TULSA—Marking the first entry into the Tulsa market, an affiliate of Group RMC, a New York-based real estate co-investment group, recently acquired a nine-building office portfolio totaling more than 1 million square feet. Nearly all or eight of the buildings in this portfolio were sold by Paradigm Realty Advisors for an undisclosed amount.
This portfolio includes Towne Center at 10810 E 45th St., Exchange Tower at 4500 S. Garnett Rd., Triad I at 7666 E 61st, Two Memorial Place at 8023 E 63rd Pl., Corporate Place at 5800 E Skelly Dr., Commerce Tower at 5801 E 41st St., 51 Yale Building at 5110 S Yale Ave., Riverbridge Office at 1323 E 71st St. and Three Memorial Place at 7615 E 63rd Pl.
CBRE has been retained to handle all of the leasing and management of the portfolio. Mary Martin and Carrie Claiborne are marketing the available spaces for lease. Claiborne was formerly with Paradigm Realty Advisors and joined CBRE as part of the Group RMC acquisition to continue managing the marketing and leasing of the properties. In addition, 15 employees were retained from the former owners by CBRE.
“This portfolio acquisition marks a huge transfer of property for the Tulsa markets. It’s very rare that over a million square feet of office space changes hands in a market the size of ours,” says Claiborne, CBRE associate. “An investment like this from an international firm like Group RMC demonstrates an extreme confidence in the strength of the Tulsa office market.”
Both leasing brokers point to the transaction size which is of significance in Tulsa. Martin concurs, citing CBRE research’s statistics on the class-B market.
“Group RMC made a huge purchase of over 1 million square feet of strong class-B office space,” Martin, CBRE first vice president, tells GlobeSt.com. “In all of Tulsa, according to CBRE research, there is about 26.8 million square feet of class-B product on the market, so this purchase makes up nearly 4% of the total class B product in Tulsa. This is a huge investment in a market of our size.”
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