The Caliber Center, an approximate 280,000 square foot class A building in Oklahoma City’s northwest submarket recently achieved a 95% occupancy level through the leasing efforts of Price Edwards & Company.
Price Edwards was retained by the building’s owner Caliber Expressway Properties to lease the building when they purchased it in December 2007. At the time, the building was only 36% leased after the previous owner, Hertz, moved out of a significant amount of space. During the next 3 years, the owners studied and took on an approximate $5 million renovation that included all new common areas, entry plaza and elevator cabs plus the additions of a first-class dining facility and fitness center.
It is quite a testimony to the owner’s strength and foresight to take on such an endeavor during the country’s recent recession. However, recent leasing success has rewarded what some would have seen as a gamble.
In the past five months, five tenants totaling approximately 105,000 square feet have been added to the building’s roster. The largest of those new leases was with Chesapeake Energy, who leased over 85,000 square feet encompassing all of the 3rd, 4th and 10th floors.
Other leases were completed with Butterfield Memorial Foundation, C.C. Services, Inc., BHP Billiton and American Hospice.
Also, approximately 25,000 square feet of lease renewals were closed with RKI Petroleum and Alltel Communications.
All transactions were brokered by Senior Vice President, Craig Tucker.
