Citizen Potawatomi Nation buys Union Plaza office building
TRANSACTIONS
Citizen Potawatomi Nation has purchased 18-story Union Plaza, a 250,000-square-foot office building at 3030 Northwest Expressway, home to CPN-owned Sovereign Bank’s retail branch and Oklahoma City operations center.
CPN said it paid $27 million for the Class-A property, built in 1982-83. The seller, represented by Vicki Knotts of brokerage Newmark Robinson Park, was Real Capital Solutions in Louisville, Colorado, which paid $21.8 million for it in October 2019, according to county records.
Real Capital Solutions still owns the Heartland Payment Systems headquarters at 616 N Broadway Ave. and previously owned office buildings in Norman and Lawton.
CPN, based in Shawnee, called Union Plaza “a cornerstone of the Oklahoma City landscape” that will “serve as a beacon for Sovereign Bank’s expansion.” CPN also has branches in Midwest City, Lawton, Holdenville, Granite, Mangum, Canute, and a loan production office in Edmond.
Sovereign Bank, known as First National Bank & Trust Co. until rebranding last April, also bought land nearby for expansion. The country’s largest tribally owned bank already said it needed more space after a 2021 merger with The First State Bank. Its assets stand at more than $900 million.
“Bringing local ownership to the building marks a pivotal moment in our commitment to the growth and prosperity of Oklahoma City. This acquisition underscores CPN’s belief in the potential of the metro as a dynamic hub for economic and cultural development,” said Chairman John “Rocky” Barrett Jr.
CPN said acquiring Union Plaza will help it make sure the property “reflects the cultural integrity” of the Citizen Potawatomi Nation.