A piece of the downtown Oklahoma City skyline will be changing hands as SandRidge Energy sells its corporate offices in hopes of outlasting an industry-wide oil and gas downturn.
According to a SandRidge SEC Filing, commercial real-estate investment group Park Avenue has agreed to purchase the 30-story downtown corporate office, annex and parking garage for $35.5 million.
According to Oklahoma County property records, the building is estimated to be worth approximately $50 million.
The State Commissioners of the Land Office said they could move to purchase the property from Park Avenue.
“At this time, we do not have a contract in place, but we are evaluating the property as a possible investment opportunity,” Land Office spokeswoman Jessica Grogis said.
The land office works to generate funds for the state’s public schools through buying, selling and leasing property.
“We've negotiated the ability to retain a few floors that are more than sufficient for our needs through the end of this year and that will be rent free,” SandRidge CEO Carl Giesler told investors in a quarterly earnings call. “At the end of this year will need to find alternative office space.”
The move comes as the company reports a $13 million loss in the first three months of 2020.
Giesler also announced the company is cutting its corporate workforce from 120 employees to just 26 and its field operations from 150 employees to around 100.