The Society of Exploration Geophysicists has sold the Geophysical Resource Center in south Tulsa for $27 million, land records show.
The buyer of the property, which comprises more than 180,000 square feet of Class A office space and nearly 12 acres at 8801 S. Yale Ave., is GRC Park LLC, according to the general warranty deed.
GRC 1, also known as the Cecil & Ida Green Tower and GEO 1, was built in 1984 and encompasses 102,000 square feet. GRC 2, also known as GEO 2, was completed in 2015 and is spread over 78,992 square feet.
League Capital LLC and GRC Capital Partners LLC are managing members of GRC Park LLC.
“The entire team at SEG has been excellent to work with throughout this transaction,” Terry Cumbey, founding partner and CEO of CCK Strategies and co-managing member of GRC Park LLC, said in a statement. “The park-like setting, walkability to restaurants and services and excellent tenant mix (including key tenants Kinder Morgan, CCK Strategies, Stinnett & Associates, Stride Bank and SEG) all contributed to the decision to pursue the asset.”
The new owners will begin selective capital improvements to GEO 1, with construction set to begin before the end of 2019. MapleMark Bank was the lender for the acquisition, and Eller & Dietrich provided legal services for the transaction. Paine & Associates was the buyer’s broker, and Cushman & Wakefield Commercial Oklahoma represented the seller. Helton Law Firm provided legal services for SEG.
“When it came to our attention there was a potential opportunity to acquire (for the first time in history) the Geophysical Resource Campus, we knew it was an opportunity that could not be ignored,” Matthew C. Mardis, managing member of League Capital LLC and principal at Paine & Associates, said in a statement. “Being clients of CCK Strategies for over 20 years and knowing their commitment to excellence, it made perfect sense to partner with their firm on this exciting project.”
The SEG Board of Directors decided to sell the property as part of the organization’s vision to expand current programs and invest in new global opportunities while furthering the mission of advancing applied geophysics.
The Society of Exploration Geophysicists headquarters staff of 58 will remain at the location and will lease 15,000 square feet on the fifth floor of GEO 1.
“It became clear to the previous SEG Board of Directors that equity wrapped up in real estate could better serve the mission of our Society if available for timely strategic investment,” Rick Miller, president of the SEG Board of Directors, said in a statement.
“Access to these resources allows SEG to strengthen its global mission and do what it does better than any organization in the world — support, advance, and promote applied geophysics. This sale ensures SEG’s significance to our science deep into the 21st century.”
The Society of Exploration Geophysicists is a nonprofit organization that promotes the science of applied geophysics and the education of geophysicists. It has more than 14,000 members from 114 countries.
It was founded in Houston in 1930 and moved its headquarters to Tulsa in 1946.