Devon Energy highrise???

[OKCisOK4me]

This building will be an amazing landmark for OKC but does anyone else agree with me that it might be TOO tall for the surrounding buildings? I almost wish they had stopped at maybe 750 feet and then built a 2nd smaller and complementary tower. It will be cool to see such a landmark in OKC tho. one way or the other.

I don't. We'll be like a minature Dubai. It'll be like our little Burj Dubai peaking twice as tall as all the other buildings surrounding it. Granted we don't have a coastline and palm tree shaped man made islands but that's okay!

[jbrown84]

I have to disagree on this one as well. Atlanta "just" landed NCR = "National Cash Register Company" which is a Fortune 500 company. The city was able to lure the company away from Ohio with state incentives and with Atlanta having a dynamic business enviornment. Dallas landed AT&T last year 2008 Comerica Bank relocated to Dallas from Detroit last year Exxon in 1990, JC Penney Co in 1982 and Kimberly Clark's corporate headquarters in 1985. Large corporations tend to migrate and gravitate towards cities that can "really" make things happen! They also tend to be more diversified that is why they can offer many things to many people. Why put your eggs all in one basket?

Atlanta and Dallas are two of the largest metros in North America. We can't really compete with that, not for big companies like AT&T, which bailed out of longtime home San Antonio (a much better city) for no good reason. No one's arguing against diversification. We just have a lot better chance of GROWING a company that is already here. The only major corporation I can see relocating here would be Hertz because of the large presence they already have in OKC and the fact that Tulsa has two car rental companies already.

[jbrown84]

Granted we don't have a coastline and palm tree shaped man made islands but that's okay!

Yes, we do!

[Oil Capital]

Atlanta and Dallas are two of the largest metros in North America. We can't really compete with that, not for big companies like AT&T, which bailed out of longtime home San Antonio (a much better city) for no good reason. No one's arguing against diversification. We just have a lot better chance of GROWING a company that is already here. The only major corporation I can see relocating here would be Hertz because of the large presence they already have in OKC and the fact that Tulsa has two car rental companies already.

Are you counting Dollar/Thrifty as 2 companies?

[jbrown84]

Are you counting Dollar/Thrifty as 2 companies?

No. Vanguard (Alamo & National) is [was?] based in Tulsa. As I recall, they moved there recently from Florida because the CEO is Kathy Taylor's husband. This indicates that it's Tulsa based (so does this and this), but the National and Alamo sites say founded and headquartered in St. Louis, so I'm not sure.

[Oil Capital]

No. Vanguard (Alamo & National) is [was?] based in Tulsa. As I recall, they moved there recently from Florida because the CEO is Kathy Taylor's husband. This indicates that it's Tulsa based (so does this and this), but the National and Alamo sites say founded and headquartered in St. Louis, so I'm not sure.

"Was" is the correct verb. And briefly, at that. Yes, Kathy's husband moved the company there from Florida (yes, her major achievement as Oklahoma Secretary of Commerce was convincing her husband to move his company to his hometown). They were headquartered there for only 2-3, maybe 4 years. Then he sold it to Enterprise based in St. Louis, so that's now the headquarters, with a few back office ops left in Tulsa.

[OKCisOK4me]

JBrown,

That's INSANE! Where has that been hiding in Bricktown?! lol

It's like that picture of our Oklahoma River with the multi building downtown skyline in the background and all these nice sailboats. I'm sure you've seen it before (although, not in person)!

[Luke]

JBrown,

That's INSANE! Where has that been hiding in Bricktown?! lol

It's like that picture of our Oklahoma River with the multi building downtown skyline in the background and all these nice sailboats. I'm sure you've seen it before (although, not in person)!

I think you're onto something.

Maybe there's a conspirator in the travel and leisure industry propping up OKC's rep...

Nice.

[mugofbeer]

Hi Steve, thanks for reading my post. I appreciate your comments but I 100% stand by my comments. I guess its all a matter of what you consider major companies. I think of all of the ones you listed, the only one with true national exposure is Sonic - but it's still not what you would call a "major corporation." I'm talking about companies with the wherewithall to bring true national spotlight to OKC. The ones that were here, have ALL left - other than Oil and Gas. The rest are pretty much regional companies. We've had so many opportunities in the past and it seems once they get to a point where they garner some national attention, they get too big for their britches and move to Dallas or some other company buys them out.

OK, here is the statement that I hope will produce some comments - my thoughts are to eliminate the State Corporate Income Tax. My beliefs are that corporations don't truly pay income tax anyway - they pass it on thru their operational costs and the consumer is the one who eventually pays it anyway. This tax puts us at a great disadvantage to states like Texas that has no Corporate tax. Our tax automatically puts our companies at a 5% (or whatever it is) financial disadvantage to companies HQ'd in Texas. When we also have the disadvantage of no international airport and less money for property tax exemptions, corporations are far more likely to locate in Texas.

