BancFirst Tower

[bchris02]

I wonder if they will take down the portrait of Ronald Reagan that has probably been there since Reagan was President.

[TheTravellers]

Funny, Lackmeyer is saying this in today's chat:

"Here is what I can report: we have four local groups that have competed to buy Cotter Ranch Tower and sources do tell me that BancFirst is among the interested parties.

The bankruptcy court has not released any filings on which bidder is or will be chosen. BancFirst is neither confirming or denying they are chosen as the buyer and I'm not aware of anyone directly involved in this matter saying anything otherwise."

[PhiAlpha]

Funny, Lackmeyer is saying this in today's chat:

"Here is what I can report: we have four local groups that have competed to buy Cotter Ranch Tower and sources do tell me that BancFirst is among the interested parties.

The bankruptcy court has not released any filings on which bidder is or will be chosen. BancFirst is neither confirming or denying they are chosen as the buyer and I'm not aware of anyone directly involved in this matter saying anything otherwise."

On a positive note, that’s a much more mature response than the typical “F*** internet sources (obviously referring to OKCTalk), we’re ‘real’ journalist with the newspaper!” comments that have come out of the Oklahoman in the past.

[Pete]

I am very confident in my information on BancFirst, otherwise I wouldn't have reported it.

[TheTravellers]

I am very confident in my information on BancFirst, otherwise I wouldn't have reported it.

Absolutely! I read OKCTalk every day, but only visit newsok.com for Lackmeyer's chat, so you know which one I prefer as a news source, lol... Be interesting to see how they don't credit you for breaking it when BancFirst is confirmed.

[Pete]

The Andrews Davis law firm has announced they are closing as of June 30th.

They occupy the entire 33rd floor of this building.

Their departure will push the vacancy from 42% to near 50%.

[jbkrems]

Pete, do you have a news article, or other proof that Andrews Davis is closing their doors?

[catcherinthewry]

I can confirm. Haven't seen a news article though.

[jbkrems]

I found a short article in the Oklahoman. Too short. There was an article in the Journal Record, but since I am not a subscriber, it would only give me the headline. If someone can post the full article, that would be great !

[Pete]

Oklahoma business briefs
Published: Fri, May 18, 2018 5:00 AM

Andrews Davis Law Firm to close in June

After 77 years, the Andrews Davis Law Firm in Oklahoma City will close its doors June 30, the firm said Thursday.

The firm said its staff will be communicating with clients regarding the handling of their matters going forward.

The firm had its beginnings in 1941.

[emtefury]

I heard shareholders are bailing and no longer feasible/profitable to stay in business.

[Pete]

Learned that BancFirst has this property under contract for $23 million.

As we had previously reported, the listing price was $25.5 million.


I was also told by someone who evaluated the building for possible purchase that it needs extensive work, possibly as much as $20 million just to get it into good working shape.

[mugofbeer]

To bring a 35 story 1970s building into the 2020s, $20 million almost sounds cheap to bring up to date.

[HOT ROD]

36 story

[Rover]

So, to buy and rehab to modern specs would cost about $48.5 million. The tower is 515,000 square feet. Total cost per foot would be $94 per foot. Replacement cost to build a functioning new tower at that size (not counting land) would likely be somewhere between $200-300 per foot at a minimum, not counting tenant fit-out costs. BOK Plaza with about 20,000 more feet was budgeted at $270 Million, or slightly more than $500 PER SQ FT. So you can see, if they can get it all done for less than $50 Million, it's a great deal and they should still be able to provide affordable space.

[Pete]

I believe that $48.5 million total figure would be just to get things purchased and under control, not include any real modernization or upgrades.

There are serious issues in that building with basic things like HVAC, plumbing, etc.


There were serious concerns by all the buyers who took a hard look at that propety which led to a high bid of $23MM.

One of the biggest problems is that the estimated $20MM just to get things operating properly could prove to be extremely low.

[Rover]

So, if they spend an ADDITIONAL $20 Mil for updates after purchase and making more operable, it is STILL a bargain. Tenants signing new or renewing likely will get allowances, but those costs are amortized with the lease. Considering the tax advantages allowed now for accellerated depreciation and bonus depreciation on quite a bit of qualified remodeling and build out, unless the demand for office space craters, they should be able to cash flow pretty quickly and have a valuable asset. There is a huge gap between doing all this work and building a new building. BancFirst isn't stupid and they will be rewarded.

[Pete]

I think it makes particular sense for BancFirst as they can make use of the current and ample banking facilities.

[Rover]

The real question is whether they will increase the podium and give us a better street level experience

[shawnw]

Hopefully eventually, but I can't imagine it being inside the next few years, due their initial investment being made. UNLESS they could get TIF for such a project, which I'm not sure if this would qualify.

[Pete]

This is from Saturday; moving van is for Andrews Davis who is closing shop and vacating the entire 33rd floor.

[Pete]

City poised to sell parking garage and facilitate the construction of another

[Pete]

BancFirst plans to remodel city's 2nd tallest tower

BancFirst has submitted plans to renovate what is presently known as Cotter Ranch Tower.

The bank has the property under contract to purchase and closing is likely to happen this fall.

Just yesterday, the city council formally approved the purchase of neighboring Santa Fe Garage by both BancFirst and Continental Resources.

The Downtown Design Review Committee will consider the plans for the 36-story tower next month.

Architecture firm is Bockus Payne.

[Pete]

Note they plan on extensive renovations of the underground Concourse as well and adding banking equipment.

Some may remember Liberty (and I believe Chase?) has their main banking operations down there and there are extensive facilities for that purpose.

Looks like BancFirst is planning to move fast with all of this.

[Pete]

Like the rest of this building, the surrounding plaza is in rough shape.

I took this a couple of weeks ago: