Continental Resources Building

[soonerfan_in_okc]

[template=]
development
|category1=Central Business District
|category2=Office Buildings
|category3=Tall Buildings
|category4=
|
|project=Continental Oil Center
|address=20 N. Broadway
|status=complete
|owner=Continental Energy
|cost=$22,000,000 10/14/2010
|architect=
|start=
|finish=1981
|contractor=
|height=262 feet / 19 floors
|sq. feet=323,020
|acerage=.55
|other=Formerly Mid-American Plaza; purchased from Devon Energy; 0% vacancy
|
|image=
|
[/template]
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[Spartan]

It's still too far out for them to start talking about lining up another occupant but they'll probably start seriously looking for someone after this year, maybe later on even. I wouldn't be surprised (and hope) that they work with the Chamber of Commerce and use the office space to market OKC to new corporations. White collar economic development has always been difficult for OKC primarily because there is nowhere to put such an office, due to how tight the Class A office market is downtown. That 22% vacancy rate, or whatever it is now (I just know 3-4 years ago it was 32%) isn't very indicative of the real office market downtown because the vacancy roles are overwhelmingly loaded down with Class C properties that just need to be renovated and converted to some other use.

Or demolished by SandRidge.....(or anyone)

[bombermwc]

Or converted!!! First National COULD be a good class A space, but no one will get off their asses to actually do the work. They just piss and moan and do crap. I'd just assume someone tear down all the additions to FNC since they take so much away from the place, and build some new tower in their place. That can add some A space too.

[progressiveboy]

It's still too far out for them to start talking about lining up another occupant but they'll probably start seriously looking for someone after this year, maybe later on even. I wouldn't be surprised (and hope) that they work with the Chamber of Commerce and use the office space to market OKC to new corporations. White collar economic development has always been difficult for OKC primarily because there is nowhere to put such an office, due to how tight the Class A office market is downtown. That 22% vacancy rate, or whatever it is now (I just know 3-4 years ago it was 32%) isn't very indicative of the real office market downtown because the vacancy roles are overwhelmingly loaded down with Class C properties that just need to be renovated and converted to some other use.

Or demolished by SandRidge.....(or anyone)

Disagree on it being to early to line up a new occupant.

[Spartan]

Or converted!!! First National COULD be a good class A space, but no one will get off their asses to actually do the work. They just piss and moan and do crap. I'd just assume someone tear down all the additions to FNC since they take so much away from the place, and build some new tower in their place. That can add some A space too.

Look at the crappy real estate companies that cycle ownership of the landmark..

I remember at OU when I was in an arch history course doing a 5-page paper on the building and the race with the Ramsey Tower, drawing parallels to the Chrysler Bldg and Manhattan Bank Bldg (which looked very simmilar to FNB). I had a friend who stayed at OU that ended up doing a simulation preservation project on the building and she estimated it would cost around $30 million to pull it off.

What was the selling price for the bldg the last time it went on the market, $10 mil?

[Kerry]

FNC will never be class A office space. The best hope for that tower is to go residential or hotel (or both). As for Sandridge tearing down their four buildings, do they even count against the vacancy rate since they are owner-occupied?

[metro]

Kerry, Sandridge is tearing down 6 structures not 4.

[Kerry]

Kerry, Sandridge is tearing down 6 structures not 4.

I lose count. Anyhow, will their removal have any impact of the downtown vacancy rate?

[Spartan]

FNC will never be class A office space. The best hope for that tower is to go residential or hotel (or both). As for Sandridge tearing down their four buildings, do they even count against the vacancy rate since they are owner-occupied?

That's a good question. All of the vacant space is "owned" by someone. I wonder how they determine a space is vacant, though. That's the kind of thing I think we take for granted.

[Kerry]

That's a good question. All of the vacant space is "owned" by someone. I wonder how they determine a space is vacant, though. That's the kind of thing I think we take for granted.

The reason I ask is that the new Devon Tower won't count towards the vacancy rate because it is owner occupied and it is 1,000,000 sq feet that is 100% used. Meanwhile, the leased space they are vacating will have a negative impact.

[Oil Capital]

Look at the crappy real estate companies that cycle ownership of the landmark..

