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Thread: Costco

  1. #1451

    Default Re: Costco

    ^

    That's a for-lease property and Costco said they are negotiating on a purchase contract.

  2. #1452

    Default Re: Costco

    ^
    ah, gotcha... was just going off your screen grab from earlier today where it said that lease was preferred.

  3. #1453

    Default Re: Costco

    Quote Originally Posted by Pete View Post
    That's the PR line. You really think warehouse workers are much better here than anywhere else?

    I suspect it has a lot to do with economic incentives; we gave them $1 million more than Tulsa for the warehouse so they knew straight away OKC was willing to give them money, and that's a huge part of their decision process (as outlined in their presentation).

    That, and wages here are cheap. Note the 2 other finalists: Nevada and New Mexico.
    I’ve had employees in all 3. Okc has the best workforce by far.

  4. #1454

    Default Re: Costco

    Sounds like at the City Council meeting the site was described as being "within a 5-minute walk of public transit". Hm.

    https://twitter.com/OKC_SPAN/status/1260211606174269442

  5. #1455

    Default Re: Costco

    Quote Originally Posted by Martin View Post
    just browsing loopnet for fun, this would be my best guess (assuming costco would be willing to share a building with other tenants)...
    https://www.loopnet.com/Listing/1440...y-OK/10796453/
    That first listing is tailor made for what Costco is looking for. Plus lots close by including Lifetime Fitness.

  6. Default Re: Costco

    I know this is the wrong thread, but reading through that Twitter thread, the new Homeland Corporate Headquarters is not being built anymore?

  7. #1457

    Default Re: Costco

    Quote Originally Posted by AP View Post
    I know this is the wrong thread, but reading through that Twitter thread, the new Homeland Corporate Headquarters is not being built anymore?
    Correct, but they are still building the store at 36th & Lincoln.

    They are literally across the street and decided they'd rather invest in their stores than new office space.

  8. #1458

    Default Re: Costco

    Costco planning to buy Hertz office building

    Hertz employees located in a company-owned office building near Quail Springs Mall were told today that Costco will be purchasing the property and they will need to be out by the end of June.



    Hertz recently filed for bankruptcy protection but months earlier had commenced consolidating employees to their property on NW Expressway with the expectation that all would be out this spring.

    This would leave the 225,000 square foot, 4-story building completely vacant.

    Costco had previously announced plans to open an operations center in Oklahoma City, and has been working with city and state officials on a deal which would include public incentives in exchange for creating over 1,000 new jobs.

    Through the Greater Oklahoma City Chamber of Commerce, Costco had issued an alert to local commercial real estate brokers seeking 32,000 square feet of office space indicating they preferred to lease but would consider a purchase.

    In a May 11th presentation to the Oklahoma City Economic Development Trust, a Costco spokesman said they were in the process of completing a purchase contract on a local building and that information would be public in approximately 2 weeks.

    In that same meeting, Costco revealed that 90% of the workload at the center would be for their growing eCommerce business and the remainder would involve their travel services.

    Costco also revealed that they had looked at New Mexico and Nevada before deciding on Oklahoma.

    The average salary at the site would be just under $60,000 plus generous benefits.

    By all reports, Costco's first warehouse in Oklahoma City has exceeded expectations. As we were first to report on February 18th, the Washington-based company is also planning a location in Moore.

    Costco currently operates almost 800 warehouses worldwide.

    The subject property contains a full basement, cafeteria, a gym, meeting rooms and a large number of cubicles and offices on all floors. Sources have indicated Costco will be buying all the current furniture in addition to the building and land.

    The Hertz building is quite a bit larger than Costco's original target and there has been speculation the deep discounter may seek to grow well beyond 1,000 local employees.









    Site of consolidated Hertz Operations on NW Expressway

  9. #1459

    Default Re: Costco

    Quote Originally Posted by DowntownMan View Post
    Wonder what office building they are planning to purchase to house this? Could this be what is going to take over the Hertz Quail Springs building? Hasn’t it been rumored to have a unknown buyer already? Would that potentially be worth approx the 25 million this mentions?
    Just making a wild guess
    Well I called this correctly!

