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Pete
07-20-2017, 09:38 AM
My understanding is that Mrs. Cotter and the sons are fueding, to the point there has been legal action (or threat thereof) to keep the sons out of the building.

I also understand the bank that holds the mortgage is worried about the property and are starting to position themselves as well.

Things there are likely to get worse before they get better.

ChaseDweller
07-20-2017, 09:52 AM
There is a probate fight ongoing among the sons and the relatively new wife now widow. As tenants, we were very afraid that the maintenance would further deteriorate. Recently, CBRE was brought into manage the building and they are already starting to remedy some of the deferred maintenance issues. The long time broken doors have been fixed and the common areas seem a bit cleaner. Still a lot to be done, but some improvement is better than the past.

Now if we can just get rid of the political photos and hideous faux Chinese planters in the lobby....

Pete
07-20-2017, 09:55 AM
^

Thanks for the info.

My understanding is that Cotter's widow is living in the mansion next to Lake Arcadia.

UnFrSaKn
07-21-2017, 08:43 AM
http://newsok.com/downtown-oklahoma-citys-cotter-ranch-tower-future-uncertain-following-death-of-owner/article/5557109

Anonymous.
07-21-2017, 09:49 AM
The timing of his death, this thread revival, and the NewsOK article coming out is pretty interesting...

shawnw
07-21-2017, 10:07 AM
He died in January according to that article. I heard about his death at a downtown meeting on Wednesday and so posted it. I'm sure those much more in the know about things downtown were aware of his death for months.

BoulderSooner
07-21-2017, 10:40 AM
He died in January according to that article. I heard about his death at a downtown meeting on Wednesday and so posted it. I'm sure those much more in the know about things downtown were aware of his death for months.
This


Also this property has been in play for a potential sale even before his death

Urbanized
07-21-2017, 10:49 AM
^^^^^^
Yes.

ksearls
07-21-2017, 01:35 PM
I office in the building. I noticed this week that our security "cowboys" are now dressed in traditional, tasteful security uniforms, sans cowboy hats. Baby steps.

ChaseDweller
07-21-2017, 04:29 PM
The lights in the plaza on the flags have also been repaired. One had been broken out for years.

baralheia
07-21-2017, 05:29 PM
I wonder if the fact that these repairs are getting done means that their building lighting will be fixed too... One can hope, at least!

OKCRT
07-21-2017, 07:47 PM
The building management (not the owner) has changed I believe 3 times since Mr Cotter passed away. Been a bit of a nuisance as a tenant and each one seems to have gotten worse. The elevators are just one issue, but there's lots of little maintenance issues all through the building that I'd love to see fixed to improve the building. It would also be great if the windows got washed for once and the landscaping was improved in addition to the lighting.

Maybe they could add some of that mirror looking tint to the glass and really change the looks? That stuff hides dirt pretty well.

bombermwc
07-24-2017, 06:37 AM
Personally, i'd like to see the cowboy crap go and bring the place into the present. Cotter was a MAJOR disappointment in the way he refused to help spur things. It's as though he refused to believe that we weren't in the old-west, or at least the 70's. Hopefully the legal battle wont end up causing issues with the building/tenants and cause them to lose/miss something. We've seen too many examples of how that kind of crap kills places. And this place is far too large to let that happen.

StuckInTheCapitol825
07-24-2017, 11:31 AM
Personally, i'd like to see the cowboy crap go and bring the place into the present. Cotter was a MAJOR disappointment in the way he refused to help spur things.

I see what you did there. :lol2:

GoldFire
07-26-2017, 03:54 PM
Apparently, the new building management company has been calling tenants asking if they'd be interested in moving to a new building. Not sure if that means anything or just a coincidence, but thought it was noteworthy given the current state of the ownership.

ChaseDweller
12-03-2017, 10:03 PM
Sum total of Holiday Decorations installed at Cotter Ranch Tower as of December 3:
14306

This building is the worst. If they are in fact calling tenants about moving, the answer is yes.

