping this to a REIT for a favorable long-term lease agreement? A REIT would still have to pay property tax. Or am I wrong and the state plans on being owner/manager/tenant of this property?

The state owns it. It's already removed from the property tax roll.

[gopokes88]

Wasn't there talk of the state flipping this to a REIT for a favorable long-term lease agreement? A REIT would still have to pay property tax. Or am I wrong and the state plans on being owner/manager/tenant of this property?

It’s something they could do, not that will or have too.

[Pete]

From https://twitter.com/RobinsonParkMGT:

[David]

Interesting conversation in the twitter thread, particularly this bit:

https://twitter.com/LtGovPinnell/sta...89454405165056

Oklahoma Commons is the name of the tenant association, it doesn’t have to be the name of the building. Bottom line- it’s going to have a different name. Working through that process now.

[Pete]

State employees have started to move in.

Sandridge signage still up on the outside and in the lobby.

[king183]

With a 1000 state employees ultimately moving in here, that should represent quite an influx of people into the area. This seems like it would be boon to restaurants in the area, if it weren't for COVID.

[Pete]

With a 1000 state employees ultimately moving in here, that should represent quite an influx of people into the area. This seems like it would be boon to restaurants in the area, if it weren't for COVID.

Kitchen no. 324 should be an immediate beneficiary.