It is official.

NewsOK: Kerr-McGee Tower sold (http://newsok.com/article/3082052)

Yeah!

AWESOME!!!!!

THE RETURN OF DOWNTOWN OKC as the business centre!!!!

I love it!!!

Sweet. And Rand Elliot is going to redesign Kerr Park!

Thu July 12, 2007
Kerr-McGee Tower sold

Don Mecoy
Business Writer

SandRidge Energy will move its corporate headquarters into the Kerr-McGee Tower in downtown Oklahoma City as part of an innovative three-company deal announced today to restore and repopulate the vacated landmark building.


SandRidge acquired the 30-story tower at 123 Robert S. Kerr Ave. and surrounding buildings and three downtown parking lots from Chesapeake Energy Corp., which obtained all the former Oklahoma City real estate holdings of Kerr-McGee in a transaction with Anadarko Petroleum Corp. The amount of the transaction between SandRidge and Chesapeake was not immediately disclosed.

Anadarko last year bought Kerr-McGee in a $17 billion deal. Kerr-McGee’s Oklahoma City office employees were either absorbed or cut loose by the Texas-based company.

SandRidge plans to renovate Kerr-McGee Tower and relocate its base from the Valliance Bank Building later this year or early next year.

“I am very pleased to announce this transaction with Chesapeake whereby SandRidge now owns one of Oklahoma City’s largest and most important buildings,” said Tom L. Ward, SandRidge chairman and chief executive officer.

“Our company is growing very rapidly and the Kerr-McGee Tower is an ideal location for our corporate headquarters,” Ward said. “I look forward to becoming a member of the downtown business community and to contributing to the ongoing renaissance of downtown Oklahoma City.”

Ward co-founded Chesapeake with Aubrey McClendon, but stepped down last year to pursue other interests. However, within three months Ward leveraged his large Chesapeake holdings to buy a controlling stake in Riata Energy in Amarillo, Texas, for $500 million. Ward moved the company’s headquarters to Oklahoma City and renamed it SandRidge.

SandRidge employs about 1,600 people, including more than 200 at its headquarters.

Chesapeake acquired the former Kerr-McGee property in Oklahoma City as part of a joint venture with Anadarko. Chesapeake obtained energy assets in west Texas and western Oklahoma in exchange for $310 million in cash, future cash for development of some of the assets contained in the deal and half of some Chesapeake interests in Loving County, Texas.

The transaction between Chesapeake and Anadarko was negotiated for months, but the Kerr-McGee properties “became the last chip on the table,” McClendon said. However, Chesapeake, with its sprawling campus near NW 63 and Western, has no need for a large downtown building.

McClendon contacted his former partner and friend Ward to see if he was interested in acquiring the downtown properties from Chesapeake. Ward was “very agreeable” to the offer, McClendon said.

“These properties are important to our community and we are happy to return them to local ownership,” McClendon said.

As part of the deal, Chesapeake and SandRidge have agreed to jointly maintain Kerr Park downtown at no cost to Oklahoma City for the next 10 years. The companies have asked Rand Elliot to develop a new plan for the park, McClendon said.

And the dominoes start to fall!

This is the first step towards getting Devon Tower built. Plus, it will bring much more life downtown... KM had been shrinking for quite some time and that property was looking pretty tattered.


Great cooperation by McClendon & Ward to make this happen. Along with Nichols of Devon, our largest employers are really working together for the betterment of the entire community.

So when is MalibuSooner moving to downtown OKC????

I may need to move the world HQ of OKCtalk.com down there soon! :)

I can see it now......the 80 story OKCtalk building....

lol, that would be kewl!!!

O
K
C
T
a
l
k-Tower!!^^!!

Impressive news!!! I'm shocked at how soon this was announced. I had pretty good feelings that this would happen but I thought it would be announced months down the road. Hopefully we'll hear an announcement by American Fidelity soon followed by a Devon Tower!!!!! This will be great and help further reduce the downtown office vacancy rate.

Yeah, I'm surprised the news came this fast as well.

I'm not sure about American Fidelity. They seem to be doing pretty well with their buildings on Classen. In fact, I think they are important to the success of the Classen area, the Asian district, etc.

I hope they elect to stay put.

The top half will be residential (the top 5 floors will be my personal penthouse and site of many OKCTalk cocktail parites) and be attached to a multi-story retail development featuring a Whole Foods AND Trader Joe's:

http://mysite.verizon.net/res17zef/okctalkhq1.jpg

The top half will be residential (the top 5 floors will be my personal penthouse and site of many OKCTalk cocktail parites) and be attached to a multi-story retail development featuring a Whole Foods AND Trader Joe's:

http://mysite.verizon.net/res17zef/okctalkhq1.jpg

Finally an OKCTalk event I want to attend :kicking:

^ very nice tower, Malibu. Sort of looks like the middle finga, to everyone who put down OKC in the past.... lol. ;)

^^ hopefully AF will absorb the space when Devon vacates and moves into its tower. AF could still have a presence on Classen, but the HQ could/should be located in downtown - say Mid America Tower (19-storeys, perfect for a HQ of a local business) while all of the admin, sales, and agents/ect could remain at classen.

