Downtown office building changes hands

[Renaissance]

http://www.tulsabusiness.com/article.asp?aID=77499084.9206659.605917.6693188.8280843.575&aID2=46600

quote:Boulder Towers Sell for $32 Million
Tulsa Business Staff
1/17/2008

The 15-story Boulder Towers, 437 S. Boulder Ave., have been purchased by a group of investors, led by Gail Runnels for $32.25 million. The property was purchased from K/B Fund IV of Chicago.

The towers, which were constructed separately in 1960 (West Tower by Skelly Oil) and 1980 (East Tower by Getty Oil), currently stand as the tallest twin towers in the state of Oklahoma. The buildings, which have also been known by the name "Texaco Towers," are listed as the 12th-tallest buildings in the city, and the 26th-tallest in the state.

The towers contain 521,000 rentable SF and are 93 percent occupied. The entire tower complex was sold by Texaco to K/B Fund IV in 1997 for $7.25 million, according to press reports.

Tulsa County Courthouse records show that the buyers of the property include 7912 E. 31st Court LLC, Southcor Developers LLC, Select Ventures LLC, A.S.P. Inc., JRH 31st Court LLC, Breeze Energy LLC, VJJF LLC, Deloris R. Taylor Revocable Trust, M.O.S. Inc., JMM 31st Court Inc., Cost Investments LLC and Boulder Towers LLC.

Current tenants in the Boulder Towers include Helmerich & Payne Inc., Mid-Continent Insurance, Blue Cross Blue Shield of Oklahoma, Scott & Goble Architects Inc. Ceja Corp. signed a lease for 17,673 SF of office space in the towers last spring.

Press reports also indicate that two of the local investors plan to move into the towers, including CB Richard Ellis/Oklahoma, who along with Cushman & Wakefield brokered the transaction.

Do I read correctly that the purchasers are local, and that the buildinng has been bought from a out-of-town holding company?  That seems like a good thing, in theory.  Sounds also like occupancy will be increasing when CBRE moves in--does anyone know if those new tenants are coming from outside the IDL?  Because that would mean growth (however small) in the downtown occupancy rate.

[Oil Capital]

quote:Originally posted by Floyd

http://www.tulsabusiness.com/article.asp?aID=77499084.9206659.605917.6693188.8280843.575&aID2=46600

quote:Boulder Towers Sell for $32 Million
Tulsa Business Staff
1/17/2008

The 15-story Boulder Towers, 437 S. Boulder Ave., have been purchased by a group of investors, led by Gail Runnels for $32.25 million. The property was purchased from K/B Fund IV of Chicago.

The towers, which were constructed separately in 1960 (West Tower by Skelly Oil) and 1980 (East Tower by Getty Oil), currently stand as the tallest twin towers in the state of Oklahoma. The buildings, which have also been known by the name "Texaco Towers," are listed as the 12th-tallest buildings in the city, and the 26th-tallest in the state.

The towers contain 521,000 rentable SF and are 93 percent occupied. The entire tower complex was sold by Texaco to K/B Fund IV in 1997 for $7.25 million, according to press reports.

Tulsa County Courthouse records show that the buyers of the property include 7912 E. 31st Court LLC, Southcor Developers LLC, Select Ventures LLC, A.S.P. Inc., JRH 31st Court LLC, Breeze Energy LLC, VJJF LLC, Deloris R. Taylor Revocable Trust, M.O.S. Inc., JMM 31st Court Inc., Cost Investments LLC and Boulder Towers LLC.

Current tenants in the Boulder Towers include Helmerich & Payne Inc., Mid-Continent Insurance, Blue Cross Blue Shield of Oklahoma, Scott & Goble Architects Inc. Ceja Corp. signed a lease for 17,673 SF of office space in the towers last spring.

Press reports also indicate that two of the local investors plan to move into the towers, including CB Richard Ellis/Oklahoma, who along with Cushman & Wakefield brokered the transaction.

Do I read correctly that the purchasers are local, and that the buildinng has been bought from a out-of-town holding company?  That seems like a good thing, in theory.  Sounds also like occupancy will be increasing when CBRE moves in--does anyone know if those new tenants are coming from outside the IDL?  Because that would mean growth (however small) in the downtown occupancy rate.

Except that building (Boulder Towers) is also outside the IDL.

According to their website, CBRE is currently officed at 7912 East 31st Court, so at least it's moving closer to downtown.

[Renaissance]

So they have the address wrong?  Because 437 S. Boulder is definitely IDL.

Is it 1437 Boulder?

[Oil Capital]

quote:Originally posted by Floyd

So they have the address wrong?  Because 437 S. Boulder is definitely IDL.

Is it 1437 Boulder?

Yes, it must be 1437. It's right at the intersection of 15th and Boulder.  Don't ya just love newspapers...??  ;-)

[Renaissance]

Indeed.  Here's a Tulsa World article with a photo, map, and correct address.

http://www.tulsaworld.com/business/article.aspx?articleID=20080116_5_E1_spanc02577

Looks like all of CBRE is moving.  That's good for Uptown.  I wonder if there is additional impetus behind the move other than being in on the transaction.  Could CBRE be trying to get some downtown leverage back after being pushed around by K&K and insulted by Himmelfarb's choice of Jones Lang Lasalle for downtown marketing?

[TheArtist]

Its interesting that the property originally sold for 7.25 mill then resold 10years later for 32.25 mill.

[Dana431]

That building's renovation (facelift) during 2000(?) probably helped the value of it.

[FOTD]

quote:Originally posted by TheArtist

Its interesting that the property originally sold for 7.25 mill then resold 10years later for 32.25 mill.

The NOI jumped based on H and P lease justifying the new price....plus, CBRE leased a big chunk...

I bet those CBRE brokers are not thrilled with having to go downtown when all the juice is south.

[cannon_fodder]

Ya' know, I never really realized it was two different towers.  Assumed they were built as one and were connecting at the base...



Outside of the IDL, 2 blocks south of the Ambassador, between the Tulsa County Bar Association building and QT.

[Chicken Little]

quote:Originally posted by FOTD

quote:Originally posted by TheArtist

Its interesting that the property originally sold for 7.25 mill then resold 10years later for 32.25 mill.

The NOI jumped based on H and P lease justifying the new price....plus, CBRE leased a big chunk...

I bet those CBRE brokers are not thrilled with having to go downtown when all the juice is south.

Is H & P permanent?  I thought they were going to redevelop the 21st & Utica site.  I guess I haven't been paying attention.  

As for the juice, downtown is ripe if they are can figure out how to squeeze it.

[TheArtist]

Kind of figuring HP is not going to redevelop their old site. If they were, surely they would have started by now.

[carltonplace]

That building needs structured parking in the worst way. This is now empty parking lots for Boulder towers:



There is lots of potential in Uptown for mixed use, retail and multi-family development to coexist with existing office, highrise residence and historic neighborhoods. There is plenty of room for infill density.

Uptown could serve as a connector between Cherry Street, SoBo, Maple Ridge and Downtown and the River.

In order to do that all of these parking lots need to go away.