Parkside Building

[skanaly]

Today

[Pete]

Here's a couple more from this morning. Big steel trusses are up:

[AP]

Man, this is going to be a brilliant building. Can't wait for it to finish.

[Bellaboo]

I was down there this weekend, and this is going to be a nice little statement building. Pretty impressive design.

[CuatrodeMayo]

This is by-far-and-away my favorite building under construction in OKC right now.

[PhiAlpha]

So has anyone heard whether they ended up redesigning it for sure? Has a permit been filed or anything?

[Pete]

So has anyone heard whether they ended up redesigning it for sure? Has a permit been filed or anything?

I still haven't seen any revised plans filed however I commented up-thread that I can tell the auditorium has been removed by the steel framing.

So, it does look like the amenities part has changed, however, I still don't understand how they are going to service 11 floors with only 7 elevator landings.

[PhiAlpha]

I still haven't seen any revised plans filed however I commented up-thread that I can tell the auditorium has been removed by the steel framing.

So, it does look like the amenities part has changed, however, I still don't understand how they are going to service 11 floors with only 7 elevator landings.

Magic?

[CuatrodeMayo]

Wonkavator

[Martin]

maybe that's why sandridge ousted tom ward... those things are expensive. -M

[Martin]

...and seriously, i love this building and am really glad the planned exterior didn't get scrapped. -M

[Pete]

Looks like they now have all the big steel trusses up. Just taken by shawnw.

BTW, the big rectangular box on the bottom is where the auditorium was to go. You can see there is not a floor in the middle of what would have been a clear span.

[wsucougz]

Who is Sandridge going to sell or lease this building to upon completion?

[Spartan]

I wouldn't be surprised to see Devon or Enable use it temporarily while more space can be built. We will probably start to see some more R&D entities set up around GE and maybe the proximity is close enough here to support that.

[Pete]

Who is Sandridge going to sell or lease this building to upon completion?

Not sure but as far as I know, they haven't even leased the Braniff space which is pretty much complete now.

[wsucougz]

Who occupies the office space at the Braniff building? I'm wondering if Sandridge would sell the tower and move all employees into this building and the Braniff, or sell this and the Braniff and keep the tower. Maybe neither, but they did just sell off all their Permian and Gulf of Mexico assets. I'm assuming new mgmt will be laying off if they haven't already, though most of the GOM employees were in Houston I think. Maybe it's more cost effective for them to just hold the excess space and lease it out.

[Pete]

I've heard that things are going much better at SandRidge and the new CEO has really turned things around.

As far as the Braniff, it's completely empty still other than Kitchen no. 324 and the Braniff Hair.

[wsucougz]

I've heard that things are going much better at SandRidge and the new CEO has really turned things around.

I've heard the same, but can't imagine they need all this office space.

[BillyOcean]

In the paper a couple of weeks ago, it stated Osage Exploration had signed a lease at the Braniff. Not sure about any other tenants.

[PhiAlpha]

Who occupies the office space at the Braniff building? I'm wondering if Sandridge would sell the tower and move all employees into this building and the Braniff, or sell this and the Braniff and keep the tower. Maybe neither, but they did just sell off all their Permian and Gulf of Mexico assets. I'm assuming new mgmt will be laying off if they haven't already, though most of the GOM employees were in Houston I think. Maybe it's more cost effective for them to just hold the excess space and lease it out.

Sandridge sold off the majority of their Permian assets over a year a year ago, but still have a decent amount of properties in the basin. They are still running a skeloton crew to maintain those properties. I don't think they ever laid anyone off, but I know they did reallocated the majority of the permian employees to other areas. As far as the offshore properties, they barely had them long enough to put much of a staff together to manage them (Not sure what their logic was on that purchase). At least from what I've heard, the tower is mostly full so I highly doubt they would sell it off unless the company itself sold. Most of the new employees they added over the last few years have been hired to work on the Mississippian play in Northern OK and Kansas and that has been their primary focus since selling the majority of their permian assets. Given what's going on in the permian now and how the Miss isn't panning out as well as some expected, I'm not sure that was the best choice. Having said that, I don't know where their permian acreage was and SD has enough acreage and experience in the Miss to achieve the economies of scale needed to be successful up there. It seems to be working out ok for now, just wish their stock price would reflect that!!!

[wsucougz]

Sandridge sold off the majority of their Permian assets over a year a year ago, but still have a decent amount of properties in the basin. They are still running a skeloton crew to maintain those properties. I don't think they ever laid anyone off, but I know they did reallocated the majority of the permian employees to other areas. As far as the offshore properties, they barely had them long enough to put much of a staff together to manage them (Not sure what their logic was on that purchase). At least from what I've heard, the tower is mostly full so I highly doubt they would sell it off unless the company itself sold. Most of the new employees they added over the last few years have been hired to work on the Mississippian play in Northern OK and Kansas and that has been their primary focus since selling the majority of their permian assets. Given what's going on in the permian now and how the Miss isn't panning out as well as some expected, I'm not sure that was the best choice. Having said that, I don't know where their permian acreage was and SD has enough acreage and experience in the Miss to achieve the economies of scale needed to be successful up there. It seems to be working out ok for now, just wish their stock price would reflect that!!!

Thanks for the rundown. From my understanding, the only Permian crew remaining is trust-related, and I think the rest of the PER wells are set to be completed this year. With all of the divestitures and ~600k being the remaining focus area of about 2 million original acres in the mid-continent, I gotta wonder if they still need twice as many employees as Continental(A company with a market cap 7 times the size of SD). The most recent data I can find has SD at 2,200 and CLR around 1,000. The caveat on that being those are internet numbers, and I'm also not an oil/gas guy so there may be a lot more to it. If you can speak to SD's number of employees vs. relative peers, I'd be interested in that as well.

[Snowman]

Thanks for the rundown. From my understanding, the only Permian crew remaining is trust-related, and I think the rest of the PER wells are set to be completed this year. With all of the divestitures and ~600k being the remaining focus area of about 2 million original acres in the mid-continent, I gotta wonder if they still need twice as many employees as Continental(A company with a market cap 7 times the size of SD). The most recent data I can find has SD at 2,200 and CLR around 1,000. The caveat on that being those are internet numbers, and I'm also not an oil/gas guy so there may be a lot more to it. If you can speak to SD's number of employees vs. relative peers, I'd be interested in that as well.

Numbers of employees can be skewed easily by how much staff is contracted, work done by service companies and level of turnover the company is willing to put up with related to work load. Plus if there near term growth plans will need people with experience here, it is probably much easier and can be cheaper verses paying for relocation to just keep them on the payroll.

[PhiAlpha]

Numbers of employees can be skewed easily by how much staff is contracted, work done by service companies and level of turnover the company is willing to put up with related to work load. Plus if there near term growth plans will need people with experience here, it is probably much easier and can be cheaper verses paying for relocation to just keep them on the payroll.

And continental has historically run very lean on employees. They've staffed up since moving to OKC, but could probably easily take on additional staff if they wanted to.

[UnFrSaKn]

Steve's twitter

[Lazio85]

Parkside Building by lazio85, on Flickr