First National Center

[warreng88]

Oklahoma City building’s ‘wow factor’ draws lease requests
BY STEVE LACKMEYER
Published: July 23, 2009

Rarely does a week go by when Emily Dobson-Timm, property manager at First National Tower, doesn’t field a request by a group wanting to lease out the landmark’s historic Great Banking Hall.

"We get one to two calls a week,” Dobson-Timm said. "We get a lot of people calling to see if they can do weddings.”

And until recently, Dobson-Timm turned down such requests as the building’s owner, Milbank Real Estate, sought out a permanent tenant for the space.

Rest of the story:

http://newsok.com/oklahoma-city-buil...ad_story_title

[Pete]

Nice the GBH is getting some use.

I wonder what became of the owner's contest to find a creative adaptive use for that space?

[CuatrodeMayo]

I'm afraid the above article answers that question...

[MadMonk]

Sorry for the delay, I am a noob at taking pictures and the camera on my iphone is scratched up anyway. This is about all that is going on that you can see, there might be a lot of other work going on in places I can't get to.

When you come in from the skywalk.

I recently took a job located downtown (Oklahoma Tower) and thought I'd walk over and take an "after" picture of the skywalk elevators.


I didn't have time to do the same with your other shots.

BTW, what clock was repaired? Is it the one on the corner of the building? Sorry for the quality of the pictures, my blackberry doesn't take great shots. If I can remember to do so, I'll bring my camera to work one day and take a few pictures.



Sorry for the quality of the pictures, my blackberry doesn't take great shots. If I can remember to do so, I'll bring my camera to work one day and take a few pictures.

[Pete]

Thanks for the photos!

At least that small part looks well done.

I'll be by there next week when I'm in town to check it out. I want to see what has been done to the floors and arcade.

[jbrown84]

Yes the clock on the corner was repaired.

[Pete]

Any updates here?

How are they coming with the arcade renovation? Floors inyet?

Started on the new north entrance?

[Steve]

Story has probably changed. I'll do an update soon.

[Pete]

Any news here at all??

Steve, would greatly appreciate hearing anything you know.

Clearly, things have changed since they proposed the renovations as they were all supposed to be complete a while ago.

[OKCMallen]

Good follow-up article and blog note by Steve Lackmeyer:

Article: Clock ticking on strategy for First National Tower | NewsOK.com ... the clock is ticking

Blog: So What's the Deal? Read Tuesday's Main Street ... letter by John Hefner, Jr.

I don't know if it's the same barber shop mentioned, but here's a pic of the old 1st National Barber Shop ... I don't know when ... the image was provided to me by Norman Thompson ...

Larger: http://i8.photobucket.com/albums/a49...larbershop.jpg

The barber shop is still there, 14th floor. That's where I get my haircut. it's a great space...on the walls- looks like tile, but it's actually the original italian glass. It's a really terrific space. I'll try to remember to take a picture this week.

http://www.thebarbersalon.com/site/Default.aspx

[jbrown84]

I get my haircut there too. Jamie, the owner, is great!

[OKCMallen]

My picture turned out crappy, but go to Charity- she'll treat you well.

[Pete]

Any new information on the renovation??

This was all supposed to be complete some time ago.


Very strange considering Milbank keeps insisting "We're not like previous owners. We'll do what we say."

[soonerguru]

Any new information on the renovation??

This was all supposed to be complete some time ago.


Very strange considering Milbank keeps insisting "We're not like previous owners. We'll do what we say."

Things at FNC are not exactly moving forward with gusto.

[Stylist2Stars]

she said. “But once I saw this shop I was like, ‘Wow.’”

[MrBigglesworth]

Will this offer a straight razor shave? Does any place in OKC offer this service?

[metro]

They've been there 2 years now, I believe they do. Yes there are many places that offer straight razor shave in OKC, mainly barber shops. There is even a thread on the topic of straight razor shaves. I know there is a place on like 19th and Classen that offers them.

