OKC’s largest municipal parking garage acquired
Clients in the NewsJanuary 10, 2019
McAfee & Taft was pleased to serve as legal counsel to one of the nation’s top independent oil producers and Oklahoma’s largest state-chartered bank in their joint purchase of the Santa Fe Plaza Parking Garage from the Central Oklahoma Transportation and Parking Authority, a public trust created for the benefit of the City of Oklahoma City. The property, which is adjacent to both the Continental Oil Center and BancFirst Tower (previously known as Cotter Tower prior to BancFirst’s September 2018 purchase of the 36-story office building), will provide convenient covered parking for employees of both Oklahoma companies, tenants of the BancFirst Tower and others, and certain public parking. With more than 1,500 spaces, the 45-year-old, seven-story property was the largest downtown municipal parking garage in downtown Oklahoma City prior to its sale.
McAfee & Taft attorneys Joe Lewallen, Cole Marshall, Josh Smith, Michael Avery and Jeff Vogt represented the clients in all aspects of the transaction, including the resolution of numerous complex title and survey matters, the implementation of a party wall scheme with respect to the elevated skywalk attached to the property, and the resolution of significant access and encroachment issues. The representation also included the negotiation with COTPA of the full set of transaction documents and the navigation of obtaining various necessary governmental approvals and compliance with open meeting requirements, the negotiation of a joint venture agreement between the two companies, the implementation of a master parking scheme at the property, and the drafting and negotiation of various easement agreements, license agreements, and management agreements.
Ford Price of Price Edwards & Company served as lead broker and played a critical role in all facets of the transaction.