[okcpulse]

Hi Steve, thanks for reading my post. I appreciate your comments but I 100% stand by my comments. I guess its all a matter of what you consider major companies. I think of all of the ones you listed, the only one with true national exposure is Sonic - but it's still not what you would call a "major corporation." I'm talking about companies with the wherewithall to bring true national spotlight to OKC. The ones that were here, have ALL left - other than Oil and Gas. The rest are pretty much regional companies. We've had so many opportunities in the past and it seems once they get to a point where they garner some national attention, they get too big for their britches and move to Dallas or some other company buys them out.

If you stand by your comments, name these "major" companies that left for Dallas, other than Fleming, which tanked after moving their HQ to Lewisville. Kerr McGee was foundering, and was swallowed up by Anadarko, so neither of these companies got too big for their britches. If you are refering to Braniff, well okay but that was in the 1960s, and American bought them out.

OK, here is the statement that I hope will produce some comments - my thoughts are to eliminate the State Corporate Income Tax. My beliefs are that corporations don't truly pay income tax anyway - they pass it on thru their operational costs and the consumer is the one who eventually pays it anyway. This tax puts us at a great disadvantage to states like Texas that has no Corporate tax. Our tax automatically puts our companies at a 5% (or whatever it is) financial disadvantage to companies HQ'd in Texas. When we also have the disadvantage of no international airport and less money for property tax exemptions, corporations are far more likely to locate in Texas.

I agree with eliminating corporate income tax, but that doesn't explain why Atlanta is attracting major companies. Georgia, just like Oklahoma, has a 6% flat corporate income tax. Which brings us to major airport hubs. Look, Dan, that is something that is out of our control. The airlines determine where the hubs are, and they have few hubs between each airline as it is. In today's economic climate, trying to attract a new hub will take an act of congress. Atlanta does not have an advantage over OKC in corporate income tax, but Atlanta DOES have Hartsfield, and the metro area has four professional sports teams.

Which brings me to exposure. Major companies like to be based at or near cities with professional sports teams, because directly or indirectly it allows these companies to gain exposure, particularly in growing southern and southwestern cities. Professional sports teams usually fall into the mix of business conversations between executives, and it certainly helps when yoiur company is based in a city that has a team, playoffs or not. I got these impressions while watching an Astros game from a suite at Minute Maid park. Professional sports teams often break the ice, or make for good small chatter.

Oklahoma City just got its first professional team. Over time, the Thunder will pick up more exposure, as will Oklahoma City. But city leaders must continue to take care of the city aesthetically, and I feel our city leaders are keeping up.

Which brings us back to Devon Tower. It will be Oklahoma City's icon. You wanted one, you got it. I wouldn't fret over how tall it will be. Over time, several tall towers will get built to compliment Devon's HQ, even if they would be only 600 ft. tall apiece. So I wouldn't treat this is a static scenario for downtown. It is what it is, it will be what it will be. Who knows what companies will be looking for in the teens decade, or in the twenties.

Just work hard on electing pro-business leaders, and make sure you let them know you want pro-business people in office.

That or tuck tail and run to Texas like the rest of the sheep (who didn't move to Texas for in-law family reasons and have no intentions of returning).

[venture]

If you are refering to Braniff, well okay but that was in the 1960s, and American bought them out.

Just a slight correction. Braniff started in 1928 in OKC by Tom Braniff, and was bought out by Universal Air Lines System in 1929. In 1934 Universal sold it off to the holding company that became American but spun it off shortly after as AVCO. The OKC operations and maintenance offices were moved to Dallas in 1935. The rest of the admin offices moved in 1942.

[progressiveboy]

I saw in today's edition of the Journal Record in the "Journal blog section" that rumors are circulating that CHK Energy and even Devon Energy are starting to feel the effects of energy prices and their have been layoffs but they are being quite "low key" about them. If this continues, then perhaps the Devon Tower will either be put on hold, not built at all or scaled back significant proportions? Again, not to get off topic but I ask again, Did OKC learn from the oil bust of the 80's?

[okcpulse]

I saw in today's edition of the Journal Record in the "Journal blog section" that rumors are circulating that CHK Energy and even Devon Energy are starting to feel the effects of energy prices and their have been layoffs but they are being quite "low key" about them. If this continues, then perhaps the Devon Tower will either be put on hold, not built at all or scaled back significant proportions? Again, not to get off topic but I ask again, Did OKC learn from the oil bust of the 80's?

It's not a matter of did OKC learn from the oil bust of the 1980s. Devon and Chesapeake became major corporations much to the city's surprise. Please read my response to Dan Morgan's post.

As far as Devon Tower is concerned, it's a little too close to the start date to revise plans. However, I would be most concerned about the Cap and Trade bill. Even the energy company I work for is concerned about that. Everyone is. You should be as well.

Many of the layoffs from many companies have been field contractors. But I question the rumors as oil prices have stabilized. These companies should have felt the effects when prices were $40 a barrell. Now, in the arena of natural gas, I can see why that would be a problem.

However with natural gas, America would be stupid not to go after natural gas as an energy resource. It puts out far less carbon emissions that gasoline, and would be a draconian solution to cutting carbon emissions. However, the jokers in Washington are putting all of their eggs in one basket with wind and solar. Are they learning their lesson?

