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January 17, 2021, 09:25:47 pm
Pages: 1 2 3 [4] 5 6 ... 10
 31 
 on: January 12, 2021, 05:50:41 pm 
Started by Breadburner - Last post by Oil Capital
That's what happened with Highland Park Village in Dallas, and it is in great shape.  Somewhat similar to Utica Square but smaller and much more upscale, but has some mixed-use elements like a grocery store and movie theater.

True.  But you understate it.  Highland Park Village, including its theater and "grocery store" are much much much more upscale than Utica Square.  Utica Square could benefit from local ownership dedicated solely to Utica Square, but we should not be expecting any owner, local or not, to deliver us anything like Highland Park Village.

 32 
 on: January 12, 2021, 05:28:46 pm 
Started by Breadburner - Last post by SXSW
Hopefully they sell it to a local ownership group at some point who will treat this as a full time trophy/legacy property versus just a side business. Most likely if they end up selling it (not that there's any credible rumor I know of) it will go to a company like Simon. I really do think that would be the only short term way we'd see a big reinvestment in the center... but it will probably hobble along the way it is now for a few more years unfortunately, because it really is under utilized. I'd almost prefer it to be in the state it is now and hope for better local management in the future than have Simon or others come in and ruin it.

That's what happened with Highland Park Village in Dallas, and it is in great shape.  Somewhat similar to Utica Square but smaller and much more upscale, but has some mixed-use elements like a grocery store and movie theater.

 33 
 on: January 12, 2021, 04:47:07 pm 
Started by Breadburner - Last post by Oil Capital
Part of the reason Utica is in its current position is because it is owned by an oil company and not a real estate company. After Sr.'s death there really does seem to be nothing happening. I have very little info what has gone on lately with decisions related to this and Utica Square directly.


Being owned by an oil company is also part of the reason Utica Square is/was as good as it is/was.  It seems the new generation may have tired of subsidizing Sr's vanity project.  They really should try to unload it while they still have Saks... and Restoration Hardware.

Interesting note in their 2020 Annual Report:  "During the fiscal year ended September 30, 2020, we closed on the sale of a portion of our real estate investment portfolio, including six industrial sites."


 34 
 on: January 12, 2021, 04:27:27 pm 
Started by Breadburner - Last post by LandArchPoke
It's frustrating to see great lots stay vacant for so long. This spot is prime for development, as is the lot at 14th and Utica. But they just sit there with nothing while cheap hotels continue to expand in the south, including underneath highway ramps (ala Hwy 169 and 91st st).

Part of the reason Utica is in its current position is because it is owned by an oil company and not a real estate company. After Sr.'s death there really does seem to be nothing happening. I have very little info what has gone on lately with decisions related to this and Utica Square directly.

Part of what Oil Capital brought up about an old statement of mine a few days ago ignored all of that discussion since... at one point Utica Square was really getting its groove back it seemed. Lots of new tenants and lots of demand. Right around the time they demoed this building was the very end of that. Between oil prices collapsing, the death in the family, etc. it seems that they shifted focus elsewhere (likely toward keeping H&P from a bad fate like so many other O&G firms) and Utica Square and other real estate investments have been a side project for that family for a long time.

Hopefully they sell it to a local ownership group at some point who will treat this as a full time trophy/legacy property versus just a side business. Most likely if they end up selling it (not that there's any credible rumor I know of) it will go to a company like Simon. I really do think that would be the only short term way we'd see a big reinvestment in the center... but it will probably hobble along the way it is now for a few more years unfortunately, because it really is under utilized. I'd almost prefer it to be in the state it is now and hope for better local management in the future than have Simon or others come in and ruin it.

 35 
 on: January 12, 2021, 03:46:57 pm 
Started by Hoss - Last post by swake
Treason.

By either the dictionary definition or the US Constitution definition.   And Oklahoma just loves it.  Along with the 5 other participants from the OK delegation.

And James Langford with them on the other side.



Mullen and Hern are criminals here.

