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01-15-2018, 08:09 PM
Office building next to Civic Center sold for $2.65 million
By: Molly M. Fleming The Journal Record January 15, 2018
OKLAHOMA CITY – A building with a view of a downtown park has a new owner and will soon have a new tenant.
The Oklahoma River Company LLC and KI Capital LLC paid $2.65 million for the two-story building at 531 Couch Dr. It was previously home to RSM, an accounting firm, but the company outgrew the space.
Price Edwards & Co. office broker Craig Tucker represented the former owners, 531 Couch LLC, for the property. It sits next to the Civic Center Music Hall and across the street from Bicentennial Park.
The 531 Couch property was built in 1950, but was renovated in 1983, according to county records.
Tucker said he’s had the building listed since spring 2017. He said he almost sold it once earlier, but the transaction in December had a final higher price than the near-sale price.
“I bet I showed that building more than any building I’ve had listed for sale,” he said.
The building’s proximity to the park, the courthouse, and a parking lot made it a great find, Tucker said.
“It’s virtually impossible to find a building like this,” he said.
With RSM moving into Oklahoma Tower, the downtown office market saw a boost in the occupancy rate, Tucker said. Price Edwards tracks downtown office buildings that measure 50,000 square feet or more. The RSM move will show up on the report as a positive since the vacant building wouldn’t have been tracked.
Equity Realty broker Mark Hyde II was able to get his client in as the first tenant. Norman-based law firm Ball Morse Lowe PLLC will lease 4,000 square feet. The firm also has an office in Purcell.
Hyde will also handle the leasing for the remaining space. He already has two letters of intent, he said.
The law firm is doing some renovations on its space, but nothing drastic, Hyde said. There are other updates being done in the building as well.
“This building is downtown, without being in the heart of downtown, and they love that,” he said.
By: Molly M. Fleming The Journal Record January 15, 2018
OKLAHOMA CITY – A building with a view of a downtown park has a new owner and will soon have a new tenant.
The Oklahoma River Company LLC and KI Capital LLC paid $2.65 million for the two-story building at 531 Couch Dr. It was previously home to RSM, an accounting firm, but the company outgrew the space.
Price Edwards & Co. office broker Craig Tucker represented the former owners, 531 Couch LLC, for the property. It sits next to the Civic Center Music Hall and across the street from Bicentennial Park.
The 531 Couch property was built in 1950, but was renovated in 1983, according to county records.
Tucker said he’s had the building listed since spring 2017. He said he almost sold it once earlier, but the transaction in December had a final higher price than the near-sale price.
“I bet I showed that building more than any building I’ve had listed for sale,” he said.
The building’s proximity to the park, the courthouse, and a parking lot made it a great find, Tucker said.
“It’s virtually impossible to find a building like this,” he said.
With RSM moving into Oklahoma Tower, the downtown office market saw a boost in the occupancy rate, Tucker said. Price Edwards tracks downtown office buildings that measure 50,000 square feet or more. The RSM move will show up on the report as a positive since the vacant building wouldn’t have been tracked.
Equity Realty broker Mark Hyde II was able to get his client in as the first tenant. Norman-based law firm Ball Morse Lowe PLLC will lease 4,000 square feet. The firm also has an office in Purcell.
Hyde will also handle the leasing for the remaining space. He already has two letters of intent, he said.
The law firm is doing some renovations on its space, but nothing drastic, Hyde said. There are other updates being done in the building as well.
“This building is downtown, without being in the heart of downtown, and they love that,” he said.