[earlywinegareth]

The old gal could use a powerwash...

[Pete]

First National woes: a failure to communicate in Oklahoma City?

BY STEVE LACKMEYER
Published: June 29, 2010

Aaron Yashouafar isn't like his predecessors when it comes to making improvements at First National Center. He's spent millions trying to fix the property, but other actions left him as unpopular as prior out-of-state owners.

When Aaron Yashouafar led investment groups in buying First National Center in 2006, it didn't take him long to realize that he was also acquiring the baggage of prior owners.

As soon as Yashouafar started boasting about his record in turning around similarly troubled landmarks in Los Angeles and elsewhere, there were those in Oklahoma City who immediately doubted he could pull off the same feat with First National.

And who could blame observers for being cynical? The property was in no better shape when Yashouafar paid $21 million than it was when New York investors paid $5 million just a few years earlier.

Those New York investors left with a stack of unpaid bills and utility cut-off notices plastering the front door.

And now it's Yashouafar who is dealing with unhappy former vendors and a threatened foreclosure by his lenders.

First National is, in some respects, in better shape than it was four years ago. Yashouafar reports improvements to date total $8.5 million. Some of that money was spent on building systems.
But when it came to the cosmetic improvements, Yashouafar showed the same disconnect with tenants and the local community as did his predecessors. Tenants still grumble about how he had Lt. Gov. Jari Askins use a jack-hammer to tear up the marble floor in the tower lobby. They look at the tile that replaced it and they see something that is ordinary — and they note the windows outside are still cracked.

And when Yashouafar hosted a fancy party for civic leaders in the building's Great Banking Hall, complete with live entertainment and ice sculptures, turn-out was less than what was expected. This was no slight against Yashouafar — instead, a couple of the invitees who chose not to attend told me they simply couldn't, or wouldn't, believe that this latest rescue effort could work considering it started with a $21 million purchase.

After recent events, Yashouafar says he has no regrets about buying First National and still believes the property was worth $21 million. He's also continuing to pursue a policy of raising rents to bring them in line with what's being charged by other landlords at Park and Robinson.
It's this path that prompted Becky's Hallmark and The Buzz to leave, with more "amenity” retail tenants threatening to follow suit.

Yashouafar told Oklahoma City four years ago that he keeps his promises, that he would invest millions to bring First National back to its former glory. In those early days, however, I can't remember him ever asking the local community what they saw in First National, or what they wanted it to become.

In that respect, the same miscommunication that plagued First National throughout the 1990s and 2000s dogs Yashouafar today. He sees First National as being a competitor with City Place, Leadership Square, Oklahoma and Corporate Towers. Tenants who have weathered one financial storm after another and say their hopes and dreams have been ignored see it differently.


Read more: http://www.newsok.com/article/347205...#ixzz0suZjsnEY

[Pete]

From Steve's OKCCentral.com blog:

Aaron Yashouafar Q&A
Posted by slackmeyer on June 24, 2010 at 6:48 pm

Today was, my friends, what we in the news biz call a “crazy day.” Everything seemed to hit the fan at once. Here’s a full transcript of my interview with First National owner Aaron Yashouafar. He was not willing to discuss matters currently in litigation – including the foreclosure action on First National.

Q: A lot of locals were shocked at the $21 million paid for First National in 2006. Looking back, do you still think the price was a good deal?
A: First National Center consists of 1 million square feet of prime, landmark, office space in Downtown Oklahoma City. The price paid is well beyond a good deal. The building was purchased at approximately $21 per square foot. To rebuild such a project would cost hundreds of millions of dollars, not to mention the fact that this landmark is irreplaceable.

