I was told yesterday that Midfirst (I-44 / NW Grand) bought the two adjacent buildings in their complex.

Anyone have a news article?

(Forgive me if the news was posted, I searched and came up with -0- results.)

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Found an article, apparently, it was 4 buildings.
http://newsok.com/midfirst-bank-buys-four-oklahoma-city-office-buildings-from-chesapeake-energy/article/3949342


MidFirst Bank buys four Oklahoma City office buildings from Chesapeake Energy
Terms of sale were not disclosed for the four Oklahoma City office buildings that MidFirst Bank purchased from Chesapeake Energy.
By Brianna Bailey Published: April 2, 2014


MidFirst Bank has purchased four office buildings on Grand Boulevard from Chesapeake Energy Corp. for an undisclosed price.

The acquisition will give MidFirst an additional 230,000 square feet of office space and expand the the banking company’s campus off Interstate 44, MidFirst said.

The buildings include One and Two Grand Park, and two smaller office buildings including 601 NW Grand Boulevard, which once housed the Oklahoma State Medical Association, and 625 NW Grand that once housed the Central Oklahoma Homebuilders Association.

“These properties will allow us to centralize much of our workforce while complementing our presence in the I-44/Grand corridor,” Jeff Records, president and CEO for MidFirst Bank, said in a statement. “Our positioning for growth is reflective of our commitment to serving the businesses and people of Oklahoma.”

The sale continues Chesapeake Energy’s continued push to shed some of its extensive real estate holdings in northwest Oklahoma City. Terms of the sale were not disclosed and public records of the sale that would show the sales price were not yet available Tuesday.

“Through this sale, Chesapeake continues our strategy of divesting non-core assets to optimize operational efficiency and focus on our business of energy exploration and production,” Chesapeake spokesman Gordon Pennoyer said in a statement.

Love’s Travel Stops & Country Stores paid Chesapeake $24.25 million for three office buildings at NW 63 and Lake Hefner Parkway in November. Chesapeake also sold the Classen Curve, Nichols Hills Plaza, and Triangle @ Classen Curve shopping centers to Ohio-based Glimcher Realty Trust for $51.8 million in March.

Roy Williams, president and CEO of the Greater Oklahoma City Chamber of Commerce, said in a statement that the rapid pace that Chesapeake has been able to sell real estate is a testament to the strength of the local economy.

“As Chesapeake Energy relocates employees to its corporate campus as new buildings come online, we are pleased other corporate headquartered companies have quickly purchased the buildings to accommodate their expansion,” Williams said.

Looks like Shepherd Mall will have a large vacancy within a few months. No tower for MidFirst.

We knew this was going to happen for almost a year.

Will be interesting to see what MidFirst paid versus what Chesapeake had invested, although CHK bought most those properties in the early stages before they went fully into crazy town with their spending.

We knew this was going to happen for almost a year.

Will be interesting to see what MidFirst paid versus what Chesapeake had invested, although CHK bought most those properties in the early stages before they went fully into crazy town with their spending.

This is good for that area. If they could get some mixed use buildings in there with residential above retail this area could be very walkable and bike friendly. A city the size of ours needs more clusters of high paying jobs like this. Hopefully the new city plan will incentivize mixing zoning better.

Downtown will have more suiters for towers.

Shepherd Mall really needs to be sold or torn down or something drastic to happen. I have heard the building is falling apart and tenants are leaving as soon as they have other options.

I'm with lasomeday, unless there is some sort of plan for site integration this seems like more of a temporary solution for a growing company.

Downtown has suitors other than MidFirst.

I'm with lasomeday, unless there is some sort of plan for site integration this seems like more of a temporary solution for a growing company.

Downtown has suitors other than MidFirst.

I don't buy this. MidFirst was a potential suitor. American Fidelity was. But where are the other big fish that were supposedly waiting in the wings?

To look at it another way, two companies that have shrunk drastically (Chesapeake and OPUBCO) had two expanding companies ready and willing to snap up their excess property.

And the OPUBCO sale to AF had a lot to do with the Century Center finally getting renovated and some actual life.


MidFirst could still come downtown at some point down the road. I'm sure they bought these properties right which means they could easily sell or lease them out, along with the other two they already own.

Midfirst isn't moving, just get over that one now. Especially now that they have contiguous properties. Funny turn of hand since they were in the opposite position just a few years ago wondering if CHK would try to buy out their larger tower on Grand.

But don't think for a minute, that they have any plans to move anywhere....especially downtown. They're in too perfect of a spot for what they want to do. And consolidating buildings doesn't really get them anything other than a nice fat bill for a new tower. CHK just renovated two for them, so why spend even more on construction they don't need....or want.

County Assessor site shows that MidFirst paid $28,970,500 for One and Two Grand Park and the two buildings just east, formerly owned by the Homebuilders Association.

They had just over $22 million invested, but they've owned those buildings since 2005/06.


To date they have now sold 19 properties at a total loss of at least $97 million (will never know exact brokerage commissions and other expenses besides the public building permits).

If CHK would have kept up its same pace from a couple years ago then that could've forced Midfirst to move downtown. Now like bomber said they are sitting in a pretty good position on I-44 with discounted, renovated space in the same general vicinity. And with CHK the way they are they could probably get even more space from them within the next year if they need it.

yep. my contact within Midfirst has been saying for awhile now that all talk of moving downtown died just a few months after not getting the OPUBCO building

It's ironic because Chesapeake really wanted to buy the two Mid* buildings and I'm sure they offered them plenty of money, but they clearly weren't motivated to sell.

I think they were hoping to steal the OPUBCO properties because they didn't put up much of a bidding war with American Fidelity, who still got a pretty good deal.