Compound complex
Recent $2.95 million sale brings entire Lincoln Park complex under one owner
The Lincoln Plaza office complex is now under one owner after a recent transaction.
The entire Lincoln Plaza complex is unified under one ownership again for the first time in decades following the recent purchase of the troubled office building by Richard Tanenbaum.
The three-story office complex, spanning almost 250,000 square feet, was a popular location for state agencies when it was bought by its previous owner for $9 million in 2006. Extensive damage from a 2010 hailstorm and subsequent storms prompted most of the building’s tenants to relocate as the owner dealt with insurance adjusters.
The building, now largely empty, was purchased by Tanenbaum for $2.95 million in a sale brokered by Craig Tucker with Price Edwards.
Tanenbaum bought the adjoining hotel properties in 2011 when restoration of the
property into a modern conference center and hotel went awry during the national banking crisis.
The office complex went into receivership with Price Edwards as Tanenbaum completed redevelopment of part of the former hotel into a new headquarters for the Oklahoma Healthcare Authority.
Tanenbaum has yet to redevelop a six-story hotel building that stands between the health care authority offices and the Lincoln Office Plaza. The office complex, combined with the former hotel buildings, gives Tanenbaum 20 acres, 1,500 parking spaces and 400,000 square feet of building space.
“We’re working on a master plan for what we already own and make it an outstanding mix of multifamily housing and maybe some retail,” Tanenbaum said this week. “We’re going to beautify the whole property.”