Oneok, which has been in the building at 100 W. 5th St. since itopened in 1984, acquired the asset from Blacksburg, VA-basedSouthwestern Associates Inc. and RMZ Corp. of Bangalore, Indiathrough a direct deal. The price included about $17 million for anexisting lease that will expire in September 2009. Oneok occupiesmore than 50% of the structure. The remainder is leased by smallertenants, including several law firms.

Steven Baker, senior associate in the Tulsa office of CB RichardEllis, says Oneok has owned the adjacent parking lot and plaza forawhile. "The building itself has been well cared for," he says."Since Oneok occupies 50% of it, they've made a point to take careof it."

Baker says Oneok Plaza is one of four major office trades thathave taken place in Tulsa during the past year, all of which soldin the $61 per sf to $71 per sf range. He points out that OneokPlaza's price breaks down to $93 per sf, but once the lease payoffis deducted "it leaves you with about $61 per sf," he explains.