WPX Downtown HQ

[ComeOnBenjals]

Do people think they'll build out the floors, or wait until tenants are secured? Heard some rumors that they wouldn't finish the office space right away. I hope that doesn't delay the retail/restaurant space.

[LandArchPoke]

Do people think they'll build out the floors, or wait until tenants are secured? Heard some rumors that they wouldn't finish the office space right away. I hope that doesn't delay the retail/restaurant space.

It is pretty standard to not build out the office space. That's considered a 'tenant improvement/TI' and that is negotiated with a tenants rental rate. Every office build out is custom to the tenant and you rarely will see spec office suites built out, especially in markets like Tulsa.

Same with the retail space, they will likely stay in white box form until a tenant signs a lease. I'm not sure if they have any preleases on the retail spaces but I'm sure given it's frontage to Guthrie Green they'll get retailers in there sooner than later until they are just super unrealistic about rental rates. Frankly, I haven't heard what they want for retail but the office rents they are wanting is not extreme for the quality/location of the building.

I've heard that 36 Degrees North is planning an expansion. It would make sense if they possibly leased a floor or two in this building. It's within walking distance to the other two locations in the Arts District. They are upping the Tulsa Remote program to 2,000 relocations this year and plan to keep going at that rate and part of the deal is a membership at 36 Degrees North so they are going to run out of space quickly.

[dbacksfan 2.0]

Do people think they'll build out the floors, or wait until tenants are secured? Heard some rumors that they wouldn't finish the office space right away. I hope that doesn't delay the retail/restaurant space.

Back sometime around '90/'91, my son's pediatrician was in the ORU City of Faith main tower. Even 10 years after completion most of the floors were never finished other than elevator and restroom areas on the vacant floors. The floor the doctor was on was partially finished, the elevator area and the dr's offices had actually been finished, but to get the restrooms you went through a door that led to the rest of the unfinished floor somewhere in the 30th floor area.

[tulsabug]

The law firm of Crowe & Dunlevy is moving from the Kennedy Building and is going to be taking up the entire 6th floor. No word if they'll be using Cocobolo desks or not.

https://tulsaworld.com/business/local/local-law-firm-first-to-plant-new-roots-in-new-downtown-building-formerly-wpx/article_09ab8716-84f4-11ec-96f8-db6747ac1c78.html#tracking-source=home-top-story-1

[shavethewhales]

Well, that's a start. Only one floor filled though in all this time. Wonder how hard they have been able to market it yet with it still being under construction. I suppose it will be easier to sell space once people can tour it.

[LandArchPoke]

Well, that's a start. Only one floor filled though in all this time. Wonder how hard they have been able to market it yet with it still being under construction. I suppose it will be easier to sell space once people can tour it.

That's actually a very healthy sign for the market, the building isn't even done yet. The hardest thing is to get the first tenant and then most project fill back in nicely. I'd expect this building to be full in about 24 months, which is a pretty decent lease up pace. Spec buildings, which is what this turned into, take time to lease up. 1-2 years usually. It's healthy for us to have top quality vacant space for companies to move around into, this was much needed in my opinion if we want to grow.

It's not uncommon for spec office buildings to sit vacant for 1-2 years before signing the first tenants. It happens in much bigger cities all the time (DC, Dallas, etc.) - our office vacancy rate is also lower than a lot of growing markets, like Dallas for example too. Getting some lease rates up into the $30 per sq. ft. range is going to be good for Tulsa. If some of these older buildings end up having tenants relocate, those can be repositioned to hotels, multifamily, etc. too down the road. 

[patric]

Whats wrong with this picture?

During the recent English and Creative Writing Department's Town Hall, faculty confirmed that the department will soon move out of Zink Hall. Like Oxley College of Health Sciences, the English and Creative Writing Department's new building will be found off campus, where it will host classes and faculty offices. The rumors are true: the English and Creative Writing Department's new home is now the deserted Spaghetti Warehouse in downtown Tulsa.
https://tucollegian.org/the-english-and-creative-writing-department-moves-buildings-to-downtown-tulsas-abandoned-spaghetti-warehouse/

Posted today.

[shavethewhales]

It's a satire article, and not a particularly good one. Best I understand it, they are complaining about the conditions of the buildings their department uses. Nothing really to do with the new WPX building.

[shavethewhales]

So close to being done. Wish they could have had the ground level done for mayfest. This was taken Saturday and it looks like they are just about ready to take the fences down around the sidewalk. Of course they'll probably wait a few more weeks because Tulsa.

[LandArchPoke]

One of the few buildings that I think looks better in person/built than the renderings. I'm so glad they didn't cheapen the exterior finishes this will be a top quality asset for a long time.

I can't remember but any word if the parking garage will be open to public in the evenings/weekends? That would be really nice to have that for events.

[SXSW]

From BBM's social media

[D-TownTulsan]

Gonna be in town for Tulsa Tough this year, hoping to check out a good chunk of the new buildings in Tulsa. If I remember correctly, Saturday's race route goes by this project. Are folks going to be able to walk/use the sidewalk around this? Would be a great add for sure

[LandArchPoke]

Gonna be in town for Tulsa Tough this year, hoping to check out a good chunk of the new buildings in Tulsa. If I remember correctly, Saturday's race route goes by this project. Are folks going to be able to walk/use the sidewalk around this? Would be a great add for sure

I doubt they will remove them by then, probably too big of a legal liability on the contractor until the building is ready for occupancy.

[shavethewhales]

Tulsa tough is three weeks from now. They are so close to getting all the little external bits finished. I wouldn't be surprised if the outside sidewalks are open by then. It may be awhile till the arch and courtyard are open. That last photo posted is old and my last photo is already a couple weeks old.

[shavethewhales]

Good grief, when are they going to take the fences down? They've got landscaping, benches, etc. all in place. It's looked like they could have opened it up for weeks. I know they were still working on a few spots on the exterior, but even that looks to be complete at this point. It looks like there's already furniture in the lower level, so I feel like this building could open imminently.