We need to make downtown (esp the CBD) the centre of business/finance/commerce for the metro (and state). This means, we need heavy hitting hq and regional offices to be based in downtown. We could/should backoffice elsewhere in the metro.

I also hope we keep NW Business District filled, since OKC has two downtowns. We need all to flourish - but ESPECIALLY downtown big city!!!

Kudos to SandRidge!!! and hopefully soon, AF, Devon, Piper, and Northrup Grumman; among others!!! Very Exciting Times for Oklahoma City (and mostly probably due to the success/visibility of the Hornets/NBA as well as the big conventions).

Just imagine when we finally get our permanent NBA team by next year!!!

I Like OKCBusiness's story better. ...


Removed OKC Business's Article at their request.

According to them, it's okay to summarize and post a link but not copy and paste the entire article.

Yep, if we can land the Sonics and get a major convention hotel along with Devon Tower and a couple of other local companies to move their HQ's to the CBD, I think it will once again be the prestigious place to have your address.

It really has to be that way because parking is always a bit more of a hassle, rents can be a little higher, commutes longer, etc. There has to be good reasons for companies to locate there and I think we've finally started to turn the corner in that respect.


BTW, I want to give props to Aubrey McClendon for helping make this happen. We all give him a bit of a hard time for so much new construction outside the CBD but he's done a great thing for OKC here.

:congrats:

Same goes to Tom Ward of SandRidge!

THANKS FOR BELIEVING IN DOWNTOWN OKLAHOMA CITY. With this 'injection', this will surely help downtown return to the premier address listing in the state!

:bow:

There's another nice article about this in Business Wire, Chesapeake Energy Corporation Announces Acquisition of Kerr-McGee Tower from Anadarko Petroleum Corporation and Subsequent Sale of Tower to SandRidge Energy, Inc. (http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20070712005950&newsLang=en)

This is sooo fine!

Fri July 13, 2007
3-way deal: Kerr-McGee tower sold

By Steve Lackmeyer
Business Writer

SandRidge Energy Inc. will move its headquarters to downtown's Kerr-McGee tower this year in a deal that ranks as one of the biggest and most complicated local real estate transactions in decades.


The $22.3 million sale — part of a $310 million property transaction — was rumored for weeks, but shocked many because it included a third player: Chesapeake Energy Corp., which was co-founded by SandRidge CEO Tom Ward. Chesapeake bought the former Kerr-McGee Corp. headquarters from Anadarko Petroleum Corp., based in The Woodlands, Texas, and then sold it SandRidge.
"Our company is growing very rapidly and the Kerr-McGee tower is an ideal location for our corporate headquarters,” Ward said in a news release Thursday. "I look forward to becoming a member of the downtown business community and to contributing to the ongoing renaissance of downtown Oklahoma City.”
Growing Oklahoma holdings
Ward co-founded Chesapeake with Aubrey McClendon, but stepped down last year to pursue other interests. Within three months, Ward leveraged his large Chesapeake holdings to buy a controlling stake in Riata Energy in Amarillo, Texas, for $500 million. Ward moved the company's headquarters to Oklahoma City and renamed it SandRidge, just as Kerr-McGee was being acquired by Houston-based Anadarko Petroleum.

SandRidge, which employed just three people in Oklahoma a year ago, now employs 1,600, including 275 people at its offices in Valliance Tower and other locations in northwest Oklahoma City.

Thursday's acquisition includes a 512-space, on-site garage, three older adjoining buildings and three surface parking lots along Broadway.
The company plans to phase its move with employees making the transition through early 2008. Renovations would include construction of a restaurant and fitness center.

A three-way deal
The deal is reminiscent of an old-fashioned poker game between emerging giants in the energy business.


Both SandRidge and American Fidelity Assurance Co. bid for the tower after it was vacated last year.

But it was Chesapeake Energy that won the bidding for Kerr-McGee tower as part of a larger joint venture with Anadarko. The deal announced Thursday includes an agreement in which Chesapeake obtained energy assets from Anadarko in west Texas and western Oklahoma in exchange for $310 million in cash and future cash for development of some of the assets. In exchange, Anadarko gets half of some Chesapeake interests in Loving County, Texas.
The transaction between Chesapeake and Anadarko was negotiated for months, but the Kerr-McGee properties "became the last chip on the table,” McClendon said Thursday. However, Chesapeake, with its sprawling campus near NW 63 and Western, has no need for a large downtown building.

McClendon saw the deal as an opportunity to bring life back to one of downtown's most prominent skyscrapers, and also restore luster to the adjoining Kerr Park — a legacy of his great-uncle and Kerr McGee founder Robert S. Kerr.

"I contacted my friend and Chesapeake co-founder Tom Ward to see if he would be interested in acquiring the tower from us and helping restore and maintain Kerr Park,” McClendon said. "Tom was very agreeable to my offer.”

The pair are hiring an old friend — architect Rand Elliott — to develop a new plan for the park. The park, which has fountains, picnic tables, gardens and an amphitheater, was a downtown hot spot when McClendon's father, Joe McClendon, worked at Kerr McGee in the 1970s.

