A Tulsa company will invest between $4 million to $5 million to restore a downtown office building that is close to a century old.
The former National Bank of Commerce building, an eight-story, Beaux Arts-style structure completed in 1923, will be the new headquarters of The Evolutions Group, which will move from its 611 E. Fourth St. location.
Barry Williams, president and CEO of The Evolutions Group, and partner Dr. Todd Johnson, an oral surgeon, purchased the structure — currently known as the Holarud Building — at 10 E. Third St. for $2.6 million. They will use historic tax credits to rehabilitate it, Williams said.
“I really like the location,” he said. “It’s right in the center of downtown. I really feel like, from an investment standpoint, that it will maintain its equity and maintain its property values.”
Revealed during the renovation will be iconic, three-story columns that were covered up by metal panels during a decades-ago remodeling. Also brought to light will be the National Bank of Commerce sign etched into the facade facing Third Street.
The Evolutions Group provides turn-key solutions for a variety of national small businesses, including those in the health care, design-build and tech sectors. The company has designed oral surgery centers in about 40 states, Williams said.
In the new headquarters, office space will be reserved from the third floor and up, and the second floor will contain conference rooms, he said. The first floor will have a lobby-security area and corporate gym. Design-Build Evolutions, an arm of the main company, is designing the redux and Michael Turner is lead architect.
Founded in 2008, The Evolutions Group has 32 employees and is expected to expand to 50 workers by the end of 2019, Williams said.
“As a result of our growth, we have more employees,” he said. “And with more employees, we’ve grown out of our space.”
The lawyers who currently work in the building are scheduled to vacate by year end, Williams said. Construction on the space is set to start in January with completion scheduled sometime in 2019.
“The historic stuff is really fun,” Williams said. “I would say when we started that was not necessarily the goal, but it certainly was intriguing.
“Todd and I, we’re not real estate investors per se, so we’re not Warren Ross or Stuart Price. But when we saw the price at $2.6 (million), we just felt like there’s a ton of value there. And the reality is we can move in as-is from the fourth floor down.”