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Thread: OG&E Energy Center

  1. #2251

    Default Re: OG&E Energy Center

    Here, you can see the delineation between the flood plain and the bluffs. The pond at the Myriad Gardens is visible.

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  2. #2252
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    Default Re: OG&E Energy Center

    Quote Originally Posted by Spartan View Post
    I'm glad you're as excited as always.
    Now we're both happy!

  3. #2253

    Default Re: OG&E Energy Center

    From the JR, the last sentence is pretty interesting...

    Sign of the times: Does OGE building decision show softening market?

    By: Molly M. Fleming The Journal Record January 21, 2016

    OKLAHOMA CITY – OGE Energy Corp. CEO Sean Trauschke wants to house all his employees in one building, whether the company builds it or not.

    “We still have a desire and a need to bring all our people together,” he said. “We are committed to downtown. We’ll continue to evaluate the market and see what’s out there. We’re interested in being a tenant of a building.

    Last week, the company halted its plans to build a 27-story office tower at W. Sheridan and S. Hudson avenues on the former site of the Stage Center complex. Trauschke said the developer, Clayco Corp., had spoken to several parties about also leasing space, and they indicated it is not the right time for a new office.

    “(OGE) didn’t think it made sense to build just for us,” he said.

    But Zach Martin, office broker with Newmark Grubb Levy Strange Beffort, said the downtown Class A market has a 98-percent occupancy rate. That makes it seem like it would make sense to build speculative space.

    “I think we do need (speculative Class A office space),” Martin said. “I think if you’re a public utility building a building at the absolute highest cost, with oil price declining, you add all that together and that’s a pretty scary thing.”

    The market rate for Class A space is $22 per square foot; however, space in a newly constructed building would likely be $30 per square foot, analysts said. In the Oklahoma City market, only a small margin of companies can afford it – oil and gas businesses, said Richard McKown, lead developer with City Center Properties.

    McKown has been working on leasing The Plow Building at Reno and Oklahoma avenues downtown. The once nearly condemned building will have its first tenant in February. He’s leasing his space at about $20 per square foot, possibly less. With $11 million in renovation, McKown was able to keep his leasing costs down with historic tax credits.

    He said he once had several calls from energy companies asking to lease the whole building, even buy it.

    “We’re not getting those calls from the oil and gas companies anymore,” he said.

    “Most of the folks that found it easy and reasonable to pay $30 a foot rent and feel just fine were the oil and gas industry,” he said. “I’m not surprised that OGE would have trouble finding folks to come in there. Outside of oil and gas, I don’t know who would come in there.”

    Price Edwards & Co. Office Broker Tre Dupuy said the OGE building would have tested the market’s depth. He said the space would have likely been filled by existing Oklahoma City companies, rather than new businesses setting up shop. He said that in the past oil companies filled large office blocks, such as SandRidge Energy in the Kerr-McGee building, or Continental Resources moving in where Devon Energy once worked.

    “But when you get into this speculative situation, with leases way over $30 a square foot, there are not too many companies that are chomping at the bit right now,” he said.

    The office market isn’t dead, though, Dupuy said. He said it takes a few years before the oil market affects office leasing because companies sign multiple-year leases. He said he is seeing businesses sublease to other entities in what he calls shadow spaces. He said this is helping to bring new people into downtown.

    Rick Dowell, president of Dowell Properties, said he started construction Thursday on the downtown Dowell Center at Robinson and Kerr avenues. He said he wants to have it ready for companies looking for smaller spaces. He has also leased 40 percent of the American Fidelity buildings on N. Classen Boulevard. He has 380,000 square feet to fill, though he’s not in an immediate rush because American Fidelity Assurance Co. is still in the building. The company moves out as new tenants move in, per an arrangement with Dowell.

    “So far, we’ve leased (American Fidelity) to people that have moved into town or their business is growing,” he said. “The first 40 percent are not people downsizing.”

    NAI Sullivan Office Broker Amanda Sullivan said she’s felt a change in the area. She used to get calls frequently on Class C buildings, but those requests have slowed. She said she has even had tenants looking for small Class A space.

    McKown said he thinks OGE will have to build its plaza eventually as a recruitment tool. He said young people want to be downtown, even though it’s cheaper to build in the suburbs. He said his father is doing a project in Norman that’s leasing at $16 per square foot, with free parking.

    “Downtown is where the energy is,” he said. “(Young people) don’t want to be stuck in the suburbs.”

  4. #2254

    Default Re: OG&E Energy Center

    I've heard from more than one source that OG&E is seriously considering buying the SandRidge Tower and probably the parking garage as well.

  5. #2255

    Default Re: OG&E Energy Center

    Quote Originally Posted by Pete View Post
    I've heard from more than one source that OG&E is seriously considering buying the SandRidge Tower and probably the parking garage as well.
    I would love to see the Sandridge Tower lit up in OG&E orange. That would really make the skyline pop at night.

  6. #2256

    Default Re: OG&E Energy Center

    They could buy the SD properties much cheaper than building new and they are in a fantastic location surrounded by wonderful amenities.

    And most would be surprised by how nice that tower is on the inside. I know I was when I toured it a couple of years ago. It's all built out to a very high standard.