Big relief for downtown
Thursday's announcement was a cause for celebration downtown, where a much-heralded renaissance was marred by the sobering loss of a company that was the city's leading corporate citizen for more than a half century. As the last employees left the tower, Mayor Mick Cornett and others worried that landmark would become another troubled vacant property.



"This is about the biggest real estate deal we've had in quite some time,” Cornett said. "It puts important properties into friendly hands.”
Cornett suggested a local buyer is preferable to an out-of-state buyer.

He also thinks the deal could result in development on other properties included in the sale, including the Broadway parking lots bought by SandRidge and 70 acres owned by Chesapeake along the south shore of the Oklahoma River at Western Avenue, just east of the former Downtown Airpark.

"We've seen what can happen with out-of-state investors and people who have absolutely no emotional tie to the property — typically it doesn't go that well,” Cornett said.

Brett Hamm, president of Downtown Oklahoma City Inc., called SandRidge "exactly the type of company” he and others hoped would take ownership at 123 Robert S. Kerr Ave.

"Tom Ward is a proven business leader who has now not only built one significant company in Oklahoma City, but two,” Hamm said. Contributing: Business Writers Don Mecoy, Adam Wilmoth and Ja'Rena Lunsford.

Anyone have a clue, estimate, guess when we might hear some news from Devon, if any?

I suspect later in the year. Perhaps late Q3 or Q4 at the earliest. Maybe sooner if American Fidelity announces something. Also, there are 4 or so good articles about the Sandridge move in today's Daily Oklahoman. I tried posting them but the website gremlins still aren't letting me post larger posts. Only posts that are shorter than 4 sentences.

Ward: Sale will further downtown renaissance
by Jerry Shottenkirk
The Journal Record
7/13/2007

OKLAHOMA CITY – While standing along Robert S. Kerr Avenue, Tom Ward cranked his head toward the top of the Kerr-McGee Tower and quietly asked rhetorically, and with a smile, “Pretty building, isn’t it?”

Ward has been a significant part of the local oil and gas industry for two decades, and now he’ll be a significant part of downtown Oklahoma City.

SandRidge Energy, the company Ward acquired last year, will occupy the Kerr-McGee Tower, which has been for the most part vacant since Anadarko acquired Kerr-McGee last summer.

Ward said SandRidge, which has 2,200 total employees, including 300 in Oklahoma City, already has two floors of the tower leased.

“We sent out a (memo) to employees there will be nothing new in the next 60 days,” said Ward, who last year bought Amarillo, Texas-based Riata Energy, changed the name to SandRidge and became chief executive officer. “Some employees are already here and all will be here in 2008.”

Ward, who co-founded Chesapeake Energy with Aubrey McClendon, said the reason for the acquisition was multi-fold.

“We needed the room; we are in parts of three different buildings,” said Ward, whose headquarters is currently in The Tower on Northwest Expressway. “Now we will have plenty of room. I don’t know right now how much we will use or lease. It is big enough that all of our growth will be in one building.”

Ward said filling a rather important gap in downtown was another reason.

“We are thrilled to be part of the renaissance of downtown Oklahoma City,” Ward said. “Anadarko Energy and Chesapeake both knew we were interested and we are glad it worked out like this.”

SandRidge acquired the properties as part of a three-way deal with Anadarko (of The Woodlands, Texas) and locally based Chesapeake. Ward said an existing lawsuit regarding some of the former Kerr-McGee buildings on the block is still pending. “We’ll see what happens with that. To start, we’ll hire an architectural firm to see what can be done (with the block).”

SandRidge has been on the move in one way or another since Ward bought the majority of it. Last month, the company filed an initial public offering.

“We have unique assets in West Texas,” he said. “We have 36 rigs and 30 are in one field in that area. We needed capital; that’s why we did the IPO.”

Under Ward’s leadership, SandRidge has been involved in the community, most notably in child advocacy. As the company grows, so will the company’s participation in local charities, he said.

In the past companies have moved out of the city and state. But the local industry is on solid ground, Ward said.

“Oklahoma City has been very good for the energy business for the past 10 years,” Ward said. “Dominion and Kerr-McGee left, but we have two of the largest independents in Chesapeake and Devon. Companies will stay here because Oklahoma City will continue to have a great work ethic and it will continue to be a great place to live. Especially once the city gets a NBA team, things will really grow.”

Ward is part of the group that owns pro basketball’s Seattle SuperSonics and the Seattle Storm of the WNBA.

The move downtown will strengthen the industry in the state, said Bruce Bell, chairman emeritus of Mid-Continent Oil and Gas Association of Oklahoma.

“I think this says super things for Oklahoma City and the industry in Oklahoma,” Bell said “It documents two things: it means SandRidge is making Oklahoma City its permanent home, and it means SandRidge intends to grow significantly. The move fills a big void downtown. It’s a win-win for Oklahoma and SandRidge.”

Bell said Oklahoma City is a strong player in oil and gas, and with another company showing growth, it will become a target for some industry workers.

