Continental Resources Building

[Kerry]

http://www.newsok.com/devon-energy-s...ad_story_title

Did he buy it for someone?

Yes he did. I am sticking to my Hertz prediction.

Would the sell of this building 2 weeks ago coincide with Hertz announcing that they were no longer interested in Vanguard?

[windowphobe]

Well, now that we know Ford Price of Price Edwards bought the place, we can start speculating on whether he's got a pending deal with a major tenant.

http://www.newsok.com/devon-energy-s...rticle/3509506

[Kerry]

Well, now that we know Ford Price of Price Edwards bought the place, we can start speculating on whether he's got a pending deal with a major tenant.

http://www.newsok.com/devon-energy-s...rticle/3509506

The buildig will be owner-occupied. Ford is just the middle man until employees are notified. Consider him to be like paypal. I would expect an announcement soon. He probably doesn't want to be on the hook for $22 million for long, especially this late in the year.

[Steve]

The company I keep hearing over and over again has been mentioned in this thread.

[Kerry]

The company I keep hearing over and over again has been mentioned in this thread.

So we are down to two. If over a dozen companies were interested I can't see them selling to an existing Oklahoma company vs an out-of-state company. Since Devon won't even be out of the building for 2 years it seems too early to settle for an existing in-state company.

[betts]

Hamm has lived in OKC for awhile now. I would guess that would really hurt Enid, though.

[HOT ROD]

Continental can move in to one of the leasible skyscrapers downtown, there's no reason for them to buy Mid America. Continental could just open a 30,000-50,000 sq ft corporate HQ office in FNC, Leadership, or city Place for their executive team but leave the ops in Enid (or move it all to OKC with a larger lease. ..). I hate to see Enid suffer too, but since Continental's CEO lives in OKC and OKC is arguably the nation's 2nd largest Energy base - it makes sense to have a presence here.

I like Kerry am thinking it is Hertz, and I hope that is who Steve is also hoping/assuming/hearing.

It would be wonderful for Hertz's full operations to be in OKC, with the Headquarters being in downtown. ...

Companies are moving from NYC to the south all the time, it is time for OKC to join the relocation city lists. .

[Kerry]

It would be wonderful for Hertz's full operations to be in OKC, with the Headquarters being in downtown. ...

Companies are moving from NYC to the south all the time, it is time for OKC to join the relocation city lists. .

What would be nice is for Hertz to take over Mid-America for corporate and move their other City employees into space being vacated by Devon in the other buildings. That would add about 2,500 employees downtown.

[lasomeday]

IT IS NOT HERTZ!

Do you guys know anybody that has worked there? It is a poorly run company. I have had a lot of friends work there and they are not doing good. They are not going to be moving anytime soon. They have the corporate idea that NYC is where it is at. They have no idea what happens in their OKC offices. They see it as just logistics. Cheap labor in a low cost place to live.

[Jethrol]

IT IS NOT HERTZ!

Do you guys know anybody that has worked there? It is a poorly run company. I have had a lot of friends work there and they are not doing good. They are not going to be moving anytime soon. They have the corporate idea that NYC is where it is at. They have no idea what happens in their OKC offices. They see it as just logistics. Cheap labor in a low cost place to live.

Perhaps they're thinking that's just the sort of change needed to bring the company roaring back to life?

[wsucougz]

Hertz is broke.

[adaniel]

Here's some fuel for the fire.

My boss has been trying for years to get some work from Continental because they are very active drillers in an area we specialize in. She had basically given up on them this year. Out of the blue last week, they suddenly gave us quite a few projects.

Oh, and because of our size we rarely ever do business with clients who don't have at least an office here in town.

Take it as you wish....

[Jesseda]

i hear its the corporate office for the new okc market center that is going to go in at crossroads mall, now this is just a rumor

[SkyWestOKC]

Here it comes....3....2....1.

[Kerry]

Hertz is broke.

That is why companies move from high tax, hig cost of doing business areas to low tax, low cost of doing business areas. Where did they get the money to try and buy Vanguard if they are broke?

[onthestrip]

Call Hertz broke but they certainly have stepped their advertising efforts with the OKC Thunder. The other terrace section opposite of the Riverwind terrace is now sponsered by Hertz. I have no idea what this means though.

[Steve]

For what it's worth, and this is purely observation only, I don't think the future occupant is Hertz.

[metro]

Ya I too noticed tonight they sure have stepped up advertising, especially inside the "Oklahoma City arena" , got a nice new logo too.

[bombermwc]

What would Hertz get out of it though? They have their operations offices spread around town in much cheaper space. They built their new facility on Memorial about 5 years ago and even then, they've downsized since. They moved out of their Financial Center space not long after. So why would they want to consolidate downtown where they would have to pay a lot more for their office space? Their HQ in New Jersey also wouldn't get anything out of moving. It's a very small office there that wouldn't take up but a few floors.

Unless someone posts an article with them saying it's Hertz, I'm not going to believe it's them.

[okclee]

I think it is obvious to be another energy company, preferably an out of state company, but I too would assume Continental Resources from Enid.