    It makes sense all the way around; they could even allow a slimmed-down OG&E to be a co-tenant.

  7. #2257
    2Lanez Guest

    Default Re: OG&E Energy Center

    Quote Originally Posted by warreng88 View Post
    From the JR, the last sentence is pretty interesting...

    Sign of the times: Does OGE building decision show softening market?

    By: Molly M. Fleming The Journal Record January 21, 2016

    OKLAHOMA CITY – OGE Energy Corp. CEO Sean Trauschke wants to house all his employees in one building, whether the company builds it or not.

    “We still have a desire and a need to bring all our people together,” he said. “We are committed to downtown. We’ll continue to evaluate the market and see what’s out there. We’re interested in being a tenant of a building.

    Last week, the company halted its plans to build a 27-story office tower at W. Sheridan and S. Hudson avenues on the former site of the Stage Center complex. Trauschke said the developer, Clayco Corp., had spoken to several parties about also leasing space, and they indicated it is not the right time for a new office.

    “(OGE) didn’t think it made sense to build just for us,” he said.

    But Zach Martin, office broker with Newmark Grubb Levy Strange Beffort, said the downtown Class A market has a 98-percent occupancy rate. That makes it seem like it would make sense to build speculative space.

    “I think we do need (speculative Class A office space),” Martin said. “I think if you’re a public utility building a building at the absolute highest cost, with oil price declining, you add all that together and that’s a pretty scary thing.”

    The market rate for Class A space is $22 per square foot; however, space in a newly constructed building would likely be $30 per square foot, analysts said. In the Oklahoma City market, only a small margin of companies can afford it – oil and gas businesses, said Richard McKown, lead developer with City Center Properties.

    McKown has been working on leasing The Plow Building at Reno and Oklahoma avenues downtown. The once nearly condemned building will have its first tenant in February. He’s leasing his space at about $20 per square foot, possibly less. With $11 million in renovation, McKown was able to keep his leasing costs down with historic tax credits.
    So basically, Plow is more viable as a development because it was preserved? That adds a little salt to the Preftakes block wound.

  8. #2258

    Default Re: OG&E Energy Center

    Also, the Preftakes block could have applied for (and likely received) plenty of TIF money.

  9. Default Re: OG&E Energy Center

    that sentence IS interesting and I suppose it does make sense to wait. Particularly when you mix SandRidge into the equation, it MAY make sense for OGE to just take over the skyscraper while SandRidge move their ops to the Garden building (or whatever it's called). I know this is not ideal or what we all want, BUT, it would 'save' this part of downtown and provide a win-win for everybody involved.

    I personally would think OGE would be a better corporate partner in the Kerr McGee skyscraper than SandRidge has been; I could see OGE opening the building up for people to really make use of it, including opening all of those street fronts along the garage which would help expand Broadway as a pedestrian retail zone. They might also redo the 'park' snaffu that SandRidge did with the plaza or maybe at least make it more inviting to the public (say, by allowing food carts to set up shop daily.

    I'll be honest, the more I think about it - the more I'd like the following to happen:

    1) SandRidge to sell the Kerr McGee tower to OGE, hopefully also sell the Garden Building to a Real Estate Holding Company with a lease-back (using the dollars from the sale of the tower). Also sell off the parking lots, garages, and so forth not necessarily to OGE but hopefully piece-meal to developers.
    2) SandRidge move into the Garden Building, that space becomes ALIVE and is likely the perfect size for them right now. SR employees USE the new Kerr Park and again - that section and building becomes alive, and especially as Dowell Center begins to also fill up. Hopefully, again, the Garden Building could be a lease-back but it wouldn't have to be as SR could continue to own JUST that building.
    3) OGE move into the Kerr McGee tower. Perfect fit for them, 500,000 square feet (which is what they wanted in the ClayCo building) and a great architectural presence in the skyline not to mention it has lighting effects (and OGE is a light utility - so I'd expect some serious light shows at minimal costs). Hopefully, OGE also opens up the storefronts surrounding the tower AND redo the strategy for the plaza area to bring LIFE to that part of downtown and make the tower inviting to the public. THIS would be an EASY way to win the battle of recruitment using an existing OKC icon without fear of having to bring in new office leasing (as was the case with the ClayCo proposal)
    4) OGE re-purposes their current tower into a high-end boutique hotel. There currently is NO HOTEL in the North part of downtown OKC but one IS needed, especially if 1, 2, and 3 above happen. Why not turn the original OGE building into a Conrad by Hilton or a Drury Hotel (or the like), 100-150 high end boutique rooms that would not cannibalize the market but would EXPAND it and meet a location/proximity need.