“Houston may be recognized as the center of the industry, but we now have several major companies here, and what that means is jobs will remain and that people will be willing to move to Oklahoma City from places like Houston,” he said. “It’s a real positive thing for gaining new people in the business. The city should be delighted.”

Bell said Oklahoma City is behind Houston but is close to being even with Dallas in the energy world.

“Having companies like Devon, Chesapeake and now SandRidge says good things about your city,” he said.

Vince White, vice president of communications and investor relations at Devon, said SandRidge will be a boost to the business district.

“Devon is a big supporter of downtown Oklahoma and we think SandRidge will make a great addition to area,” White said. “It’s great for the industry. SandRidge is a significant employer of highly compensated employees. And based on Tom Ward’s track record, you’d expect significant growth. SandRidge will bring more quality jobs downtown.”

2 things I did not know:

Robert S. Kerr is Aubrey McClendon's great uncle.

American Fidelity actually bid on KMG tower. Did we ever have more than speculation on that? It seems that would be confirmation that they will move downtown.

2 things I did not know:

Robert S. Kerr is Aubrey McClendon's great uncle.

American Fidelity actually bid on KMG tower. Did we ever have more than speculation on that? It seems that would be confirmation that they will move downtown.

Same thing here, only you beat me to posting it.

BTW, I doubt Tom Ward would be so interested in investing in downtown OKC (not just KM but the other properties as well) if he didn't expect the Sonics to be moving here very soon.

To me, his actions indicate that he and the other member of the Sonics' ownership group have already decided the team will be moving to OKC.

BTW, I doubt Tom Ward would be so interested in investing in downtown OKC (not just KM but the other properties as well) if he didn't expect the Sonics to be moving here very soon.

To me, his actions indicate that he and the other member of the Sonics' ownership group have already decided the team will be moving to OKC.

Interesting thought!

BTW, I doubt Tom Ward would be so interested in investing in downtown OKC (not just KM but the other properties as well) if he didn't expect the Sonics to be moving here very soon.

To me, his actions indicate that he and the other member of the Sonics' ownership group have already decided the team will be moving to OKC.

That makes perfect sense and I totally agree with it. There was even a line in one of the stories talking about "and business will only get better when we have an NBA here for good."

So, let's see...

We have some of the most powerful OKC businessmen owning an NBA team.

Then we have a downtown OKC without a team.

Seems like a simple 2+2 thing to me.

Absolutely...You know Bennett and co. were involved in this move as well

This was the quote from Ward... Notice he says 'once' not 'if':


“Oklahoma City has been very good for the energy business for the past 10 years,” Ward said. “Dominion and Kerr-McGee left, but we have two of the largest independents in Chesapeake and Devon. Companies will stay here because Oklahoma City will continue to have a great work ethic and it will continue to be a great place to live. Especially once the city gets a NBA team, things will really grow.”

SandRidge buys Kerr-McGee properties
by Kelley Chambers
The Journal Record
7/13/2007

OKLAHOMA CITY – SandRidge Energy Corp. on Thursday acquired Kerr-McGee buildings and property from Chesapeake Energy Corp., which obtained the properties from Anadarko Petroleum Corp. in a separate deal.

Anadarko, based in The Woodlands, Texas, bought Kerr-McGee last year for $16.4 billion and moved its operations to Texas.

Aubrey K. McClendon, chairman and chief executive officer at Chesapeake, said he was happy to have returned the Kerr-McGee property to local use and ownership.

Terms of the sale were not disclosed.

“Several months ago, we began working with Anadarko on a significant property transaction involving a portion of their assets in the Deep Haley area,” McClendon said. “Along the way, it became clear that in order to bridge a valuation impasse, we would need an innovative way to create additional value for Chesapeake in the transaction. The Kerr-McGee properties became the last chip on the table to make the Anadarko-Chesapeake deal work for both parties.”

McClendon said Chesapeake had no use for the buildings so he contacted his friend and Chesapeake co-founder Tom L. Ward, now chairman and chief executive officer of SandRidge, to see if he would be interested in acquiring the property to house SandRidge, which is currently in The Tower on Northwest Expressway.

Ford Price, of Price Edwards and Co., said he applauded McClendon and Ward for getting the deal done and returning the building to local ownership.

“At the end of the day we end up with a great corporate citizen downtown,” Price said. “It would have been pretty tough on downtown if an investor had ended up with that building and was going to throw all that space on the market and make a competitive situation even more competitive.”

Anadarko spokesman John Christiansen said the global real estate firm Cushman & Wakefield handled the marketing for Anadarko.

He said from the time of the merger it was clear Anadarko always intended to sell the Kerr-McGee properties.

“We understand the significance and certainly the historic importance of that building, and those properties, so we’re pleased that the buyer is a local company,” he said.

Roy Williams, president and CEO of the Greater Oklahoma City Chamber, said the announcement that Kerr-McGee’s 30-story tower would once again be occupied and re-energized by a local company was terrific news.