[betts]

I saw in today's edition of the Journal Record in the "Journal blog section" that rumors are circulating that CHK Energy and even Devon Energy are starting to feel the effects of energy prices and their have been layoffs but they are being quite "low key" about them. If this continues, then perhaps the Devon Tower will either be put on hold, not built at all or scaled back significant proportions? Again, not to get off topic but I ask again, Did OKC learn from the oil bust of the 80's?

I happen to know of two new hires at Devon in the upper echelons quite recently. I have no idea if there have been layoffs, but they're still hiring.

[Patrick]

Oil prices were hugely inflated anyways. The oil companies are NOT losing money, they're just not making the astronomical profits they were.

[gmwise]

The thing is layoffs usually are reserved for the lower echelons, then the management that got them to that point.

[Steve]

Talked to Devon - they say they've not had any layoffs.

[Oil Capital]

Talked to Devon - they say they've not had any layoffs.

Did you mean to say "they've not had any layoffs in OKC? I've heard they had a few laid off (not sure where they were) in connection with a recent reorganization of a couple of divisions.

[mugofbeer]

OKC Pulse - The tone of your reply makes me think you might not have understood what I was saying because you were arguing the same side of the arguement I was. I simply made an observation that the Devon Tower is going to absolutely dominate, not just downtown but our landscape. It is more than 2x the height of any other downtown building. Aesthetically speaking, it might stand out just a tad. I am overjoyed that Devon is making such a commitment here so don't get me wrong.

First, I do stand by what I say about OKC's historic inability to keep corporate HQ's other than in Oil & Gas. I am not going all the way back to Braniff but lets talk about First Data (which was originally part of First National Bank), lets talk about - what was it US Waste (I dont think it was Waste Management) but it was bought out by US Steel or Union Carbide or someone and moved out of OKC. Think about TG&Y and the fact that had it stayed here and stayed independent, it could be Wal Mart right now. TG&Y far preceeded Wal Mart and was moving to the superstore concept. Yes, lets talk about FLeming and that their poor management ran it into the ground after they left OKC. Lets talk about Hertz and that they have eliminated hundreds of jobs and shifted them to India. Their private equity owners are sucking everything they can out of Hertz before it goes belly up. Lets talk about the fact every major plant in OKC has closed or is greatly downsized - GM, AT&T, Xerox, Dayton Tire, Fleming distribution centers, etc.

It is a fact of life that some cities, such as Dallas and Atlanta, simply have a synergy that will naturally attract new corporations or venture capital more easily than others. I am encouraged by what I see in OKC with the oil companies and the Thunder and we have the seeds of synergy starting here. However, the city and state need to do more to promote our image not just nationwide, but worldwide. We work at a great disadvantage to Texas. Our misfortune is that Texas sucks a lot of business from OKC that we might have gotten if we werent in such close proximity to Dallas. I understand that our airport isn't an International Airport, I am saying this is a disadvantage we have to overcome to attract businesses. Eliminating the corporate income tax will turn some corporate heads our way. But one way or the other, we have to diversify our economy or we will be in for another economic collapse when O & G goes out of style again.

[OKCisOK4me]

Granted, not as many buildings, but this is what I see OKC looking like:

[mugofbeer]

Thanks OKC, thats kind of the image I have. Bigger fish to fry than that though.....thx

[lasomeday]

Actually, I think that now is a great time for OKC to go after bringing companies here. California and NYC are raising taxes like crazy. We need our city commerce people to be scouting out some growing companies to come here. Our state legislature needs to look at improving our business structure to draw the companies here.

NOW IS THE TIME!

[progressiveboy]

Actually, I think that now is a great time for OKC to go after bringing companies here. California and NYC are raising taxes like crazy. We need our city commerce people to be scouting out some growing companies to come here. Our state legislature needs to look at improving our business structure to draw the companies here.

NOW IS THE TIME!

Agree. The state of Texas is winning alot of California's business because Texas has no corporate and state income tax and Texas has the most Fortune 500 companies (54) than any other state. Why is it that Oklahoma is not able to attract some of these big companies to the state? Is it do to business laws that are outdated and lack of competitiveness? Is it due to Texas being so close to Oklahoma that they lose out? I would think not, because Oklahoma is almost geographically smack in the middle of the country and it has 3 major Interstates running thru the city and state. This would seem a logistical dream for many companies.

[andimthomas]

Granted, not as many buildings, but this is what I see OKC looking like:

This picture is actually pretty accurate. Take out the building under construction on the far right. The building on the far left would be the Chase tower. Stack two Chase Towers on top of each other and you have the Devon tower.

[okcpulse]

It is more than 2x the height of any other downtown building.

??? WHat gave you that impression?

Devon Tower - 925 ft
Chase Tower - 500 ft
First National Tower - 493 ft
City Place - 443 ft
Oklahoma Tower - 425 ft

It is less than twice the height of our current tallest building, and a little more than twice the height of the rest. Now, if Devon Tower were more than 1,000 ft tall, I can certainly agree with you.