One Summit Plaza sold for $13.4 million

noemail@peii.net — Tue, 08 Aug 2006 17:00:00 GMT

By ROBERT EVATT World Staff Writer
8/8/2006

One Summit Plaza, an eight-story Tulsa office building, has been purchased by a Houston real estate investment firm for $13.4 million.

Principal Equity Management bought the building at 5727 S. Lewis Ave. from One Summit Plaza Oklahoma LLC of Newport, Calif.

Brendan Hooie, due diligence officer for Principal Equity Management, said the company was impressed by both the building and the city.

"It was the right property at the right time," he said. "We think Tulsa's rebounding, so we believe in the market."

The purchase is the organization's first in Tulsa, he said. Its portfolio now includes four office buildings and two retail centers across the nation.

Hooie said the building's new anchor tenant was also a factor for the purchase.

"The great thing about this building is that Bank of Oklahoma just signed a 10-year lease," he said. "They'll be a premiere tenant."

BOk plans to open a 3,500 square-foot branch with a drive-through window by early next year, Hooie said.

The company has also rented the top floor for its private financial services, which provides private banking, brokerage and investment management services to high-net-worth individuals. Hooie said BOK's total space in the building will be 19,391 square feet.

Including BOk, One Summit Plaza is 89 percent occupied. Other tenants include World Travel Service and U.S. Rep. John Sullivan, R-Okla.

"It's got a good mix of companies," Hooie said.

The building will now by managed by Principle Equity Management LP.

Mary Martin of CB Richard Ellis/Oklahoma and Daniel N. Vittone of Voit Commercial Brokerage of Irvine, Calif., co-brokered the sale.

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One Summit Plaza sold for $13.4 million