Heritage will redevelop 100,000 square feet into alternative Class A office space
An investment group led by Heritage Wealth Management Company closed today on the purchase of the commercial unit of the Journal Record Building from the Oklahoma City Industrial and Cultural Facilities Trust. The investment group also leased an adjacent surface parking lot, which will be redeveloped to provide a parking garage for tenants of the property and visitors to the area. The move will allow Heritage Wealth Management Company, parent of Heritage Trust Company and lead investor in JRB Holdings LLC, to continue with its plans to redevelop approximately 100,000 square feet of the Journal Record Building into alternative Class A office space.
“The Journal Record Building is an Oklahoma City landmark and we want to ensure the building continues to play a central role in the community,” said Bond Payne, Chairman and CEO of Heritage Wealth Management Company and Manager of JRB Holdings, LLC. “This undertaking includes a restoration of the physical structure, but also a restoration of the scars on our urban landscape. To us, we are restoring a building, a neighborhood and a community.”
Designed by prominent state architect Solomon Andrew Layton, who also designed other Oklahoma landmarks, including the State Capitol, Skirvin Hilton Hotel and Mid-Continent Life Building, the Journal Record Building was constructed in 1923 and originally served as a Masonic Lodge. It is listed on the National Register of Historic Places.
In 1995, the Journal Record Building sustained heavy damage in the Oklahoma City bombing and was soon purchased, restored and maintained by the city of Oklahoma City using federal disaster funds. In 2001, the building became a two-unit condominium, with two separate owners. Since 2002, the Oklahoma City National Memorial Museum has occupied the west unit of the Journal Record Building. Much of the east portion, known as the commercial unit, has remained vacant.
“The Journal Record Building is an important and historic piece of downtown Oklahoma City’s landscape, and we look forward to its restoration,” said Oklahoma City Mayor Mick Cornett. “We know it will continue to thrive for many years to come as a symbol of Oklahoma’s resilience, perseverance and hope for the future.”
The redeveloper plans a $40 million renovation of the five-floor building, including adding a glass-encased sixth floor and 409 space parking garage. Heritage Wealth Management Company will relocate its Oklahoma City headquarters to the building and approximately 70,000 square feet of office and retail space will be offered for lease. The first phase of renovations is scheduled to be completed in 2016.
“I’m very pleased to know this historic landmark in downtown Oklahoma City will be given a new life and an opportunity to once again become a lively, active center of our downtown community,” said Dr. Bob Blackburn, executive director of the Oklahoma Historical Society. “Bond and his team at Heritage Trust Company understand the historical significance of this structure and will be great stewards of its renovation and future management.”
Click here for the full press release