    EVERYBODY is happy: OGE gets a large enough tower to consolidate its employees while also showing goodwill to OKC by opening up the building, streetfronts, and plaza to the public and they also use that as prime recruitment tool. SandRidge gets a building appropriate for their current size, which is still very attractive in a prime location and they wouldn't need to worry with the expense of maintaining such a huge section of the city allowing them to at least weather the storm. OKC downtown/citizens benefit by having the NE section of downtown not only completely leased but also FILLED with office workers - something that hasn't been accomplished for 30+ years. The public in general also benefits by the likelihood that OGE would revamp the lighting of the Kerr McGee tower to energy efficient LED spotlights that likely could change color and be programmable, thereby, exposing a huge dark spot in the OKC skyline but not having to worry about the price of Oil to keep the lights ON! And finally, a new Conrad Hotel in the North downtown would bring much needed hotel room stock to that part of the city (with none) and would be used by OGE, SR, and other companies recruitment/corp visits having them in close proximity.

    AND FINALLY - when the market improves in 5-years and SandRidge grows again (hopefully diversifying their business model this next go round) perhaps THEY and/or OTHERS (Continental, etc) can resurrect the Clayco proposal (or create their own, better ones) for the Stage Center, opening up the Garden building (and perhaps Mid-America tower) to the rightful market for it such as accounting/consulting co, legal, or smaller plate but high visibility corporate. ..
    Oklahoma City, the RENAISSANCE CITY!

  10. #2260

    Default Re: OG&E Energy Center

    I like the idea of either a high end hotel or housing in the current OG&E tower. A nice art deco building like that needs to be something that can be shared by the community.

  11. #2261
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    Default Re: OG&E Energy Center

    Quote Originally Posted by Pete View Post
    I've heard from more than one source that OG&E is seriously considering buying the SandRidge Tower and probably the parking garage as well.
    This is the most likely outcome for both companies.

  12. #2262
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    Default Re: OG&E Energy Center

    I've seen that old map of downtown before but never noticed that "Central Park" at 13th. Where did that go? Did it have an actual name? Could that name be revived in the new central park? Not that I don't like Union Commons, or whatever it was we were hoping for.

  13. #2263

    Default Re: OG&E Energy Center

    So why did we tear down Stage Center? OG+E to SD Center makes a lot of sense.

    I am just really confused. And why did we tear down the KerMac and India Temple?

    This is cruel. These local companies should want to build up our community, not tear it down. We need to have a discourse in this community about what it means to be a corporate citizen, a phrase they all use so much. OG+E has been really shady throughout this whole process. Don't even get me started on SandRidge, who also touts its commitment to our... wait did you feel that earthquake just now?

    Devon can't make up for all of them. We have got to stop looking at every energy project and only seeing Devon. We actually do have assets to preserve, with which we have got to be smart.

  14. #2264

    Default Re: OG&E Energy Center

    SandRidge Tower wasn't for sale before Stage Center was torn down.

    Not saying this wasn't a tragedy, just keeping the facts straight.

  15. #2265

    Default Re: OG&E Energy Center

    I'm just in shock. Sorry I need a moment to process all of this.

  16. #2266

    Default Re: OG&E Energy Center

    Quote Originally Posted by Spartan View Post
    I'm just in shock. Sorry I need a moment to process all of this.
    Bank: SD we are going to need you to sell your non-core assets

    SD: Sorry we tore them down.

    Bank: Do you have anything at all?

    SD: We have a cartoon of the Northwoods forest.

    Bank: Damn it!

  17. #2267
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    Default Re: OG&E Energy Center

    Quote Originally Posted by Just the facts View Post
    Bank: SD we are going to need you to sell your non-core assets

    SD: Sorry we tore them down.

    Bank: Do you have anything at all?

    SD: We have a cartoon of the Northwoods forest.

    Bank: Damn it!
    Thanks, JTF

    We all needed a good laugh; that was funny.

  18. #2268

    Default Re: OG&E Energy Center

    Starting to fill in the pit; this reminds me of Parks & Recreation:


  19. #2269

    Default Re: OG&E Energy Center

    Hope they got a wetland permit first.

  20. #2270

    Default Re: OG&E Energy Center

    Quote Originally Posted by Pete View Post
    Starting to fill in the pit; this reminds me of Parks & Recreation:

    Well we better check and make sure worlds biggest movie star 7 years from now isn't living in it.

  21. #2271

    Default Re: OG&E Energy Center

    Quote Originally Posted by gopokes88 View Post
    Well we better check and make sure worlds biggest movie star 7 years from now isn't living in it.
    Yeah, all types of Parks & Recreation jokes here.

    Somebody should fark Rainey Williams falling into the pit ala Leslie Knope.

  22. #2272

    Default Re: OG&E Energy Center

    "I fell in the pit....you fell into the pit...we all fell in the pit..."

  23. #2273

    Default Re: OG&E Energy Center

    Quote Originally Posted by gopokes88 View Post
    Well we better check and make sure worlds biggest movie star 7 years from now isn't living in it.
    Quote Originally Posted by Pete View Post
    Yeah, all types of Parks & Recreation jokes here.

    Somebody should fark Rainey Williams falling into the pit ala Leslie Knope.
    Ha, I was gonna say, I'm pretty sure I see Andy down there...

  24. #2274
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    Default Re: OG&E Energy Center

    Quote Originally Posted by Just the facts View Post
    Hope they got a wetland permit first.
    LMAO! Now, that's funny...

  25. #2275

    Default Re: OG&E Energy Center

    Maybe should make Rainey Williams rebuild Stage Center.

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