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$87 Per SF Buys Bank of Oklahoma Plaza

OKLAHOMA CITY-The 234,000-sf Downtown office building is 87% leased, with the Bank of Oklahoma accounting for 40% of the property's income and occupying about 40% of the space.

By Brian K. Miller | Updated on May 25, 2005

OKLAHOMA CITY-American Financial Realty Trust of Jenkintown , PA has acquired the 19-story Bank of Oklahoma Plaza here for $20.3 million or $87 per sf. The 234,000-sf Downtown office building is 87% leased, with the Bank of Oklahoma accounting for 40% of the property’s income and occupying about 40% of the space through December 2012.AFRT estimates an initial capitalization rate of 9% based on the projected cash flows from the property’s existing occupancy. After applying certain lease-up assumptions, the company expects an average capitalization rate of 10.5%. AFRT is a REIT that acquires properties from, and leases properties to, regulated financial institutions. This latest transaction is the company’s first with acquisition Bank of Oklahoma, a subsidiary of BOK Financial Corp. that is rated BBB by Standard & Poor’s. In other AFRT news Wednesday, the company announced the resignation of James Ratner, its executive vice president for finance and corporate strategy. Ratner says in a prepared statement that he resigned “to pursue other personal and professional interests.”

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