When one of the largest tire manufacturing companies in the world was seeking a place to store its tires in the U.S. — other than the end of a pier in the Inland Empire in California as it grappled with continued supply chain issues — it looked at markets nationally, from Los Angeles to Phoenix, before seeing the value of having a centrally located distribution center in the middle of the country.
That's how Singapore-based Giti Tire, which provides tires to more than 130 countries, ended up selecting a distribution storage center in Oklahoma City, where it could store large quantities of tires. The company signed a lease totaling 132,518 square feet of space spanning two industrial buildings. The lease earned a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the Project: The lease, signed in early August, gives Giti Tires the ability to store the tires it has shipped to the United States in two industrial buildings in Oklahoma City. The company signed a lease for 82,190 square feet at 10500 W. Reno Ave. and 50,328 square feet at 16 S. Pennsylvania Ave. in Oklahoma City. The deal was completed after the company looked at a few different U.S. markets.
What the Judges Said: "From an economic development lens, this lease was significant in that it brought one of the world's top 10 tire manufacturing brands to the Oklahoma City market," said Eric Long, a research economist with the Greater Oklahoma City Chamber of Commerce. "Recruiting automotive manufacturing adjacent industries to Oklahoma is key to growing the broader sector, which is a recruitment target for the state. Adding another large tire distributor to the region also helps consumers in terms of broadening brand options, lower prices, and improvement of delivery times to local vendors."
They Made It Happen: Cody Beat and Tom Fields of Price Edwards and Co. brokered the deal.