Parkside Building

[catch22]

^

BTW, Jones Energy of Austin bought a bunch of old AEP assets (last Aubrey McClendon company), set up an OKC office but is now headed for oblivion.

They recently fired their senior management (including founder and OU grad Johnny Jones) and stock is trading at $.37.

Wow. Thy just built out a pretty nice office space at the Valliance Tower on NWX.

[Pete]

Wow. Thy just built out a pretty nice office space at the Valliance Tower on NWX.

Yes, after moving from another nice office on N May which they moved into about a year ago.

[pw405]

It’s a win, to be sure. But I think we’re right to point out that operatorship is a completely different ball game (in terms of talent, capital requirements, and work load) than buying minerals off of unsuspecting grandmas.

And let’s be clear. The private equity money Echo has accepted won’t necessarily allow it to grow in the slow, steady Continental Resources model. Those Mitt Romney types want 50% IRRs, and they want them as fast as possible.

It will be interesting to see how it plays out. Obviously $70+ oil would help the cause.

I'm gathering Echo was started primarily on land deals but has just recently become a true operator?

[gopokes88]

I'm gathering Echo was started primarily on land deals but has just recently become a true operator?

Yeah. Would lease acreage in the same section as a major and participate in the well as a non-op. Built cash, got PE backing, started their drilling program.

[pw405]

Yeah. Would lease acreage in the same section as a major and participate in the well as a non-op. Built cash, got PE backing, started their drilling program.

Nice, well hopefully they don't pull a CHK or SD and are able to grow coming out of this recent price crash. Not to derail thread, but IMHO I see oil back to $100 in less than 12 months.

[gopokes88]

Nice, well hopefully they don't pull a CHK or SD and are able to grow coming out of this recent price crash. Not to derail thread, but IMHO I see oil back to $100 in less than 12 months.

Yep. It’s about to get wild again.

State is gonna have like a $2 billion dollar surplus with a 5% got instead of 1-2. Hopefully they put a ton of it in savings

[Pete]

Last night, Echo screened the Goonies at the Parkside Building.

Looks like they are using some sort of (rear-projection?) screen inside the glass.

Will be screening Hitchcock's North by Northwest on Oct. 12th at 7:30PM.

From their Twitter feed:

[shawnw]

Nice! I heard about this too late and wondered how they went about it! Someone tell them to get on DOKC, Inc's radar for their event calendar!

[Bits_Of_Real_Panther]

Most of this building is still empty, did Echo move in yet?

[Ross MacLochness]

Most of this building is still empty, did Echo move in yet?

no

[Bits_Of_Real_Panther]

no

Ha ha, they bought the building to show movies on the side, lol!

[GoldFire]

Yeah, I've been wondering this too. I saw people inside shortly after the sale, but haven't seen any activity since then.

[shawnw]

I forget the details, but I heard they are moving in later in the year. We'll see...

[Pete]

Echo Energy begins work on new downtown home

Echo Energy, currently leasing space on NW Expressway, has started construction on what will be their new downtown offices in the heart of the central business district.

As OKCTalk was first to report, a limited liability company associated with Echo purchased what has been known as the Parkside Building in May of 2018 from SandRidge Energy.

Once planned as the centerpiece for an ambitious SandRidge campus, the building was originally designed for a large auditorium, gym, workout facilities, and rooftop sports courts. But due to financial difficulties, SandRidge abandoned the plans, left the structure in shell form, and put the property on the market.

To the east and south of the building, Kerr and Couch parks recently received a multi-million makeover as the building sat completely empty for several years.

Plans show that Echo will take the top 3 floors; the 6th, 7th, and 7th-floor mezzanine, about 20,000 square feet in what is a visually separate top 'cube' of the building.

The remaining 5 floors will likely be leased to other tenants, including ground floor and patio space fronting the park that has been envisioned as a restaurant.

Design of the new offices is by Northwest Studio in Seattle.

Echo will be moving approximately 100 employees to the building upon completion of the improvements.

[Ross MacLochness]

Any word on a possible ground floor tenant? I heard rumblings right when Echo bought the building, but not a word since.

[Pete]

Any word on a possible ground floor tenant? I heard rumblings right when Echo bought the building, but not a word since.

They are VERY private and methodical.

And there have been no building permits other than for the Echo space.

I suspect they are thinking very long-term here and this entire thing will continue to unfold pretty slowly.


BUT that ground level park space is really special. I'm sure something interesting will land there.

[Pete]

[gopokes88]

Lay-offs are coming at echo soon.

Two fold problem here.

The rock in Oklahoma is too gassy, not oily enough. Remember all those guys saying we have good rock not great rock, and we can’t go to a 7% GPT like Texas? Rig count in August, 155, today 100. That’s a 33% reduction in activity. The tax isn’t the cause of that but it certainly didn’t help much.

Operators like echo are PE backed, with the hopes a major swoops in and takes them out for a huge payday. Majors aren’t doing that right now, the exploration part of the cycle is over. They’re drilling their field and merging with other majors for more scale.

Which means echo and others have to run super lean.

[Pete]

They have been moving very slowly on building out their downtown space.

Of course, they own that building and it doesn't even seem they have the copious extra space for lease.

[BoulderSooner]

Lay-offs are coming at echo soon.

Two fold problem here.

The rock in Oklahoma is too gassy, not oily enough. Remember all those guys saying we have good rock not great rock, and we can’t go to a 7% GPT like Texas? Rig count in August, 155, today 100. That’s a 33% reduction in activity. The tax isn’t the cause of that but it certainly didn’t help much.

Operators like echo are PE backed, with the hopes a major swoops in and takes them out for a huge payday. Majors aren’t doing that right now, the exploration part of the cycle is over. They’re drilling their field and merging with other majors for more scale.

Which means echo and others have to run super lean.

layoffs occured at Echo a few weeks ago

[jccouger]

nice, well hopefully they don't pull a chk or sd and are able to grow coming out of this recent price crash. Not to derail thread, but imho i see oil back to $100 in less than 12 months.

Yep. It’s about to get wild again.

State is gonna have like a $2 billion dollar surplus with a 5% got instead of 1-2. Hopefully they put a ton of it in savings

lol

[aDark]

Did anyone attend the event where they broadcast a movie on the side of the building? I know the OKC Energy and COOP are teaming up to do the same thing with the upcoming USWNT game on Sunday at 10:00 am. I'm worried about how difficult it will be to see the screen projection in broad daylight. Can anyone share their experiences?

[Pete]

Did anyone attend the event where they broadcast a movie on the side of the building? I know the OKC Energy and COOP are teaming up to do the same thing with the upcoming USWNT game on Sunday at 10:00 am. I'm worried about how difficult it will be to see the screen projection in broad daylight. Can anyone share their experiences?

It was actually a screen inside the glass that was rear-projected. So very different than the Together Square setup.

[aDark]

It was actually a screen inside the glass that was rear-projected. So very different than the Together Square setup.

Oops. I saw "Together Square" and confused it with the park near the Parkside building. Carry on.

[Pete]

Work is continuing with the build-out of the top floors for Echo Energy.

I know they actively trying to find a restaurant tenant for the ground floor space, which overlooks the park and has a great patio.