X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OKLAHOMA CITY-A local partnership has closed on the 329,830-sf City Place, a 33-story historical office building in Downtown Oklahoma City. When all is said and done, the partners will plug in a little more than $12 million into the acquisition and renovation of the 1930s-era building.

The main tenant is Globe Life and Accident Insurance Co., which sold the building for $4 million to Mark Beffort and Roy Oliver through a sale-leaseback agreement. The company signed a three-year lease to keep its 50,000-sf headquarters in the 60%-leased building at 204 N. Robinson Ave., which has another 20 tenants on its roster.

The $8-million renovation’s primary expense will be the conversion of the top seven floors, totaling about 30,000 sf, into seven for-sale residential units, ranging from 2,500 sf to 5,000 sf. “We think the rest of the building will complement this product well and it gives us something else to offer to clients,” Beffort says.

The rest of the building, though, won’t be ignored. Beffort says upgrades will be made to the common areas, elevators and HVAC systems as workmen take the upper floors down to the studs to rebuild them as condos. He estimates renovations will take about one year.

The quoted lease rate for office space is $14.50 per sf gross. The residential price points have yet to be set. Grubb & Ellis/Levy Beffort in Oklahoma City is handling the leasing.

Beffort and Oliver now own six assets in Oklahoma City. Their holdings include the 734,000-sf Leadership Square at 211 N. Robinson Ave.; 564,000-sf Oklahoma Tower at 210 Park Ave.; 269,000-sf Corporate Tower at 101 N. Robinson Ave.; 299,000-sf Valliance Tower at 1601 Northwest Expwy.; and 152,000-sf One Benham Place at 9400 Broadway Ext.

In Austin, TX, Beffort and Oliver own the Domain 45 at Burnett Road and Braker Lane. The 481,000-sf campus is leased to Armonk, NY-based IBM Corp. Beffort says he and Oliver are interested in looking at acquisition opportunities in other areas of the Southwest although their stomping ground is Oklahoma City.

Beffort says the intent is to hold City Place for the long term, perhaps one day passing it to his heirs. He tells GlobeSt.com that City Place represented somewhat of a different challenge from their usual acquisition in that it is a well-positioned asset that really needed some care to make it work. “This is a great building with great historical significance,” he says. “We’re really excited about what this can offer.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.