Pete
12-04-2017, 04:24 AM
Apparently, the new building management company has been calling tenants asking if they'd be interested in moving to a new building. Not sure if that means anything or just a coincidence, but thought it was noteworthy given the current state of the ownership.

That usually means they want to sell it.

After the death of Mr. Cotter, the building has been in the hands of a court-appointed administrator while the sons and the widow (not the mother of the sons) fight over the estate which includes a bunch of properties and other assets.

There are lots of locals who would love to buy it but the administrator is based in San Antonio and sometimes these sales become 'pocket deals' where the property goes to a friend.

Pete
12-04-2017, 04:25 AM
Sum total of Holiday Decorations installed at Cotter Ranch Tower as of December 3:
14306

This building is the worst. If they are in fact calling tenants about moving, the answer is yes.

It's a major award!!

warreng88
12-04-2017, 05:35 AM
That usually means they want to sell it.

After the death of Mr. Cotter, the building has been in the hands of a court-appointed administrator while the sons and the widow (not the mother of the sons) fight over the estate which includes a bunch of properties and other assets.

There are lots of locals who would love to buy it but the administrator is based in San Antonio and sometimes these sales become 'pocket deals' where the property goes to a friend.

What would they want to empty out he building in order to sell it? In my experience, you get it completely leased out on long term leases and the sales price goes up because the cash flow is higher.

Pete
12-04-2017, 05:41 AM
What would they want to empty out he building in order to sell it? In my experience, you get it completely leased out on long term leases and the sales price goes up because the cash flow is higher.

Because several tenants are probably on below-market rents.

Mr. Cotter
12-04-2017, 03:47 PM
Maybe, but that would be the exception. My office moved out of Cotter Ranch 2 years ago. After being tenants in the building for over 15 years (original landlord was BankOne), and leasing an entire floor for the last 8 of those years, we were paying market rate. The building sat at about a 55% occupancy rate after Devon moved out in 2012. It was extremely poorly managed, and I haven't heard good things from current tenants after Mr. Cotter's death and Chase moved out.

While we are not downtown, our office moved to a similarly priced part of town and are paying about the same rental rate for a significantly better space.

ChaseDweller
12-13-2017, 07:40 AM
The entity that owns the building filed BK Monday or Tuesday in Texas. Biggest creditors are Veolia ($160,000), CBRE ($66,000) and and Otis Elevator ($43,000). No wonder the elevators have gotten scarier and the heating/cooling situation is so bad.

Pete
12-13-2017, 08:49 AM
Cotter Tower owner files for bankruptcy (http://www.okctalk.com/content.php?r=442-Cotter-Tower-owner-files-for-bankruptcy)

As heirs to a huge estate battle in court, one of Oklahoma City's tallest buildings has fallen into bankruptcy.


http://www.okctalk.com/images/pete/cotter121317ca.jpg


San Antonio investor James F. Cotter passed away in January leaving a disputed will and a feud between Cotter's children and his third wife Bettye Ruth Cotter. Courts in San Antonio appointed attorney Marcus P. Rogers as administrator to oversee the estate until it can be settled.

Ruth Cotter currently lives in the Oklahoma City area in a home the couple had purchased in 2012.

The 36-story tower was originally built in 1972 as home to Liberty Bank which was bought by Bank One in 1997 then ultimately became Chase Bank. Cotter bought the 540,000 square foot building in 2004 for $27.9 million.

Even before Cotter's death, tenants complained of poor maintenance and after Devon built its new headquarters and moved a substantial number of employees out of Cotter Tower, almost half the building was left vacant.

OKCTalk spoke to various tower tenants who mentioned concerns regarding smells, unregulated temperatures, leaks and poor response from building management.

In Price Edward's 2017 Mid-Year Office Survey, the building was shown with a 37% vacancy at a time where downtown office occupancy continues to be quite strong.

