BancFirst Tower

[Pete]

What are the chances Continental is considering a move? They did just throw out an unsolicited bid for the Santa Fe parking structure.

Continental isn't even using all of their current 19-story building.

They run very, very lean in terms of # of employees.

[Bellaboo]

Continental isn't even using all of their current 19-story building.

They run very, very lean in terms of # of employees.

Since they did try to buy the Santa Fe, it makes you wonder if they may be thinking about relocating some of their other businesses from Enid ? Just a thought.

[Anonymous.]

Since they did try to buy the Santa Fe, it makes you wonder if they may be thinking about relocating some of their other businesses from Enid ? Just a thought.

The garage thing is simply to avoid future headaches of trying to relocate and pay for parking for their employees using the CCC garage. At this point, everyone knows the CCC's days are numbered, trying to grab the Santa Fe early is simply taking a proactive measure.

CLR owning the garage would mean they can cancel parking contracts they have in the CCC, Main Street, and Santa Fe garages. Which means less monthly costs. Don't think that CLR doesn't know how much cash flow the Santa Fe Garage generates. CLR [and its shareholders] would love to get in on that action.

[warreng88]

Interest in downtown buildings could help potential Cotter Ranch Tower sale

By: Molly M. Fleming The Journal Record December 28, 2017

OKLAHOMA CITY – Within the last month, NAI Sullivan brokers Amanda Sullivan and her husband, broker Bob Sullivan, have received phone calls from people looking for a specific type of property.

The investors are looking for an office building in downtown Oklahoma City. But buildings rarely come up for sale in the Central Business District.

Amanda Sullivan said they’re receiving more calls about downtown properties this time of year compared to the same time in 2016.

“The activity is just insane,” she said. “It’s really nice.”

In 2018, the 36-story Cotter Ranch Tower building, 100 N. Broadway Ave., could go on the market. Cotter Tower-Oklahoma LP filed for Chapter 11 bankruptcy on Dec. 12. The building is 64 percent occupied, according to CBRE Inc., which manages the property.

Lender Bank SNB is owed $15.6 million, with another $270,000 owed for the 2017 property taxes.

Cotter Tower-Oklahoma LP plans to sell the building, pay back Bank SNB, pay off other debts, and give any remaining money to the late James Franklin Cotter’s heirs, according to the bankruptcy filing. Cotter died in January.

Attorneys Anthony Hervol and Marcus Rogers, based in San Antonio, could not be reached to ask about when the building could be listed for sale.

If the property goes up for sale, it will attract suitors, said Mark Beffort, broker at Newmark Grubb Levy Strange Beffort and an investor in downtown office buildings.

“The big challenge will be what is the value,” he said. “Not everyone views that building in a positive light today.”

He said it’s a Class B property, having been built in 1972. The 36-story tower measures 540,605 square feet. The Petroleum Club occupies the top three floors. The building was last sold in 2009 for $27.9 million.

“It’s a significant asset for Oklahoma City,” he said. “Anytime you have a building of that size and that significant in our market, there’s potential to bring it up.”

Beffort, with partners Andy Burnett and Roy Oliver, is spending about $9 million renovating the Pioneer Building, 103 Dean A. McGee Ave. This month, the blue granite was removed to make way for glass storefronts.

But Cotter Ranch Tower will have challenges for its new owners, including updating the elevator and the exterior skin. People who have ridden to the Petroleum Club are familiar with the shaky elevators.

Amanda Sullivan said it’s rare to see a building go up for sale in downtown, especially if it makes it to market. She said oftentimes the new owners know the seller, so the deal can be done off-market.

Wiggin Properties President Chuck Wiggin said he thinks there is some interest in office investment, but like Beffort, he’s curious what the price will be.

“The challenge is who is truly in the market to sell and at what price,” he said. “I think most people would say the market has been strong and values have been historically high.”

He said the property has some positives though, such as a prime location and a nice business address.

“I’m interested in seeing what happens,” he said.

[HOT ROD]

it also has the advantage as still being OKC's tallest leasable office skyscraper since BOKPP didn't out top it and Devon isn't leasable.

i wish, wish that a new owner can be found to bring it to Class-A status, fix the problems, and update the skin away from black to blue or something more pleasing to the eye. Imagine if the tower were outlined in neon, along the top and edges. I love the existing aviation beacons (wish SandRidge would get them) but Imagine even more if each strip on Chase Tower were outlined in neon, what an impact either would be.

[bchris02]

it also has the advantage as still being OKC's tallest leasable office skyscraper since BOKPP didn't out top it and Devon isn't leasable.

i wish, wish that a new owner can be found to bring it to Class-A status, fix the problems, and update the skin away from black to blue or something more pleasing to the eye. Imagine if the tower were outlined in neon, along the top and edges. I love the existing aviation beacons (wish SandRidge would get them) but Imagine even more if each strip on Chase Tower were outlined in neon, what an impact either would be.