Wish list would look like this;
1. Out of State company headquarters, unrelated to the energy sector.
2. Out of State company headquarters, energy companies included.
3. In-State company headquarters of any type.
4. Anything we can get our hands on, Please don't let this building be vacant!!

Actually #4 could easily be #1!!

[metro]

To clarify, I don't think Hertz is moving to the current Devon building, BUT I do think they may be a viable candidate for the new arena naming rights (see my comments above). I am going to buck the trend on the Devon thing and hold out that they are still recruiting an out of state company, not within state. Again, we know Devon's goal was to lure out of state business, not in state business, they wouldn't have announced a sale 2 years before necessary without meeting their goal. Also to the commenters on if there was 12 interested buyers, why didn't they move downtown by now; because there isn't enough contiguous Class A office space. We hear that a lot, i don't understand why someone doesn't build a spec tower. I strongly believe in the "build it and they will come" approach, if done properly.

[Kerry]

What would Hertz get out of it though? They have their operations offices spread around town in much cheaper space. They built their new facility on Memorial about 5 years ago and even then, they've downsized since. They moved out of their Financial Center space not long after. So why would they want to consolidate downtown where they would have to pay a lot more for their office space? Their HQ in New Jersey also wouldn't get anything out of moving. It's a very small office there that wouldn't take up but a few floors.

Unless someone posts an article with them saying it's Hertz, I'm not going to believe it's them.

They would get several things out of it. First, that 'small office' in NJ has almost 700 people in it. Second, they escape the high tax buden of New Jersey which often times can be the difference between profit and loss. Third, they can get all of their operation in one city which is better for the company because it makes it easier for employees to move up in the company. Fourth, on a civic level they become large fish in a much smaller pond. Fifth, they get to sell their high priced building in New Jersey and pocket the difference. Sixth, depending on what happens with Vanguard/Avis they have ready supply of local car rental industry knowledge (Tulsa being more local that New Jersey). Seventh, any ideas how much tax rebate they would qualify for with 700 above average jobs via the Quality Jobs Program. Those seem pretty significant to me.

But like I said, this is just to get the rumor mill started, which seemed to work in sniffing out Continental Resources. If it is CR, then good. I have long been a proponent of OKC raiding not just neighboring states, but other cities in Oklahoma. If OKC had been doing this for the last 30 years who knows, maybe Conoco/Phillips would be based in OKC today.

[MikeOKC]

They would get several things out of it. First, that 'small office' in NJ has almost 700 people in it. Second, they escape the high tax buden of New Jersey which often times can be the difference between profit and loss. Third, they can get all of their operation in one city which is better for the company because it makes it easier for employees to move up in the company. Fourth, on a civic level they become large fish in a much smaller pond. Fifth, they get to sell their high priced building in New Jersey and pocket the difference. Sixth, depending on what happens with Vanguard/Avis they have ready supply of local car rental industry knowledge (Tulsa being more local that New Jersey). Seventh, any ideas how much tax rebate they would qualify for with 700 above average jobs via the Quality Jobs Program. Those seem pretty significant to me.

But like I said, this is just to get the rumor mill started, which seemed to work in sniffing out Continental Resources. If it is CR, then good. I have long been a proponent of OKC raiding not just neighboring states, but other cities in Oklahoma. If OKC had been doing this for the last 30 years who knows, maybe Conoco/Phillips would be based in OKC today.

Kerry makes a lot of really good points here. If Hertz hasn't considered it, after reading Kerry's post I'm convinced maybe they should! Park Ridge is suburban NYC and we could offer much the same - for a whole lot less. Getting the staff to warm up to the idea of leaving a cultural mecca might not be easy, but Kerry's points are spot-on.

[HOT ROD]

while OKC can't hold a candle to NYC's cultural attractions and offerings, we do offer some similarities and certainly as people move in they can ADD to OKC's list of stuff to do. When companies relocate, more than JUST that corporate workforce comes to town, as potential restauranteers, potential shoppes, and even people who want to follow the coattails and maybe try something in OKC that they can't in NYC due to barriers, capital expense, market saturation.

These are all reasons why I hope it is Hertz, besides most of what has already been mentioned. Having an instate company relocate is good and all, but it doesn't really ADD to OKC other than increase in corporate presence (which is good). But I'm also looking forward to more tangibles and intangibles that our-of-state/region companies can bring. Even (and especially) when it comes to politics, it is nice to have a balance and OKC needs more progressive minded folks who want the city to grow and prosper - yes, it would be great if at the state level OKC and Tulsa had more power, not at the expense of rural but to feed the economic engines that power the state, because in the end - the rural benefits from a healthy and powerful OKC (and Tulsa). Maybe we also could get some true 'big city' media folks that would OKC's media a much needed TUNE UP.

Definitely good times for OKC nevertheless.

[onthestrip]

while OKC can't hold a candle to NYC's cultural attractions and offerings, we do offer some similarities and certainly as people move in they can ADD to OKC's list of stuff to do. When companies relocate, more than JUST that corporate workforce comes to town, as potential restauranteers, potential shoppes, and even people who want to follow the coattails and maybe try something in OKC that they can't in NYC due to barriers, capital expense, market saturation.

And the biggest reason why is these Jersey transplants will have disposable income at levels they havent experienced