In the bankruptcy filing by Rogers in Texas district court, more than 50 creditors are listed and the ownership entity for the building is shown with $10-50 million in assets and the same amount of debt.

Among the largest creditors are Veolia Energy for $166,677 for utilities provided to the building, $43,099 owed to Otis Elevator and $66,635 due CBRE, the company which has been managing the property and others owned by the Cotter Estate, including the Lakepointe Towers at NW Expressway and 63rd Street in Oklahoma City.


http://www.okctalk.com/images/pete/cotter121317b.jpg


OKCTalk has also learned that several current tenants have been approached about the possibility of ending their leases early and relocating.

Local investors have expressed interest in purchasing Cotter Tower, however the building is not currently for sale although that could change given the state of the building's current financial situation.

G.Walker
12-13-2017, 08:58 AM
Hopefully someone will buy the property & upgrade this tower into a Class A office space. It needs major renovation.

David
12-13-2017, 09:20 AM
Here's hoping for a local owner in that case.

bchris02
12-13-2017, 10:12 AM
Hopefully someone will buy the property & upgrade this tower into a Class A office space. It needs major renovation.

Or residential. I think it would be perfect as a residential tower.

chuck5815
12-13-2017, 10:54 AM
Or residential. I think it would be perfect as a residential tower.

you thinking condo conversion or apartments?

GoldFire
12-13-2017, 11:04 AM
Or residential. I think it would be perfect as a residential tower.

I wouldn't mind that, but I also don't want to lose my office! That being said, the heating/cooling situation has gotten out of hand. We have a fairly small office (~1000 sqft) and we still have to wear jackets even with two space heaters running all day.

Pete
12-13-2017, 11:57 AM
They just uploaded more documents to the bankruptcy filing and here are some highlights:


Debtor’s primary asset is the Cotter Ranch Tower property. The property was
last professionally appraised in 2014, in connection with the refinancing of the Note, at a value
of $33,800,000.00. The current ad valorem taxing authority appraisal is $25,500,000.00. The
property was recently re-appraised to provide Mr. Rogers with information to consider purchase
offers, and a written appraisal is currently pending. The current occupancy rate for the building
is approximately 63%. The building is professionally managed by CBRE, Inc.
13. According to the Debtor’s books, the secured lender Bank SNB is believed to be
owed approximately $15,617,468. Therefore, there is a significant amount of equity in the Cotter
Ranch Tower property.
14. The Debtor has no employees, and the staff that provide services for the Debtor or
perform services for the property are employed by CBRE, Inc., with which the Debtor has an
agreement to provide property management services.
15. Debtor’s sole source of revenue comes from the rents received from tenants
renting commercial office space at Cotter Ranch Tower. Currently, the gross rents received are
scheduled at approximately $475,723.00 per month.
16. The current ad valorem property taxes due for the 2017 tax year are
approximately $270,000.00 with no prior years’ delinquent taxes owed, however, such property
taxes are not currently escrowed. The building is insured and policy premiums are current.
Reasons for Filing Bankruptcy
17. As noted above, the Note has matured on the Cotter Tower Ranch property. The
potential loss through a foreclosure sale would result in the forfeiture of all of the Debtor’s
equity leave the Debtor without the resources necessary to pay more than $400,000 in unsecured
trade debt, as well as several thousands in mechanic’s lien claimants. The Debtor therefore filed
this case, seeking the time needed to sell the property in a manner that will ensure a fair price and
allow the Debtor to pay its debts in an orderly fashion.
Going Forward
18. Through this case, the Debtor will seek to reorganize its debts under Chapter 11
of the Bankruptcy Code, most likely through a liquidating plan. Debtor intends to sell the Cotter
Ranch Tower property, payoff Bank SNB and other valid liens encumbering the properties, and
Debtor believes it will be able to provide for the full payment of all allowed claims in this
bankruptcy case leaving the remaining funds to be administered for the benefit of the Cotter
heirs.

bchris02
12-13-2017, 03:09 PM
No matter what it's future holds, it will be great to see this building sold and renovated. It's the second most prominent building in OKC's skyline and it's somewhat depressing to see it so run down.

warreng88
12-13-2017, 03:11 PM
If someone buys this and plans on doing any sort of significant work on, be sure TIF funding will be requested...

