Chesapeake Land Development Company, LLC purchased the Central Park I & II office buildings in Oklahoma City for $29 million.
The seller was an entity affiliated with Rosemont Realty of Santa Fe, New Mexico. Central Park is comprised of twin, six-story atrium buildings containing a total of approximately 237,500 square feet. Each tower offers secure underground parking for approximately 50 cars. Central Park II has areas dedicated to weights, racquetball, and handball. Located at the intersection of Interstate 44 and Lincoln Boulevard, the buildings are generally considered to be Class B/B+ assets. Each building was well leased at the time of the sale. However, Enogex, which occupied over 100,000 square feet in Central Park II had a near-term lease expiration and had made known its intent to ultimately move downtown. Chesapeake recognized this would be the only remaining large block of high-quality vacant office in the suburban market, and moved quickly to gain control of the asset in order to help deal with the firm’s continued growth.
Craig Tucker, Sr. Vice President, and Ford Price, Managing Partner handled the transaction.
