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Real estate notes from The Oklahoman for May 11, 2019

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Sunlight bounces off the mirrored glass on the upper floors of Devon Tower at Devon Energy Center. [JIM BECKEL/THE OKLAHOMAN]
Sunlight bounces off the mirrored glass on the upper floors of Devon Tower at Devon Energy Center. [JIM BECKEL/THE OKLAHOMAN]

Devon Energy Center wins award

The Southwest Region of the Building Owners and Managers Association has named Devon Energy Center as a TOBY winner, for The Outstanding Building of the Year Award, designed to honor the best of the best in commercial buildings.

The program recognizes quality in commercial buildings and rewards excellence in building management. During the competition, all facets of a building’s operations are thoroughly evaluated, from community involvement, tenant relations and site management to environmental and “green” policies and procedures.

The building will go on to compete in the international competition at the BOMA International Annual Conference & Expo in June. Devon Energy Center is managed by Hines and the management team is led by Bruce Koehler and Audra Stone.

Boeing extends Oklahoma City lease

Trepp LLC reported this week that Boeing Co. has extended a lease at its Oklahoma City office campus for five years, paying $16.20 per square foot per year in base rent, up from $15.25. Boeing "was contemplating whether to exercise the option or purchase the building," Trepp said.

Boeing is the sole tenant under two separate leases scheduled to end in April 2019 and April 2020, respectively, according to Trepp, a provider of data, analytics and technology for securities and securitized mortgage investment management. The 530,000-square-foot property, 6001 S Air Depot Blvd., is owned by Gardner Tanenbaum Holdings. Richard Tanenbaum developed it in 2007.

"April servicer watchlist notes indicate that Boeing has extended the terms of the larger lease from April 2019 to April 2024. That lease is for 320,000 square feet, which is 60.4% of the total square footage. (Nothing was said about the smaller lease that expires in 2020, but it is worth noting that all 530,000 square feet were initially slated to rollover in 2019 per securitization documents)," according to Trepp.

CHICKASHA

Fairfield Inn & Suites opens new site

The new 91-room Fairfield Inn & Suites by Marriott in Chickasha, 2812 S Fourth St., is open as a Marriott franchise managed by Aston Management Co. of Edmond.

The hotel offers guests convenient access to the Chickasha Sports Complex, the University of Science and Arts of Oklahoma and the Grady County Fairgrounds. It also has 420 square feet of meeting space for use by up to 60 people.

NORMAN

Builders association names officer

The Builders Association of South Central Oklahoma has named a new executive officer, Stephen Koranda, who will manage BASCO through his firm, Back To You Marketing.

BASCO, founded in 1949, serving members in the homebuilding industry through education, information, advocacy, and networking. Koranda has more than 20 years of experience working with customer service and association clients including local and statewide associations. He has previously managed nonprofits and has served on numerous boards in Norman and Oklahoma.

Staff reports

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