OKC Federal Reserve building sale completed

Journal Record, The (Oklahoma City), Oct 18, 2006 by Kelley Chambers

The deal to sell the Federal Reserve Bank of Kansas City's branch building, which began in July, is now complete, following approval from a Federal Reserve board, the broker for the deal said Monday.

The building, at 226 Dean A. McGee Ave. sold to Reserve Partners LLC for $5.675 million.

The principals for the buyer include the GenOne Real Estate Group and Midcon Companies.

The Federal Reserve will lease the about 22,000 square feet where its offices have been housed. The lease is for five years with an option to renew.

The new owner intends to offer the rest of the building for office and data storage space.

Built in 1922, the 80,000-square-foot building was renovated in 1994 to include modern mechanical and security systems.

Craig Tucker, with Price Edwards & Co., was the broker for the sale.

The Oklahoma City office is one of three branches of the Federal Reserve Bank of Kansas City.

The sale, which was originally reported in July, had to be approved by the Board of Governors of the Federal Reserve System.