“This is by far the best possible scenario that could come out of it where the company is going to occupy it and put people in it,” Williams said. “There’s always that chance that you get an out-of-state investor who is either looking to flip the property or to sit on it and wait for it to appreciate as opposed to getting an owner-occupied tenant, because that is what is always ideal.”

SandRidge plans to renovate the Kerr-McGee Tower and move its headquarters to the building in late 2007 or early 2008.

Chesapeake and SandRidge also plan to jointly renovate and maintain the neighboring Kerr Park with a complete makeover by architect Rand Eliot of Elliot and Associates.

After Kerr-McGee was sold, Tronox Inc., a spinoff of Kerr-McGee that became its own company in March 2006, occupied space in the building until November when it relocated to Leadership Square.

One undetermined factor is a pending lawsuit filed last year against Kerr-McGee after a deal to convert some of the Kerr-McGee buildings along Robinson Avenue to condominiums and retail space fell apart after the sale to Anadarko.

The group developing the $30 million project was led by Anthony McDermid.

On Thursday, McDermid said the lawsuit was still pending and he had no idea how or when the issue would be resolved, or whom he might be dealing with.

“All my ownership knows is what we read in the press release,” McDermid said. “We have not been contacted by any of the parties to this transaction.”

Almost a year after the deal fell through, McDermid said his group has discussed going forward with the project if the opportunity presented itself, but added that they would have to re-evaluate it completely at this point.

“We have discussed that but things are so different now,” McDermid said.

SandRidge acquisitions

• Kerr-McGee tower, 30 stories, 123 Robert S.

Kerr Ave.

• 135 Building, 11 stories, 135 Robert S. Kerr

Ave.

• 111 Building, seven stories, 111 Robert S. Kerr

Ave.

• 324 Building, 10 stories, 324 N. Robinson Ave.

• Three surface parking lots northeast of the

Kerr-McGee tower.

• 70 acres south of the Oklahoma River and

east of the Downtown Airpark.

• Other property in southwest Oklahoma City.

Source: Sandridge Energy Corp.

^ ^^ ^^^ I love it I love it!!!!

I agree with regard to the NBA Sonics/WNBA Storm, Ward is coming downtown to be part of the renaissance! His tone and message is very very clear to me!!!

Also, I especially like the tag line "Bell said Oklahoma City is behind Houston but is close to being even with Dallas in the energy world."

Now that is saying something, being even with Dallas in an industrial sector. Hopefully, we can continue to diversify and add to the city's liveability - then perhaps OKC could attract BACK those large numbers of Oklahoman's who moved to the DFW area for jobs and/or quality of life in the past. Maybe even original companies based in OKC would return, good news.

See, those who could not see it before now, with a hopping downtown [in the largest city] full of jobs, companies, and excitement - it brings your whole city (and state) up levels that can't be done otherwise.

One thing's for sure, should not be too hard to attract urban retail to downtown now, residents also.

Downtown OKC is where it's at, and I hope that this is JUST THE BEGINNING.

Trial date set for Downtown OKC properties, Chesapeake acquires lawsuit
By Heidi Rambo Centrella - 7/13/2007


District Court Judge Noma Gurich today denied a request for a summary judgment filed by Kerr McGee Shared Services LLC, which would have prevented the company from having to face Corporate Redevelopment Group LLC in trial over breach of contract.


The suit, which included Downtown properties and approximately 70 acres south of Oklahoma River, between Walker and Western avenues, is scheduled for trial Sept. 10. The pretrial is scheduled for Sept. 5.


In yesterday’s real estate transactions, SandRidge Energy Inc. acquired from Chesapeake Energy Corp. real estate assets that Chesapeake acquired from Anadarko Petroleum. Anadarko had acquired the properties when it purchased Kerr-McGee Corp. Aug. 10, 2006.


Chesapeake also acquired the lawsuit involving the aforementioned properties, however, both Chesapeake and SandRidge have been indemnified.


“Chesapeake acquired the asset in an entity that would not be subject to the lawsuit,” said company spokesman Tom Price. “We have been indemnified… We indemnified SandRidge. It’s a real complicated process.


“The lawsuit is ongoing, and it is something that hopefully will be resolved in the not-so-distant future.”


Price said there are no plans to develop the 70-acre site.


“We’re not in the development business Downtown in south Oklahoma City,” Price said. “So it’s unlikely we would have any reason to do anything down there, but it’s assets that can be used in trade.”

At the very least, I hope McDermid & Co. gets compensated for breech so they can put those resources and their energy into other OKC properties.

It sounds like one way or another, those three smaller buildings will be redeveloped which will be good for downtown.

What ever happened to the previous president/owners/CEO's of Kerr McGee, after the buyout??

I just posted the article where Ward mentioned "Once OKC gets an NBA team" on the Sonics forum to see what Seattleites think about the story

Won't be too excited two of the Sonics owners are hyping downtown and not throwing in an IF when mentioning an NBA team

I just posted the article where Ward mentioned "Once OKC gets an NBA team" on the Sonics forum to see what Seattleites think about the story

Won't be too excited two of the Sonics owners are hyping downtown and not throwing in an IF when mentioning an NBA team

Is that a good idea? I remember some of the Charlotte Hornets fans telling us about the NO people going to their message board and rubbing in the fact that they were getting the Hornets. They're still much more bitter about those people's behavior than about the Hornets actually leaving. Maybe it's best to leave them alone. After all, it is their site and it's not very fun to envision the prospect of losing your team. The Seattle fans probably had almost nothing to do with the arena getting built or not, so it's not really their fault that the Sonics are at risk for moving.

