Parkside Building

[onthestrip]

The new board sound like punks;Wall Street is all about a quick dollar anymore. It's not like its uncommon for a Fortune 5000 to have amenities. In the long-run this is probably a net-win for downtown as it will add much needed Class A space to the market, and I predict will fill up quickly. It will also be less vacant space on market in the event SD was to get bought out or relocated.

Maybe for Fortune 500 companies but Im not sure Fortune 5000 companies, one with a market cap of barely $2bil should be spending $100MM on an amenities building. Just like they shouldnt have been compensating Tom Ward over $20MM/year.

[Just the facts]

I agree Metro. Wall Street has become one big progress trap. It is hard for companies to implement business strategies that take a few years to develop when the stock is traded by people trying to make a profit in nano-seconds. I think a stock transaction tax would do a lot more for this country than just raise revenue.

Anyhow, back to the subject.

If given the choice between an amenities building and 100,000 sq feet of class A space, give me the class A space. Like Metro said, this will fill quickly. Maybe McClendon will relocate his new operation.

[OklahomaNick]

So let me get this right: SandRidge is NOT completing the amenities building but instead they are going to proceed with construction to instead make it 100% lease-able class A office space?
Where in the world are they going to park? Companies are leaving the CBD because they can't get parking spaces for new employees!

[OklahomaNick]

No major companies.. They have more negotiation power.
But through lease renegotiation we are seeing smaller companies not getting added parking spaces so we are having to look elsewhere.

We really are at a stage 5 critical parking shortage downtown.

[Just the facts]

No major companies.. They have more negotiation power.
But through lease renegotiation we are seeing smaller companies not getting added parking spaces so we are having to look elsewhere.

We really are at a stage 5 critical parking shortage downtown.

2 garages will be done soon and Sandridge owns the garage right across the street so maybe they will offer spaces to whomever the tenants are. Plus, more and more housing is being built in the area so hopefully that will off-set some demand from job growth.

[Steve]

The amenities building will still be completed, however the interior will be reconfigured as 100% leasable space. Apparently the new board nixed the amenities/perks.

Without going into details, this report is premature. Not saying it WON'T happen. But the board has not yet made this decision.

[Spartan]

No major companies.. They have more negotiation power.
But through lease renegotiation we are seeing smaller companies not getting added parking spaces so we are having to look elsewhere.

We really are at a stage 5 critical parking shortage downtown.

Is that like on the Fujita scale or something??

[Spartan]

Perhaps if they hadn't taken so long to get the stupid thing built, they would have been far enough along to complete it as is. Now we've los structures in favor of some stupid crap leased building. This is the point where i wish i had a magic wand that made the company finish what they promised....sort of like Dell...where's that 3rd building?

Thus is what happens when your political philosophy is to bend over backward to advance corporations. It's the will of the people.

[wsucougz]

Maybe for Fortune 500 companies but Im not sure Fortune 5000 companies, one with a market cap of barely $2bil should be spending $100MM on an amenities building. Just like they shouldnt have been compensating Tom Ward over $20MM/year.

Ding ding ding. I work for a fortune "50" company and the gym at our headquarters is about as good as the one at your local high school. But the business is run within its means and job security is second to none. Fancy buildings and world-class perks are great, but not sustainable when you're cashflow negative and blowing money on ludicrous incentive packages, a fleet of private jets, etc, etc.

I will be a little surprised if construction on this is not halted. Maybe they are simply past the point where it's worth it to stop. Maybe they can rework the plans and find a buyer.

[betts]

Perhaps if they hadn't taken so long to get the stupid thing built, they would have been far enough along to complete it as is. Now we've los structures in favor of some stupid crap leased building. This is the point where i wish i had a magic wand that made the company finish what they promised....sort of like Dell...where's that 3rd building?

Which is why we should allow demolition only when there are approved plans ready to go. We lost developable buildings and could end up with nothing significant. I noticed the Hale Photo site is now for pay parking. Another empty lot on Broadway following empty promises.

[Just the facts]

Which is why we should allow demolition only when there are approved plans ready to go. We lost developable buildings and could end up with nothing significant. I noticed the Hale Photo site is now for pay parking. Another empty lot on Broadway following empty promises.

In the case of Sandridge, approved plans were ready to go and they will building everytihing in the plan that got approved. What we need to ask in the future is, are corporate plazas and urban forest a better use for downtown land than buildings, even if those buildings need to be redeveloped. If KerrMac, the YMCA, and Indian Temple were standing today I bet the current board would be wanting to sell them as fast as they could. Now they are stuck with a huge bill for maintaining non-revenue space. I imagine their landscaping bill is pretty heafty.

