531 Couch Drive

[warreng88]

Office building next to Civic Center sold for $2.65 million

By: Molly M. Fleming The Journal Record January 15, 2018

OKLAHOMA CITY – A building with a view of a downtown park has a new owner and will soon have a new tenant.

The Oklahoma River Company LLC and KI Capital LLC paid $2.65 million for the two-story building at 531 Couch Dr. It was previously home to RSM, an accounting firm, but the company outgrew the space.

Price Edwards & Co. office broker Craig Tucker represented the former owners, 531 Couch LLC, for the property. It sits next to the Civic Center Music Hall and across the street from Bicentennial Park.

The 531 Couch property was built in 1950, but was renovated in 1983, according to county records.

Tucker said he’s had the building listed since spring 2017. He said he almost sold it once earlier, but the transaction in December had a final higher price than the near-sale price.

“I bet I showed that building more than any building I’ve had listed for sale,” he said.

The building’s proximity to the park, the courthouse, and a parking lot made it a great find, Tucker said.

“It’s virtually impossible to find a building like this,” he said.

With RSM moving into Oklahoma Tower, the downtown office market saw a boost in the occupancy rate, Tucker said. Price Edwards tracks downtown office buildings that measure 50,000 square feet or more. The RSM move will show up on the report as a positive since the vacant building wouldn’t have been tracked.

Equity Realty broker Mark Hyde II was able to get his client in as the first tenant. Norman-based law firm Ball Morse Lowe PLLC will lease 4,000 square feet. The firm also has an office in Purcell.

Hyde will also handle the leasing for the remaining space. He already has two letters of intent, he said.

The law firm is doing some renovations on its space, but nothing drastic, Hyde said. There are other updates being done in the building as well.

“This building is downtown, without being in the heart of downtown, and they love that,” he said.

[HOT ROD]

fantastic, existing downtown architecture firm upgrades into a CBD skyscraper - providing needed absorbsion and increase in CBD office workers while the old arts district building gets new life from the suburbs to try out downtown with a nice view in an owner occupied with a lease of its own. Not bad, not bad at all.

I hope we see much more straight up moves into the CBD towers from elsewhere - filling up the skyscrapers so we can build new. ...

[Jeepnokc]

Does anyone know the square footage of the building and whether the parking lot was part of the building sale?

[Pete]

Does anyone know the square footage of the building and whether the parking lot was part of the building sale?

Yes, the .28 acre surface lot directly to the east was part of the sale. Building is 20,448 SF.

[Jeepnokc]

So about $129 sq ft. Would have thought it would be a little higher as it includes parking and looks to be a nice building with great location. Still not bad though.