Is that a good idea? I remember some of the Charlotte Hornets fans telling us about the NO people going to their message board and rubbing in the fact that they were getting the Hornets. They're still much more bitter about those people's behavior than about the Hornets actually leaving. Maybe it's best to leave them alone. After all, it is their site and it's not very fun to envision the prospect of losing your team. The Seattle fans probably had almost nothing to do with the arena getting built or not, so it's not really their fault that the Sonics are at risk for moving.

No rubbing it in over there since no one knows what's going on and I don't post on any thread not related to them possibly moving...Zero taunting from me

Just wanted to get their feel of the story...So far they think it's nothing

After all the forum headline is something like Sonics bought by Oklahoma investors...What does this mean blah blah

What's the link to your post, Easy180?

Doug...I guess it's not my best moment on there...My article thread didn't go over very well...Didn't think it was a monumental article, but maybe one more sign of the things to come

To be honest with you I've had some pretty good discussions over there...Many of them got over their you don't belong here mode months ago

Seattle Post-Intelligencer: Basketball Forum (http://seattlepi.nwsource.com/forum/boards/viewtopic.asp?topicid=107270)

I just love the way the people in Seattle keep saying there is so much money in Seattle. Somehow they seem to forget that the Sonics are losing money and have been for years. That is why they were sold in the first place.

I enjoy seeing their rants about Seattle and how superior it is to OKC...Like I'm going to take in what they say, digest it and then admit to them that I wish I lived in the extreme NW of the country

Man....A boy can dream can't he.... (Sigh)

Sat July 14, 2007
SandRidge tower purchase smells like success

By Richard Mize
Real Estate Editor

It was neither colorless nor odorless — but what a gas.

Two of Oklahoma City's most colorful companies, Chesapeake Energy Corp. and SandRidge Energy Inc., struck a deal to keep the former Kerr-McGee tower in play and off the market. It smells like success.


It was a small part of a $310 million energy transaction involving Chesapeake, SandRidge and Anadarko Petroleum Corp. — but the biggest real estate deal here all year.

"Just” $22.3 million for the tower and other buildings downtown — mere fumes compared to the overall transaction. But it was the biggest news since Anadarko picked up the property when it bought Kerr-McGee Corp. last year.

Anadarko, headquartered in The Woodlands, just north of Houston, seemed to just swoop in out of the blue and buy Kerr-McGee. It was a huge deal — a good deal for Kerr-McGee stockholders, a sad deal for lots of Oklahomans.

Anybody who knows anything about Oklahoma history, or the Oklahoma oil and gas business, knows Kerr-McGee like a cousin, and thinks of the late founders, Robert S. Kerr and Dean A. McGee, like great uncles or something.

The men, and their company, were that influential.

Kerr-McGee's buildings in downtown Oklahoma City were almost lost in the $18 billion Anadarko Petroleum purchase. The folks at Anadarko Petroleum would hardly even talk about them. They were just footnotes to the bigger energy transaction.

Here in Oklahoma City, there sat the 30-story Kerr-McGee tower, almost 500,000 square feet, with only one owner-occupier since it was built in the '70s. The prospect of it being dumped on the market was sobering, even with a downtown office market in the best shape since the '80s boom.

The cloud lifted Thursday when Chesapeake struck a deal with Anadarko for some natural gas plays in west Texas, western Oklahoma and northwest Arkansas. As part of the deal, Cheasapeake picked up the former Kerr-McGee tower and other buildings downtown, totaling more than 700,000 square feet.

Then, Chesapeake, in an Oklahoma two-step, turned around and sold the buildings to SandRidge, which is growing and needs the space, and is sure to keep growing after its pending initial public offering.

That 500,000-square-foot tower surely would have wound up in the hands of an investor who would have broken up the space to lease it out. Adding the space to the vacancy rolls would have been a big hit to downtown just when it's hitting its stride.

The Chesapeake-Anadarko deal actually hinged on the former Kerr-McGee real estate. It was a complicated transaction, but a close-knit one. Chesapeake chief Aubrey McClendon and SandRidge chief Tom Ward are old friends who co-founded Chesapeake — good old boys in the good sense.

"Knowing that Chesapeake did not have a need for Kerr-McGee tower, I contacted my friend ... Tom Ward to see if he would be interested in acquiring the Tower from us ...,” McClendon said. "Tom was very agreeable to my offer.”

Ward said, "I am also very happy that we were able to accomplish this transaction through working with Aubrey, my long-time friend ...”

The deal made some people think of a poker hand — especially since Price Edwards & Co. had declared Kerr-McGee tower the "wild card” in the downtown office market.

It made me think of an old "martini deal” — unlikely with Ward and McClendon. Maybe an "energy drink”deal.

