Tulsa World: Oneok buys headquarters building

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Oneok buys headquarters building

By Staff Reports
Published: 3/27/2008 2:55 PM
Last Modified: 3/27/2008 2:55 PM

Oneok Inc. announced Thursday that it has purchased Oneok Plaza, the 17-story building at 100 W. Fifth St. in downtown Tulsa that houses its corporate headquarters, for $48 million.

Oneok acquired the 517,200-square-foot facility from Southwestern Associates and RMZ Corp. The purchase price includes the remaining rental payments on the existing lease that expires on Sept. 30, 2009.

“With this investment, we are reinforcing our strong commitment to Tulsa and downtown,” said John W. Gibson, CEO of Oneok. “We’ve been an Oklahoma company for more than a century and a resident at this location since 1984. We look forward to our continuing role in downtown Tulsa’s bright future.”

Oneok has been the master tenant of the building since October 1984 and currently occupies more than half of the building's space. The remaining space is leased by Oneok to more than 15 sub-tenants.
By Staff Reports

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	Report Comment the deuce, tulsa (3/27/2008 5:23:28 PM) i love Oneok...they really sell some gas!!!
	Report Comment Smell that, (3/27/2008 5:56:18 PM) Smell that !!! They sure do have some gas !!! :):):)
	Report Comment pickle lilly, Tulsa (3/27/2008 6:58:50 PM) Surprised queen Kathy didn't try to outbid them.
	Report Comment DebbA, tulsa (3/27/2008 7:24:25 PM) Explains why our rates are going up!
	Report Comment David, Tulsa (3/27/2008 7:46:53 PM) Interesting. I work in the building just south of ONEOK. Our building was completely empty. Then, all of a sudden, our building was full of tenants. We were told they were people that were kicked out of the ONEOK building. Hmmm.
	Report Comment JD, Sand Springs (3/27/2008 9:53:34 PM) Hmmm....if Oneok REALLY wanted to "reinforce" their commitment to Tulsa, they'd finish the building and build it out to the full 60-stories it was intended to be. What an addition to the skyline THAT would be!
	Report Comment Greg, (3/28/2008 9:42:08 AM) Oneok bought the building with some of their cash reserves. With the purchase of the building, Oneok will now have significantly lower net profits, as they can hide the purchase as an operating expense. This will result in requests for yet another rate increase since they're making so little money. The increase will then be approved by the Corp. Comm. Then after a few years, or months as the case may be, those cash reserves will be up again - as well as Oneok exec's salaries and bonuses. That will result in the entire cycle repeating itself.

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