One of Tulsa's high-profile office parks traded last year in a nearly $101.2 million deal, setting a new record for this part of Oklahoma at a time of lingering uncertainty in the capital markets. In recognition, the deal earned a 2023 CoStar Impact Award, as judged by a team of real estate executives familiar with the market.
Dallas-based Dogwood Commercial and Omaha, Nebraska-based Goldenrod Capital Partners teamed up to purchase Warren Place in May in a deal that local brokers say is one of the largest transactions in Oklahoma's history. Upon closing the deal, the investors unveiled plans to invest more than $30 million in upgrading the office buildings, with a tenant lounge, golf simulator and new lobbies on the horizon.
A "large part" of the partnerships' capital expenditure plan was deployed in five-and-a-half months in which Dogwood Commercial was a general partner, Ben Appleby, co-founder and CEO of Dogwood, told CoStar News. Goldenrod has since bought out the Dallas-based firm and is the sole owner of the property.
About the property: Warren Place includes One Warren Place, a 20-story, 470,025-square-foot office building, and Two Warren Place, a 19-story, nearly 490,000-square-foot office tower. The two buildings sit between the DoubleTree by Hilton Hotel, which wasn't part of the deal. At the time of the deal, the two office buildings totaling nearly 1 million square feet were about 73% leased.
What the judges said: "In the current challenging office environment, the ability to get this transaction closed was very impressive," said Jason Kennon, commercial property manager with Case & Associates Properties. "The sales price was equally impressive considering the asset's vacancy."
They made it happen: Ran Holman, who leads Newmark's Texas offices, and Rick Guild of Newmark Robinson Park worked on the deal. Los Angeles-based Gemini Rosemont was the seller.