Keeping the tower in the hands of an owner-occupier will keep a 500,000-square-foot bubble of vacancy from taking the shine off the thriving central business district.

Plus, SandRidge's move will add another local anchor — and another energy anchor — downtown.

It looks like the new generation of energy executives has taken heed of the old '80s post-bust bumper sticker: "Lord, grant us one more boom. We promise not to fritter it away.”

Well, you remember what it really said. If you don't, ask your dad.

betts: Is that a good idea? I remember some of the Charlotte Hornets fans telling us about the NO people going to their message board and rubbing in the fact that they were getting the Hornets. They're still much more bitter about those people's behavior than about the Hornets actually leaving. Maybe it's best to leave them alone. After all, it is their site and it's not very fun to envision the prospect of losing your team. The Seattle fans probably had almost nothing to do with the arena getting built or not, so it's not really their fault that the Sonics are at risk for moving.

betts, I'm with you on this one. It's not very classy to rub it in their faces, it may come back to haunt us. On the other hand, seattle fans DID HAVE SOMETHING to do with it, not nothing like you mentioned. If more of the fans truly wanted the team, they could have petitioned their lawmakers more, voted for an arena, helped push better attendance even when the team was doing poorly, etc. There is plenty the common folk of Seattle could do and still can do to save the team. It's just obvious the majority of them don't really care. If they did, the lawmakers would support a new arena. The lawmakers aren't going to risk their political necks for something that isn't popular with the citizens (i.e. "fans").

Give the people of Seattle a break.

They have supported the Super Sonics for 40 YEARS!! Seriously 40 years with the NBA, that is impressive enough, and in that time I believe they have only one NBA title, so the fans aren't front runners.

Also I don't think the blame for the arena issues is the fans fault. They approved the Key Arena remodel ten years ago and tax money is still paying for that. The problem is the remodel was not a good plan to begin with, but I think we can relate to some of the tax funded projects not going as planned in Okc too.

Blame the Seattle politicians don't blame the Seattle Sonic fans.

betts, I'm with you on this one. It's not very classy to rub it in their faces, it may come back to haunt us. On the other hand, seattle fans DID HAVE SOMETHING to do with it, not nothing like you mentioned. If more of the fans truly wanted the team, they could have petitioned their lawmakers more, voted for an arena, helped push better attendance even when the team was doing poorly, etc. There is plenty the common folk of Seattle could do and still can do to save the team. It's just obvious the majority of them don't really care. If they did, the lawmakers would support a new arena. The lawmakers aren't going to risk their political necks for something that isn't popular with the citizens (i.e. "fans").

I'm sorry metro...Can you point out a post of mine on there that is rubbing it in their face?...Majority on there believe they are gone anyway...Just discuss when and what Bennett's intentions are...Never taunted anyone on there...Hard to since we could easily get nada...Never say anything that could blow up in my face

The headline of the forum points out the potential move to OKC...Not sure why people perceive it to be rubbing it in their face when some Okies defend their city and try to get across the point an NBA team can be successful here

The story directly involves OKC or I wouldn't be in their bidness...Again

Just sports folks

Doug...I guess it's not my best moment on there...My article thread didn't go over very well...Didn't think it was a monumental article, but maybe one more sign of the things to come

To be honest with you I've had some pretty good discussions over there...Many of them got over their you don't belong here mode months ago

Seattle Post-Intelligencer: Basketball Forum (http://seattlepi.nwsource.com/forum/boards/viewtopic.asp?topicid=107270)
Thanks, Easy180 ... I read through the thread ... it doesn't seem that your post was well received as a "piece of information," for whatever it may be worth!

Surprise, surprise! Nice try, though!

To be honest with you Doug...Just like a few others I jumped on when they were trashing OKC...If they hadn't I probably wouldn't have bothered signing up

Oh and one other reason I guess...It's been extremely slow at my work for months now :biggrin:

betts, I'm with you on this one. It's not very classy to rub it in their faces, it may come back to haunt us. On the other hand, seattle fans DID HAVE SOMETHING to do with it, not nothing like you mentioned. If more of the fans truly wanted the team, they could have petitioned their lawmakers more, voted for an arena, helped push better attendance even when the team was doing poorly, etc. There is plenty the common folk of Seattle could do and still can do to save the team. It's just obvious the majority of them don't really care. If they did, the lawmakers would support a new arena. The lawmakers aren't going to risk their political necks for something that isn't popular with the citizens (i.e. "fans").
I read easy180's post and thread and it didn't strike me at all that easy180 was "rubbing it in their faces." Easy180's "tenor" was not argumentative, I don't think. While it may be predictable that ANY okie's comments in that place will not be well received, it was, I think, fair enough for easy180 to pass along what he did, even it it might be pointless to do so.

Another way to assess might be that, if the roles were reversed, would I be interested in what's going on in the "suitor" city? I think that I would be.

Doug...Check out the article on today's PI Sonics page

Freakin hilarious...I think I may have been the inspiration!!!

