Rosemont Realty LLC acquired One Warren Place and Two Warren Place, located at 6100 - 6120 S. Yale Ave. in Tulsa, OK, from Parmenter Realty Partners.
Totaling nearly one million square feet of class A office space, the two towers are Oklahoma's two largest office buildings. The two award-winning buildings are part of the 52-acre Warren Place Complex.
One Warren Place is a 20-story, 466,424-square-foot office building constructed in 1983. Two Warren Place totals 19 stories and 487,085 square feet, and was built in 1987. The two buildings are currently at 96 percent occupancy, home to major tenants including SemGroup, Apache Corp., DCP Midstream and T.D. Williamson.
The sale closed for an undisclosed amount, however the last time this portfolio sold was in 2005 for more than $75.7 million. Experts earlier this year estimated that Two Warren Place could be valued at nearly $65 million itself given current rents and upside potential at the building.
Rosemont Realty Services will handle management and leasing at the two properties. Santa Fe, NM-based Rosemont has added nearly 4 million square feet valued at $500 million in the past year to a portfolio of nearly 16 million square feet of commercial space that exceeds $1.5 billion in value.
"Rosemont is strategically entering the Tulsa market with the acquisition of One Warren and Two Warren," said Daniel Burrell, CEO of Rosemont Realty. "Tulsa's fast growing energy and natural gas sectors along with its increasingly diverse local economy makes this a compelling investment opportunity for the company."
Reportedly no brokers were involved in the direct sale.
Please see CoStar COMPS #2589736 for additional information on this transaction.