Pete
12-13-2017, 03:11 PM
You can bet the Mark Beffort / Roy Oliver group will take a hard run as they have already acquired Leadership Square, Oklahoma Tower, Corporate Tower, the old IRS Building, Valliance Tower, etc. They basically own all the larger spec office buildings in town.

Cotter needs work but it's something they could do systematically as they bring in new tenants.

I know at least one other local group has been trying to make an offer.

onthestrip
12-13-2017, 03:19 PM
If someone buys this and plans on doing any sort of significant work on, be sure TIF funding will be requested...

And would be a gross use of tax payer money. There is no need for TIF funds for this, we shouldnt be bailing out the current owner by skewing the true value of this building by pledging TIF dollars to the buyers. Let the market handle this one.

KingOfTheNorth
12-16-2017, 12:44 PM
I remember whenever they had lights on the corners of it that shone vertically and made a massive difference in improving the look of the building. Small improvements can really make a huge difference on this part of the skyline.

cxl144
12-18-2017, 01:30 PM
What are the chances Continental is considering a move? They did just throw out an unsolicited bid for the Santa Fe parking structure.

Pete
12-18-2017, 01:33 PM
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
12-19-2017, 12:00 PM
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.
12-19-2017, 12:10 PM
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
12-31-2017, 08:52 PM
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
01-02-2018, 01:55 PM
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
01-02-2018, 03:52 PM
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.

https://cdn2.newsok.biz/cache/r620-90f131c0f352af1e7043af515675dbc2.jpg

BoulderSooner
01-03-2018, 07:46 AM
Also look how great the Sandridge building pops and looks great when lit up like that

Hondo1
01-03-2018, 11:09 AM
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
01-03-2018, 11:29 AM
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
03-02-2018, 06:32 AM
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
03-02-2018, 06:43 AM
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 (http://www.okctalk.com/content.php?r=474-Cotter-Ranch-Tower-has-25-5-million-price-tag)

As OKCTalk was first to report (http://www.okctalk.com/content.php?r=442-Cotter-Tower-owner-files-for-bankruptcy) the owner of Cotter Ranch Tower filed for bankruptcy late last year.


http://www.okctalk.com/images/pete/cotter030218aa.jpg


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.


http://www.okctalk.com/images/pete/cotter030218b.jpg

Pete
05-21-2018, 09:32 AM
BancFirst set to buy Cotter Ranch Tower (http://www.okctalk.com/content.php?r=501-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.


http://www.okctalk.com/images/pete/cotter030218aa.jpg


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.


http://www.okctalk.com/images/pete/101nbroadway.jpg


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
05-21-2018, 09:34 AM
Awesome. I hope this leads to some much needed renovation and upkeep.

Anonymous.
05-21-2018, 09:54 AM
What cougar said! ^

Would love to see this building turned around.

Pete
05-21-2018, 10:08 AM
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
05-21-2018, 10:44 AM
Nice to see local ownership.

Pete
05-21-2018, 10:46 AM
Nice to see local ownership.

With very deep pockets!

GoldFire
05-21-2018, 10:49 AM
Any details on what this means for current tenants yet?

David
05-21-2018, 10:51 AM
BancFirst Tower or some variant on that theme would sound a lot better than Cotter Ranch Tower, too.

Pete
05-21-2018, 11:04 AM
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
05-21-2018, 07:47 PM
great news and excited that it's a local bank again.

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

bchris02
05-22-2018, 12:23 AM
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
05-22-2018, 07:30 PM
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
05-23-2018, 09:40 AM
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
05-23-2018, 10:46 AM
What, no Welcome Back Cotter Tower?