Office space

With the new Devon tower reaching for the sky, Enid-based Continental Resources resolved one of Downtown’s biggest questions on March 21 with the announcement it will move its headquarters from Enid and into the building currently occupied by Devon. Continental’s CEO Harold Hamm purchased the building and its contents in October 2010 for $22.5 million.

But Downtown is still in the crosshairs of potential high vacancies, and the question remains how it will absorb the other 592,000 square feet in the four buildings Devon will vacate when its employees begin moving into the company’s new digs later this year.

Mark Beffort sees challenges and opportunities. Beffort, a broker with Grubb & Ellis|Levy Beffort who listed and sold the Devon building, also has an ownership stake in Oklahoma Tower and Corporate Tower, where Devon leases space.

“I’m very optimistic that we are going to be able to fill or reposition the space Devon is going to vacate,” he says. “There are other companies looking to move Downtown, and we’re working with some of those companies.”

Corporate Tower

101 N Robinson

Square feet: 277,849
Square feet occupied
by Devon: 102,277
Owner: Oliver Investments,
Roy Oliver. Purchased in 2000
for $12.25 million.
Built: 1979
Class: B
Lease rate: $16/square foot
Current occupancy: 92%

Oklahoma Tower

210 Park Ave.

Square feet: 568,960
Square feet occupied
by Devon: 40,595
Owner: Oliver Investments,
Roy Oliver. Purchased in 2005
for $30 million.
Built: 1982
Class: A
Lease rate: $18/square foot
Current occupancy: 93%

First National Center

120 N Robinson

Square feet: 972,267

Square feet occupied

by Devon: 227,835

Owner: Milbank Real Estate
Services. Purchased in 2006
for $21 million.
Built: 1931
Class: C
Lease rate: $13/square foot
Current occupancy: 53%

Mid America Tower,

aka Devon Tower
20 N Broadway

Square feet: 307,388

Square feet occupied

by Devon: 231,695

Owner: Harold Hamm. Purchased
in October 2010 for $22.5 million.
(Devon purchased building
Dec. 31, 1996, for $12.39 million.)
Built: 1981
Class: A
Lease rate: $16/square foot
Current occupancy: 100%

sources: Price Edwards & Co., Devon Energy, Oklahoma County Assessor

Cotter Ranch Tower,

aka Chase Tower
100 N Broadway

Square feet: 514,317

Square feet occupied

by Devon: 221,786

Owner: James Cotter.

Purchased in 2004

for $27.9 million.
Built: 1972
Class: B
Lease rate: $14.50/square foot
Current occupancy: 97%

Related posts

*

*

Top