I agree. Even fixing the LEDs on the crown will make a tremendous impact. Hopefully the new owners do something with it.

OKC has come a very long way since I moved back here in 2012 but the one thing that has regressed in my opinion is the downtown skyline at night.

[BoulderSooner]

Also look how great the Sandridge building pops and looks great when lit up like that

[Hondo1]

Agree that Sandridge looks great when illuminated but it's been a while since I've seen it lit up. Guess they're cutting costs.

[bchris02]

Agree that Sandridge looks great when illuminated but it's been a while since I've seen it lit up. Guess they're cutting costs.

Yeah the tower went dark when they were having financial problems back in 2015 and they haven't lit it since. My guess is they never will again as long as they are the owner of the building.

[warreng88]

Cotter Ranch Tower poised for quick sale

By: Molly M. Fleming The Journal Record March 1, 2018

OKLAHOMA CITY – Cotter Ranch Tower is for sale, though it does not have an asking price.

CBRE is selling three properties owned by the late Jim Cotter. Lakepointe Towers is the other quick-sale property. Broker Amy Dunn said there will be a call for offers on Cotter Ranch and Lakepointe Towers in April.

Cotter Tower-Oklahoma LP filed for Chapter 11 bankruptcy on Dec. 12. In court documents, CBRE listed the building as 64 percent occupied, but updated marketing materials show the 36-story building is 58 percent occupied.

The tower at 100 N. Broadway Ave., formerly known as the Chase Tower and the Bank One Building, boasts of 507,682 rentable square feet. The Petroleum Club occupies the top three floors and has a term lease, Dunn said. The building was last sold in 2009 for $27.9 million.

Cotter Tower-Oklahoma LP plans to sell the building, pay back Bank SNB, pay off other debts, and give any remaining money to the late James Franklin Cotter’s heirs, according to the bankruptcy filing. Cotter died in January.

Lakepointe Towers, 4005 and 4013 Northwest Expressway, are six-story towers with 177,000 each of rentable space.

Dunn said the properties are being sold by the court-appointed administrator of the Jim Cotter estate.

“There are absolute expectations to have these sold by summer,” she said.

The buildings can be purchased together or as two separate transactions, with the Lakepointe Towers as one transaction.

She said she’s received a mix of interested buyers, with people wanting to buy each building or the entire package.

“There have been really positive responses all around,” she said.

The other Cotter-owned property for sale is the Lake Park Tower, 6525 N. Meridian Ave. She said that building’s sale will not have to be closed by this summer. The goal is to find an owner-occupier who would want to move its entire company into the building with 102,439 square feet of rentable space.

Cotter Ranch Tower doesn’t have a price, and that was done intentionally, Dunn said.

“We want to let the market speak to us,” she said. “We have expectations, and hopes and dreams, but we’ll let the market speak to us.”

Downtown property owners Mark Beffort and Chuck Wiggin have said the price is the big question. The building was constructed in 1972 and has shaky elevators, and the exterior skin needs an update.

Price Edwards office investment broker Cordell Brown said with the amount of vacant office space downtown, the interest would have to be from someone who is also a user.

Dunn said Lakepointe Towers would also need an update. Neighboring buildings have newer finishes and amenities.

“(Lakepointe and Cotter Ranch) need to be brought back up and reintroduced to the market,” she said. “They’ll need to be put back into a competitive position that they all had previously.”

She said the city has popular office buildings that were built in the 1970s and 1980s, but they’ve been well-maintained.

[Pete]

And now for some actual research instead of just ripping off poor reporting from the Oklahoman then perpetuating it along with marketing hype:

Cotter Ranch Tower has $25.5 million price tag

As OKCTalk was first to report the owner of Cotter Ranch Tower filed for bankruptcy late last year.

Like most of the assets of James F. Cotter, the building has been placed in the hands of the court-appointed administrator, San Antonio attorney Marcus P. Rogers, after a feud erupted between Cotter's children and his 3rd wife, Bettye Ruth Cotter. San Antonio was Cotter's long-time home and the headquarters for his businesses.

In January, Rogers executed an Exclusive Listing Sales Agreement with the local office of CBRE which is also the acting property manager for the property.

On February 21st, a Texas court signed an order approving that agreement and the following day CBRE issued an offering memorandum to a select number of potential purchasers and investors which included extensive details and financial information on Cotter Ranch Tower.

Although the offering does not include an asking price, the listing agreement approved by the court shows that to be $25.5 million with the administrator of the estate reserving the right to “approve, modify, reject or disapprove all proposals” and “adjust the terms and conditions of any offer made including but not limited to adjusting the property's listing price”.

Cotter bought the tower in 2004 for $27.9 million. Court documents list obligations of approximately $17.6 million to mortgage-holder Bank SNB, $324,000 in back property taxes to Oklahoma County and another $630,000 to various unsecured creditors.