 36 
 on: January 12, 2021, 03:13:21 pm 
Started by Hoss - Last post by heironymouspasparagus
Treason.

By either the dictionary definition or the US Constitution definition.   And Oklahoma just loves it.  Along with the 5 other participants from the OK delegation.

And James Langford with them on the other side.


 37 
 on: January 12, 2021, 12:57:08 pm 
Started by davideinstein - Last post by SXSW
Recent photo of the Pearl District with the new American Solera and Cabin Boys breweries


 38 
 on: January 12, 2021, 12:55:27 pm 
Started by LandArchPoke - Last post by SXSW
I've heard that BOK is going to take over more space in the BOK Tower and Williams is also expanding their space within the tower. I think there is enough space for BOK to have most of their people in the tower and don't need a separate building. It would be nice if I'm wrong and BOK could take over the WPX building.

Best scenario is a NEW company (or companies) moving into Tulsa and taking space in the former WPX Tower.  BOK/Williams can continue to be in their tower and takeover the WPX space.  At one time not long ago there were rumors BOK was going to build a new tower but I imagine they will stay put for now.

 39 
 on: January 12, 2021, 12:04:25 pm 
Started by LandArchPoke - Last post by Oil Capital
I've heard that BOK is going to take over more space in the BOK Tower and Williams is also expanding their space within the tower. I think there is enough space for BOK to have most of their people in the tower and don't need a separate building. It would be nice if I'm wrong and BOK could take over the WPX building.

That would make sense, especially for BOK. Apparently, WPX/Devon will be vacating 7 floors of the BOK Tower.

Is Williams in one of their expansion modes again?

 40 
 on: January 12, 2021, 12:02:31 pm 
Started by LandArchPoke - Last post by Oil Capital
I think from a few articles I read is that the new Devon CEO is the WPX CEO right? If so, I can see why they are holding their commitment to finishing this project how it was proposed. It did seem to be that the WPX people took this project more personal than you see a lot of big companies and they seemed to be very thoughtful on site, connection, design, etc.

I could see BOK or someone taking over the building. I did notice a while back that all of BOK's space in the black Williams I & II buildings which was in the 50-100k sq. ft. range. They had moved there from City Hall several years back and Magellan took part of their old space in City Hall.

BOK had renderings drawn up for a new HQ on the two lots they own along Archer and don't think it really ever went further than just some basic design/site planning.

If WPX's leadership is running Devon now - I wonder why they are so intent on consolidating in OKC. Why not put space in the Devon HQ on the market and turn it into what Williams/BOK Tower is now (multi-tenant). Devon does have some huge lease commitments on that other building that was built (BOK Park Tower something next door) where they are trying to sublease the rest of that building still. So, there is a glut of Class A space in downtown there, far more than Tulsa.

Anyone have any info on how much of WPX's leadership is staying versus Devon's?

I believe the senior leadership of the new Devon is pretty evenly split between former WPX leaders and "old Devon" leaders, with slightly more Devon people.

New Board of Directors is 7 from Devon and 5 from WPX
New Chairman:  Devon
New President/CEO:  WPX
New EVP/CFO:  Devon
New EVP/COO: WPX
New EVP/Chief Development: Devon
New EVP/General Counsel: WPX
New Sr VP-HR: Devon

I suspect the choice of HQ had to do with several factors.  Probably the most important is that Devon was the larger entity and, in reality, this was Devon purchasing WPX. Additionally, as you mentioned, Devon owns a huge building with tons of excess space.  

Their commitment to complete the under-construction building in Tulsa probably just makes better economic sense than stopping construction. They've already committed the money for it.  Halting construction would just leave them with a worthless property (actually worse than worthless; they would still incur ongoing expenses), plus likely costs to cancel the construction contracts.

FWIW, per CBRE, as of mid-2020, downtown Tulsa had more than 1.6 million square feet of vacant office space.  Downtown OKC had more than 1.4 million (of course downtown OKC's office market covered by CBRE's report is smaller than Tulsa's, so OKC's number is relatively worse).

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