  10. #1460

    Default Re: Costco

    So they are selling the nice new building and gilded the pig with new yellow paint (NW Expressway)?

  11. #1461

    Default Re: Costco

    So will they change the address to 14601 Costco Quail Springs Parkway?

  12. #1462

    Default Re: Costco

    Fantastic news and great reporting, Pete!

  13. #1463

    Default Re: Costco

    We need to start a petition to urge Hertz to repaint that ugly yellow roof line on NW Expressway. It's not even the official Hertz color, just compare the color on the logo with the garish yellow on the building...ugh!

  14. #1464

    Default Re: Costco

    Quote Originally Posted by 5alive View Post
    We need to start a petition to urge Hertz to repaint that ugly yellow roof line on NW Expressway. It's not even the official Hertz color, just compare the color on the logo with the garish yellow on the building...ugh!
    They literally just repainted it that color a few months ago, no way they're going to re-re-paint it. But I agree, it's hideous.

  15. #1465

    Default Re: Costco

    Reread Pete's article. They are buying the Quail springs Property. And downsizing all their employees to the Northwest Highway building.....no costco connection to it.

  16. #1466

    Default Re: Costco

    Does this increase likelihood of more than just the one other Costco location planned?

  17. #1467

    Default Re: Costco

    Quote Originally Posted by rte66man View Post
    So they are selling the nice new building and gilded the pig with new yellow paint (NW Expressway)?
    Probably one of the main reasons for this is that the NW Expressway bldg has their data center in it, and the other one is just offices. Much easier to relocate just cubicles/furniture than a data center. Also, guessing they'd have a harder time selling the gilded pig than the other bldg, since it's such an odd structure.

  18. Default Re: Costco

    Quote Originally Posted by TheTravellers View Post
    Probably one of the main reasons for this is that the NW Expressway bldg has their data center in it, and the other one is just offices. Much easier to relocate just cubicles/furniture than a data center. Also, guessing they'd have a harder time selling the gilded pig than the other bldg, since it's such an odd structure.
    I'd say the data center was a huge factor. They just recently completed moving out of their old secondary data center at what used to be called the Reservations Center - now a Love's property. That was a huge undertaking that took forever and cost a fortune. There's no way they'd move that data center now.

  19. #1469

    Default Re: Costco

    Costco closed on the purchase of the Hertz building.

    Paid $25.4 million.

    Hertz still owns 32 acres of vacant land to the immediate west, but Costco now owns the empty parcel to the north of the building.


  20. #1470

    Default Re: Costco

    There are some stops on the 005 bus line fairly close to there, so I imagine that probably counts for the "an approximate 5 minute walk from transit" claim at the City Council meeting.

  21. #1471

    Default Re: Costco

    Yea!

    BTW didn't this building previously house AAA the early 2000's era? Seems like I interviewed for a job with AAA in March or April of 2010.

  22. #1472

    Default Re: Costco

    That building will look nice with a big COSTCO logo on it. Not being sarcastic, it makes the city look good when reputable, well-known companies have a sizeable and visible presence.

  23. Default Re: Costco

    Quote Originally Posted by Ward View Post
    Yea!

    BTW didn't this building previously house AAA the early 2000's era? Seems like I interviewed for a job with AAA in March or April of 2010.
    My wife worked at the Data Center. Then moved to a leased space in a building in the triangle space of NW Exp & 63rd. That much I’m 100% sure. Now, if my memory is right while she was in the leased space Hertz built the Quail building. But I think they leased part of it out at first and later expanded to occupy it all. Maybe AAA leased part of it.

  24. #1474

    Default Re: Costco

    Quote Originally Posted by Ward View Post
    Yea!

    BTW didn't this building previously house AAA the early 2000's era? Seems like I interviewed for a job with AAA in March or April of 2010.
    Ward,
    No, it was designed by FSB for Hertz and Hertz moved in and were the only tenants (unless they sub let some office space to AAA). but I never saw or heard anything about a renter.
    C. T.

  25. #1475

    Default Re: Costco

    Seems there are a number of empty call centers on NW Expressway. I wonder how easily they could be repurposed to other uses (i.e., growing the green stuff, data centers, etc.)

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