Now after seeing this one I did take a little shot at those who said it was a BS story

Sonics minority owner purchases Okla. City tower
By GREG JOHNS
P-I REPORTER

If Clay Bennett moves the Sonics to Oklahoma City, he might not have to look far to find business offices after minority partner Tom Ward's purchase of a prominent 30-story tower within a half-mile of the Ford Center basketball arena.

But several Oklahoma City sources strongly denied the notion that Thursday's blockbuster business move portends an arrangement to provide offices for the Sonics, should Bennett relocate his team in the coming years.

"There's absolutely no connection at all," Bennett spokesman Dan Mahoney said Friday. "It's a totally separate deal."

Ward, one of Bennett's primary partners with the Sonics, purchased the Kerr-McGee Tower in downtown Oklahoma City for his SandRidge Energy firm. SandRidge also bought several buildings surrounding the tower, as well as three downtown parking lots, in a complex deal involving two other major Oklahoma companies.

The $22.3 million transaction was big news in Oklahoma City, where the tower has been vacant the past year. The Daily Oklahoman had five stories on the sale in its Friday edition, with a brief mention midway through one that Ward also was a partner in the Sonics' Oklahoma City-based ownership group that was threatening to leave Seattle.

"Could the team's corporate offices find a home at the Kerr-McGee Tower?" the story asked, without providing further analysis.

Tom Anderson, special projects manager for Oklahoma City, downplayed that potential link and noted there is considerable office space in the city's downtown business district that already would be suitable for a basketball team.

"In my estimation, it would be pretty far-fetched," Anderson said. "There are a lot of other places a team office could go."

Anderson said when the New Orleans Hornets called Oklahoma City home the past two seasons, they rented space in the Oklahoma Tower, the same building that houses Bennett's offices.

That tower -- previously owned by Bennett, though sold before the Hornets' arrival -- also is within close proximity to Ford Center, as Oklahoma City's downtown corridor is a relatively compact area compared to Seattle.

Thus Anderson said the Kerr-McGee sale to a Sonics minority owner shouldn't raise red flags, even though the SandRidge company currently employs only about 1,600 people, hardly enough to fill a 30-story office structure.

"I think the intent is to fill the building with people from the energy sector," Anderson said. "We don't have a fire sale going on for Class A office space downtown, but we won't have a problem finding someone the kind of space the Hornets needed if we get a major-league tenant here in the next few years."

According to Alison Oshel of Oklahoma City's Chamber of Commerce, the city's downtown vacancy rate is 14.9 percent for Class A office space and 16 percent for Class B-rated structures.

Thursday's transaction also involved Chesapeake Energy Corp., owned by Aubrey McClendon, another Sonics minority partner. Chesapeake acquired the Kerr-McGee Tower as part of a larger deal with Anadarko Petroleum Corp., then sold the building to Ward's firm.

"Our company is growing very rapidly," Ward told the Daily Oklahoman, "and the Kent-McGee Tower is an ideal location for our corporate headquarters."

P-I reporter Greg Johns can be reached at 206-448-8314 or gregjohns@seattlepi.com.
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Yeah, easy180, I'd read that article earlier today (at hornetsreport.com ). At the least, reports like that and others give us something to read during the interim ... which is presently TODAY until ... November 1, 2007. I pick that date because it's the day after October 31, the "drop dead" date.

And, so, I say, "Remember, remember, the 1st of November," (a play on the line in V for Vendetta).

What gets me is the fact that the Seattle fans somehow relate this to the team moving. When I read this story Friday morning, I didn't see any connection of this sale to a move of the Sonics to OKC. I think the fans in Seattle are on edge and maybe feel a bit insecure, especially when it comes to their ignorance of the Oklahoma City region.

I'm sorry metro...Can you point out a post of mine on there that is rubbing it in their face?...Majority on there believe they are gone anyway...Just discuss when and what Bennett's intentions are...Never taunted anyone on there...Hard to since we could easily get nada...Never say anything that could blow up in my face

The headline of the forum points out the potential move to OKC...Not sure why people perceive it to be rubbing it in their face when some Okies defend their city and try to get across the point an NBA team can be successful here

The story directly involves OKC or I wouldn't be in their bidness...Again

Just sports folks

Actually Easy180, I won't point out one of your posts, because I didn't call you out, etc. I was making a general statement. If you took offense, maybe that's something to do with your conscience, not me as it was not directed at you.

Actually Easy180, I won't point out one of your posts, because I didn't call you out, etc. I was making a general statement. If you took offense, maybe that's something to do with your conscience, not me as it was not directed at you.

Oh ok metro...You only quoted the post that referred directly to me

I just took offense to it, because I am widely considered the classiest person on OKCTalk :woowoo:

I just took offense to it, because I am widely considered the classiest person on OKCTalk :woowoo:

Only because you wait until the car stops before spitting your tobacco wad out, you crazy Okie.

Oh ok metro...You only quoted the post that referred directly to me

I just took offense to it, because I am widely considered the classiest person on OKCTalk :woowoo:

Actually, I was commenting on betts post, hence me using his name for reference in my post. I was agreeing with most of what he said, and then told about what I disagreed with.