I remember at OU when I was in an arch history course doing a 5-page paper on the building and the race with the Ramsey Tower, drawing parallels to the Chrysler Bldg and Manhattan Bank Bldg (which looked very simmilar to FNB). I had a friend who stayed at OU that ended up doing a simulation preservation project on the building and she estimated it would cost around $30 million to pull it off.

What was the selling price for the bldg the last time it went on the market, $10 mil?

Here's a photo of the Bank of Manhattan Building:

[bluedogok]

Or converted!!! First National COULD be a good class A space, but no one will get off their asses to actually do the work. They just piss and moan and do crap. I'd just assume someone tear down all the additions to FNC since they take so much away from the place, and build some new tower in their place. That can add some A space too.

The floor plates are too small at FNC to attract large tenants looking for Class A space. One of the reasons that it has been a hard remodel to market, the pro-forma never works out well for it.

FNC will never be class A office space. The best hope for that tower is to go residential or hotel (or both).

I think it could become a "boutique" Class A building but never a full office tower with that. I think a mix of smaller office/residential/hotel could work, there are quite a few buildings in larger markets where that works. The lower 1/4 to 1/3 could be office with hotel in the middle and residential near the top and The Beacon Club and as a restaurant tied to the hotel. The banking lobby could become the hotel lobby.

[Spartan]

Here's a photo of the Bank of Manhattan Building:

Yes, it's building has been through a LOT and its beautiful copper pinnacle has slowly oxidized over time. The building was built in the 1930s, you see.



And yes, it's also more than twice the height of the FNB, in case that is your next point.

[mburlison]

I don't think the Sandridge buildings much of an impact as far as occupany - i'm told some residential is going in at the City Place building.

[metro]

I lose count. Anyhow, will their removal have any impact of the downtown vacancy rate?

I could be wrong, but since it was never on the market and privately owned, I'm pretty sure it is not counted in the vacancy rate. Seems like there are old Kerr McGee/Anadarko threads - Sandridge moving to OKC threads discussing this. I know a search or two would clarify this answer, but I don't want to mess with the research personally.

I don't think the Sandridge buildings much of an impact as far as occupany - i'm told some residential is going in at the City Place building.

I believe you're correct about Sandridge as my answer indicates above, however City Place is only building 6-7 penthouse apartments, hardly enough to do much in the resident count, but nonetheless appreciated and a new type of residential for DT.

[Larry OKC]

I could be wrong, but since it was never on the market and privately owned, I'm pretty sure it is not counted in the vacancy rate. ...

A couple of articles in Saturday's Oklahoman seem to verify this

NewsOK
Devon Energy faces realty gorilla in the room (Oklahoman, 5/8/10)

Devon’s headquarters at 20 N Broadway is on the market (we knew it would be sooner or later), preferably destined for an owner-occupier, to keep it off the rent rolls.
...
That gorilla — the 307,000 square feet Devon owns and the other 533,809 square feet Devon leases in four other buildings downtown — has been the closest thing to a negative in the otherwise grand tale of Devon’s continued success despite the recession and energy downturn.

NewsOK
Devon building, office space are getting ready to hit market (Oklahoman, 5/8/10)

Leased space that Devon will vacate downtown — 222,731 square feet in Chase Tower, 100 N Broadway; 227,835 square feet in First National Center, 120 N Robinson; 102,277 square feet in Corporate Tower, 101 N Robinson; and 40,595 square feet in Oklahoma Tower, 210 Park Ave. — will be a plus for the city, Nichols said.

"To create this much quality Class A space at one time is really an opportunity,” he said, noting that Oklahoma City now has virtually no prime office space to offer downtown. "We’ve looked.”

Freeing up space will make room for more businesses, he said.

[Spartan]

Larry..asked this in the other thread you brought that blurb up in, but the question is more appropriate here I suppose: Why did that blurb exclude the Mid-America Tower?? Weird.

[Larry OKC]

Is Devon in the Mid-America tower? Or is that the name of the building they own (only mentioned by address, 20 N. Broadway Ave.), if that is the case since it is owner occupied (none leased out) it doesn't count towards the vacant occupancy rate. At least that is the way I am reading it.

Really don't know the answer but presume by the thread that Mid-America Tower is connected to Devon?

On edit, it IS connected (LOL) but is the owner occupied part and doesn't have an impact on vacancy rates (as long as it stays that way and doesn't get added to the leased space which was the focus of the article)

from Wikipedia:

Mid America Tower is a highrise tower in downtown Oklahoma City, Oklahoma. It is 262 feet (134m) and has 19 floors. The building was finished in 1981 and is the current world headquarters for Devon Energy Corporation.

