110 West Seventh Building downtown sold for nearly $30 million
BY KYLE ARNOLD World Staff Writer
Thursday, January 10, 2013
1/10/13 at 7:16 AM
The 28-story 110 West Seventh Building downtown has been sold for $29.8 million, according to public documents.
A Dallas-based group known as WZ Property Associates Tulsa LLC acquired the 578,000-square foot tower and an adjoining parking garage.
The deal, outlined in documents filed last week, appears to be a transfer within entities controlled by Prescott Realty Group, which previously managed the property.
Calls to Prescott Realty Group officials were not returned Wednesday.
Formerly known as the Cities Service Building, the structure has been a staple of the Tulsa skyline since 1971, when Cities Service Oil and Gas Corp. built it for its corporate headquarters.
The building became the property of Occidental Petroleum Corp. when it purchased Cities Service in 1982. It now houses several tenants such as Atlas Pipeline, the marketing arm Hillcrest Healthcare Systems, Avalon Exploration Inc. and Airgas Inc., which announced recently that it would move 130 jobs into officers there.
The building, which displays a Hillcrest penthouse logo, includes a five-story, 120,000-square-foot parking garage on the south end of the property.
Prescott bought the building in 1998 for $28.55 million from groups that included Occidental Petroleum, according to Tulsa World archives.
At the time of the latest sale, the building was registered to WiredZone Property LP, a partnership between Prescott Realty and the Apollo Real Estate Investment Funds, according to documents from those companies.
The sale also included a $21.8 million mortgage on the property to a company that shares an address with the headquarters of Pacific Investment Management Company LLC, the global giant commonly called PIMCO, in Newport Beach, Calif.
The building is known for its 1970s-era architecture and the use of floodlights to light the exterior walls, fountains and a sweeping plaza. It was originally built for $15 million, records show.
Original Print Headline: Downtown high-rise property sold
Kyle Arnold 918-581-8380
kyle.arnold@tulsaworld.com