[BoulderSooner]

Which is why we should allow demolition only when there are approved plans ready to go. We lost developable buildings and could end up with nothing significant. I noticed the Hale Photo site is now for pay parking. Another empty lot on Broadway following empty promises.

the hale building was condemned ..

[OklahomaNick]

Is that like on the Fujita scale or something??

Yes, we have an F5 parking shortage! ha-ha!

I have not heard estimated completion dates for the upcoming garages: Dowell extension & next to City Hall garage.
Anyone heard dates?

[BDP]

No major companies.. They have more negotiation power.
But through lease renegotiation we are seeing smaller companies not getting added parking spaces so we are having to look elsewhere.

We really are at a stage 5 critical parking shortage downtown.

That's strange, because I can always park downtown whenever I want to.

[jedicurt]

That's strange, because I can always park downtown whenever I want to.

that's only because you don't mind crossing a street... most people in this city define no parking as in they are not able to park withint 50 ft of the door in which they need to enter

[Bellaboo]

that's only because you don't mind crossing a street... most people in this city define no parking as in they are not able to park withint 50 ft of the door in which they need to enter

If they can't walk more than 50 feet and cross a street then it's on them.

[metro]

2 garages will be done soon and Sandridge owns the garage right across the street so maybe they will offer spaces to whomever the tenants are. Plus, more and more housing is being built in the area so hopefully that will off-set some demand from job growth.

I park in the Sandridge garage and can tell you it's beyond full. Like someone said they haven't been renewing or extending existing leases for small companies hiring new employees. Sante Fe is packed as well. Garages during the day are packed, but at night parking is definitely no issue.

That's strange, because I can always park downtown whenever I want to.

I too had this mindset using street parking at any given time, but now that I have leases at two DT garage spaces I can assure you my thoughts have changed for daytime FT employee parking.

[Pete]

I've heard from two good sources that the decision has already been made to turn this building into office space.

It's a good thing they are as far along as they are, otherwise I think the plug would have been pulled completely.


I'd be surprised if the outside didn't change as well. Remember, this was all designed around a large auditorium, a basketball gym, racquetball courts... All uses with large open spans and huge ceilings.

[OSUMom]

I park in the Sandridge garage and can tell you it's beyond full. Like someone said they haven't been renewing or extending existing leases for small companies hiring new employees. Sante Fe is packed as well. Garages during the day are packed, but at night parking is definitely no issue.

I park there too and don't work for Sandridge. We have been speculating on how long we will be allowed to park there before we get booted. I think at the time they bought it they promised 3 years. But they are NOT allowing us to get new parking spaces.

[Architect2010]

I'd be surprised if the outside didn't change as well. Remember, this was all designed around a large auditorium, a basketball gym, racquetball courts... All uses with large open spans and huge ceilings.

I was thinking just this and I really hope they keep the design true to the original concept and current design. We have enough yawn-inducing boxes in the CBD, so let's hope this one doesn't dissolve into a chasm of "boring-ness". Given its location and the older surrounding buildings, this building really has the opportunity to be a focal point and "freshen up" that part of the CBD.

[Mississippi Blues]

I was thinking just this and I really hope they keep the design true to the original concept and current design. We have enough yawn-inducing boxes in the CBD, so let's hope this one doesn't dissolve into a chasm of "boring-ness". Given its location and the older surrounding buildings, this building really has the opportunity to be a focal point and "freshen up" that part of the CBD.

So eloquently put without writing a 5 paragraph essay. I agree wholeheartedly.

[Just the facts]

I wonder if this building turns into a money maker for Sandridge if they might divest themselves of other downtown properties or maybe even develop additional Class A space on their land.

[onthestrip]

I wonder if this building turns into a money maker for Sandridge if they might divest themselves of other downtown properties or maybe even develop additional Class A space on their land.

Get into the commercial real estate development biz like Chesapeake? Doubtful.

[Pete]

It's pretty clear by the actions of the CHK and SD boards that they are looking to shed non-core assets.

I would be very surprised if SandRidge doesn't sell some or all of the properties they own along Broadway.

[Just the facts]

Get into the commercial real estate development biz like Chesapeake? Doubtful.

I was thinking more a long the line of leasing the land to a private developer. Of course, they could always sell the amenities building when it is done.