[Oil Capital]

Larry..asked this in the other thread you brought that blurb up in, but the question is more appropriate here I suppose: Why did that blurb exclude the Mid-America Tower?? Weird.

Huh? From the "blurb": "Devon’s headquarters at 20 N Broadway is on the market (we knew it would be sooner or later), preferably destined for an owner-occupier, to keep it off the rent rolls."

Devon's headquarters at 20 N Broadway is the Mid America Tower.

[Oil Capital]

Spartan on May 5:

It's still too far out for them to start talking about lining up another occupant but they'll probably start seriously looking for someone after this year, maybe later on even.

Devon on May 8:

Published: May 8, 2010

Devon Energy Corp. has put its 307,000-square-foot headquarters building on the market and is helping look for tenants to fill the other 500,000 square feet of space it will leave behind when it moves into its new downtown tower in 2012.

Read more: NewsOK

[ronronnie1]

Is Mid America building the current Devon "tower?" The question was asked what should happen to it after Devon vacates it. My suggestion: Add about 30 stories to it, and then re-clad it.

[Spartan]

Yes, Mid-America Tower is the Devon "Tower" for now..for those like me who aren't familiar with downtown address numbers i.e. 20 N. Broadway (meaningless numbers to everyone but the mailman).

Spartan on May 5:


Devon on May 8:

Published: May 8, 2010

Devon Energy Corp. has put its 307,000-square-foot headquarters building on the market and is helping look for tenants to fill the other 500,000 square feet of space it will leave behind when it moves into its new downtown tower in 2012.

Read more: NewsOK

Yup. And let me know when the huge marketing push occurs. They're not going to fill the buildings up completely by putting them on the market. You've got to coordinate with the chamber and see what companies are looking at expanding or relocating and might come to OKC, needing space. That requires effort. I also believe Devon has hired Mark Beffort to market the buildings and I would assume they are still in the process of formulating a marketing strategy.

Just saying..there is SO much more that goes into these things than "well, we're ready to hit the market. Bring on the buyers!"

[Oil Capital]

Yes, Mid-America Tower is the Devon "Tower" for now..for those like me who aren't familiar with downtown address numbers i.e. 20 N. Broadway (meaningless numbers to everyone but the mailman).



Yup. And let me know when the huge marketing push occurs. They're not going to fill the buildings up completely by putting them on the market. You've got to coordinate with the chamber and see what companies are looking at expanding or relocating and might come to OKC, needing space. That requires effort. I also believe Devon has hired Mark Beffort to market the buildings and I would assume they are still in the process of formulating a marketing strategy.

Just saying..there is SO much more that goes into these things than "well, we're ready to hit the market. Bring on the buyers!"

Yeah, it was so confusing the way they said "Devon Headquarters at 20 N. Broadway". I can see how that would throw you off.

LOL Oh, do tell, oh wise one. You'd better do a memo to Larry Nichols to let him know he's hitting the market way too early according to the vastly experienced and wise-about-all-things Spartan.

No matter how much you try to spin things 4 days later, my friend, you pronounced on the 5th that it was far too early for them to even "start talking about" looking for new occupants. Face it, Spartan, you really could not have been more wrong.

I'll make my offer again... Stop posting made-up "facts" and pretending to know everything about subjects about which you very clearly know next to nothing . . . and I'll stop pointing it out and correcting you.

BTW, with regard to your announcement that Mark Beffort is helping Devon with the marketing... yeah, we saw it in the Oklahoman article too.

[Spartan]

Yeah, it was so confusing the way they said "Devon Headquarters at 20 N. Broadway". I can see how that would throw you off.

You probably didn't realize this...but Devon offices in 3 different skyscrapers in close proximity off of Broadway, although only 2 if you're counting the FNC's Park Ave address.

Let me know when Devon makes a sale on the space. I mean, it would be pretty dumb considering they're still in those buildings for 2 more years, but hey I guess it's never too early, right Oil Capital?

[lasomeday]

Devon has let a lot of people go with the sale of the offshore and international assets, so I am sure they can manage losing some office space. It will take a while before it is off their hands and they might work out a deal to rent the space after they sell it.