Q: How much have you spent improving the property? Approximately $8.5 million, and continuing.
A: One of the biggest complaints I’m hearing about the current ownership is how there were sharp increases in rent even though improvements were halted.
A: Notwithstanding the improvements the ownership has made to the property, the rents are still in line with (and sometimes below) what others in the neighborhood are charging. We are all aware of substantial increases in the cost of operating a building such as First National Center (such as utilities, insurance and labor). Prior rents from old leases dating back to previous owners (who neglected the building, and would take anything from anyone without contributing to the building), should not be considered when talking about the rent increases. There has been 4 years of work and progress towards substantial improvements in building infrastructure as well as cosmetics. The pace of making improvements has only recently slowed down, not by no means, “halted”.

Q: You’ve seen properties in L.A. and New York go into foreclosure and the newspaper accounts paint a pretty bleak picture of your company – how do you respond to that?
A: Although Oklahoma has been, to a great extent immune, the rest of the nation is undergoing one of the most significant recessions, with the real estate industry taking a substantial hit and undergoing tremendous devaluations. Many properties, many owners, and many banks have gone out of business. Milbank, however, on behalf of the various owners it represents, is continuing to deal with the economic slowdown by repositioning the properties it manages. Many other owners faced with the same facts, have simply abandoned the properties.

Q: What’s your reaction to The Village Voice describing you as one of New York City’s “worst slumlords”?
A: I am not sure you have all the right facts. Milbank has not been managing the properties in question for nearly a year and a half. The lender hired its own management company to manage the properties, and that management company is the one being blamed. Unfortunately, when that management company was engaged, Milbank was prevented from carrying out its plan to improve and stabilize that property. In fact, the tenants are suing the lender now because of its lack of care for the properties. During the time that Milbank was managing those properties, many violations from prior owners were removed, the buildings improved substantially, and the tenants were being tended to. We do not believe that Milbank is a “bad manager” – especially here in Oklahoma City, where occupancy at the FNC has increased threefold in four years.

Q: With the debt level being so high and the mid-2000s real estate boom history, how do you make a property like First National successful again?
A: The property is already successful. Through the financial resources made available by the owners, the management team has been able to raise the occupancy from low 20% range to almost 65%, in just four years. In a building as large as First National Center, this translates to over 400,000 square feet of new leases. I am not aware of any other building in Downtown Oklahoma City experiencing such a transformation. In fact, the owners have always been, and continue to be, in compliance with the loan.

Q: Do you have any regrets when it comes to First National?
A: Not at all. At a time when almost everyone in Oklahoma City had simply written off First National Center, the current ownership made a commitment to give the property a new life. The dedication of the owners encouraged the City officials to support such renovation and together we created a dedicated and compassionate team whose results we are witnessing today.

[Steve]

Ya know that statement, "not like previous owners"? Well ....

[Pete]

This is all incredibly disappointing.

It wouldn't be so bad if the new owner hadn't been so adamant about being different and not making false promises. He had a real chip on his shoulder from Day 1 about how he inherited the bad rep of the previous ownership, then goes out and makes a bunch of big promises that he has broken.

Sure hope this gets back on track.

[rondvu]

And when Yashouafar hosted a fancy party for civic leaders in the building's Great Banking Hall, complete with live entertainment and ice sculptures, turn-out was less than what was expected. This was no slight against Yashouafar — instead, a couple of the invitees who chose not to attend told me they simply couldn't, or wouldn't, believe that this latest rescue effort could work considering it started with a $21 million purchase.

I am just sayin this sounds like a line out of The Little Red Hen. Like I said I am just sayin.

[soonerguru]

Please deliver this building from its disastrous ownership!

[Steve]

And when Yashouafar hosted a fancy party for civic leaders in the building's Great Banking Hall, complete with live entertainment and ice sculptures, turn-out was less than what was expected. This was no slight against Yashouafar — instead, a couple of the invitees who chose not to attend told me they simply couldn't, or wouldn't, believe that this latest rescue effort could work considering it started with a $21 million purchase.

I am just sayin this sounds like a line out of The Little Red Hen. Like I said I am just sayin.

So are you saying Yashouafar is the Little Red Hen?