Newspaper article THE JOURNAL RECORD
Mark Beffort, Roy Oliver Set to Buy City Place in Downtown Oklahoma City
A downtown Oklahoma City landmark will soon change hands, but the deed won't be traveling far.
Mark Beffort and Roy Oliver plan to purchase the 33-story City Place, at 204 N. Robinson Ave., as an investment. The deal is set to close in late September or early October for an undisclosed price.
The Oklahoma County assessor lists the market value of the building for 2008 at $5.5 million.
Beffort and Oliver are also part of the ownership group for the neighboring office buildings Leadership Square, Oklahoma Tower and Corporate Tower.
"We haven't bought it yet," Beffort said. "We like the asset (and) we believe the property complements, and doesn't compete, with our other product."
The tower is owned by Globe Life & Accident Insurance Co.
Beffort said his company, Grubb & Ellis Levy Beffort, will manage the building after the sale.
It was completed in 1931 in a race with the First National Tower across the street at 120 N. Robinson Ave.
Originally known as Ramsey Tower, after its first owner, oilman Walter R. Ramsey, the tower was completed about two months before First National and was one story taller.
Brett Hamm, president of Downtown OKC Inc., talked about the balancing act between local ownership and out-of-state ownership of downtown office buildings.
"Local ownership in these major office buildings in downtown is a positive because they have been directly involved in the market over the last 10 to 15 years and are significant contributors to continuing that momentum," he said. …