Built in 1972 at 100 N. Broadway in the heart of the central business district, marketing materials show the 36 story, 507,682 square foot building with a vacancy rate of approximately 42% including 7 full floors of contiguous space.

Several of the building tenants have complained about lack of maintenance in the building and other services such erratic heat as occupancy has steadily declined over the last several years.

The CBRE listing agreement calls for 1.5% commission on the total gross sales price and runs through July 31, 2018.

OKCTalk has also learned that while waiting for the official court blessing of the listing agreement, discussions took place between the brokers and potential buyers with strong interest being demonstrated.

A website dedicated to marketing the building show the listing brokers as Amy Dunn, Eric Mackey, Jim Austin, Tom Lange all from CBRE's Oklahoma City office and Mary Claire Housman as the financial analyst from CBRE's Capital Markets division in Dallas.

CBRE has also listed for sale Cotter's Lakepointe Towers at NW Expressway and NW 63rd.

[Pete]

BancFirst set to buy Cotter Ranch Tower


Tenants at the 36-story Cotter Ranch Tower have been informed that BancFirst of Oklahoma City has the building under contract to purchase.

The downtown building, the second tallest in Oklahoma City, has been under bankruptcy since late last year with the court-appointed administrator contracting with CB Richard Ellis (CBRE) to market the property for sale.

In February CBRE issued an offering memorandum to a select number of potential purchasers and investors which included extensive detials and financial information about the building.

Several local investors showed interest and a few actually contacted larger tenants with questions.

The court-approved listed agreement with CBRE included a listing price of $25.5 million, although the contract price with BancFirst is not yet known.

James F. Cotter bought the building in 2004 for $27.9 million but when he passed away in January of 2017, a dispute errupted between Cotter's children and his third wife Bettye Ruth Cotter. Courts in San Antonio – where the Cotter business is based – appointed attorney Marcus P. Rogers as administrator to oversee the estate until it can be settled.

The structure was built in 1972 at 100 N. Broadway by Liberty Bank and known for years as Liberty tower then Chase Tower. Marketing materials show of its 527,682 square feet, 42% is currently vacant including 7 entire contiguous floors.

OKCTalk has spoken to several tenants who have complained about poor building maintenance over the last several years, with problems recently increasing.

BancFirst currently owns 101 N. Broadway directly west of Cotter Ranch Tower. They purchased the 100,845 square foot building in 1994 and the location serves as their main office.

BancFirst started in 1966 when H.E. “Gene” Rainbolt bought the Federal National Bank in Swawnee. In 1989 the company consolidated twelve banks under one state charter. David Rainbolt became CEO of BancFirst in 1992 and oversaw a public offering that resulted in the franchise expanding throughout Oklahoma.

On their website, BancFirst claims to be Oklahoma's largest state-chartered bank with more than 100 service locations in over 50 communites in the state.

The sale will require court approval and a closing date is yet to be determined.

[jccouger]

Awesome. I hope this leads to some much needed renovation and upkeep.

[Anonymous.]

What cougar said! ^

Would love to see this building turned around.

[Pete]

I was told the building needs about $20 million in upgrades just to bring it up to par.

But hopefully they do more than that.

Interestingly, BancFirst is doing a big remodel / add-on at their Waterford location as well.

[David]

Nice to see local ownership.

[Pete]

Nice to see local ownership.

With very deep pockets!

[GoldFire]

Any details on what this means for current tenants yet?

[David]

BancFirst Tower or some variant on that theme would sound a lot better than Cotter Ranch Tower, too.

[Pete]

A bank makes a lot of sense due to the existing banking facilities dating back to Liberty.

I think this is a really good turn up for downtown.

The issue now becomes pretty big chunks of vacancy downtown. BOK Park Plaza has 23 vacant floors + tons of retail, Parkside will be mostly for-lease space and Cotter itself is almost half empty. If Cotter is upgraded to Class A space, that's a lot of premium office space on the downtown market. It's great opportunity to recruit more employers to the core, of course.

[HOT ROD]

great news and excited that it's a local bank again.

Here's to hoping they renovate the tower and get it leased.

[bchris02]

I really hope they light it up at night. It actually stands out being such a large fixture on the skyline yet so dark. Not only has the exterior lighting been turned off for years, due to the high vacancy not much of the interior remains lit either. I remember one time when they were filming a Chamber of Commerce video a few years ago, they asked the owners to light it up and also light up the interior to make it look less vacant and I remember thinking how much it made the skyline pop. It made a huge difference.

[DowntownMan]

Does BancFirst have employees located elsewhere besides their existing building across the street that they could consolidate to take up some of the empty space in cotter ranch?

[pickles]

BancFirst Tower or some variant on that theme would sound a lot better than Cotter Ranch Tower, too.

Pretty much anything would sound better.

[shawnw]

What, no Welcome Back Cotter Tower?