British Security Firm Opens North American Headquarters in Tulsa
British firm Octavian Security has chosen downtown Tulsa for its first U.S. office, positioning the company to take advantage of the city’s energy and business connections. Octavian opened its national headquarters after landing a contract for security services for the 2 million square feet of commercial space owned by Kanbar Properties in Tulsa’s central business district. The 17-year old company has operations in Canada, the Middle East and several European nations. Octavian has 22 employees in Tulsa.
FlightSafety International Breaks Ground on New Campus
Local and state officials attended the recent groundbreaking in Broken Arrow for the new $42 million, 350,000-square-foot plant. With construction expected to take a year, the new manufacturing facility on a 17-acre tract will enable FlightSafety to combine four separate locations into one building. Employment is expected to grow from 675 to nearly 1,000 people. FlightSafety, a flight simulator manufacturing and training company, has its headquarters in New York and is a unit of Berkshire Hathaway Inc. of Omaha, Neb.
Oklahoma’s Economic Indicator Continues to Grow
Oklahoma’s Business Conditions Index climbed to 67.4 in June, marking the sixth straight month the economic indicator has been above growth-neutral. June’s index rose from May’s 59.8 according to the report released by Creighton University in Omaha, Neb. The index, based on a monthly survey of supply managers, is considered growth-neutral at 50. A higher number points to economic growth over the next three to six months, while a number below 50 indicates contraction.
Mayo Hotel Developer Gets Former City Hall Conversion Project
The Tulsa Development Authority selected Brickhugger LLC to convert the former 2.5 acre, City Hall complex into a hotel with mixed retail space. Brickhugger offered $1.2 million in its proposal to build the 200-room hotel/retail development. In addition to the hotel, the project includes 60,000 square feet of retail and restaurant space and the opening of Fifth Street from Denver Avenue to the Convention Center. The project cost is $29.5 million, which includes $23.5 million for the hotel, restaurant and conference center and $6 million for the retail development.
Metro Home Sales Increase in May
Area home sales continued to rise in May according to the Greater Tulsa Association of Realtors. For the month of May, 1,151 homes changed hands representing a 3 percent increase from April’s total and a 17 percent boost from the same period in 2009. The year-to-date total stands at 4,290 homes sales, which is 271, or 6.7 percent, more than the total for the first five months of 2009. Association President, Jack Hodgson said the federal tax incentives were a big reason for the increase.
Dollar Thrifty Shares Continue to Rise
Shares of Dollar Thrifty Automotive Group Inc. rose $2.11, or 5.1 percent in early July, closing the day at $43.17, after the executives said the rental car company’s second-quarter performance will be better than expected. The forecast came six weeks before shareholders of Tulsa-based Dollar Thrifty vote on a proposed merger with Hertz or Avis. Dollar Thrifty CEO Scott Thompson said the company expects to post $75 million to $80 million in second-quarter earnings before interest, taxes, depreciation and amortization.
New Hotel Planned for Downtown Brady District
SJS Hospitality intends to construct an $11.4 million, four-story Fairfield Inn & Suites in the heart of the Brady Arts District. The hotel will feature 11,500 square feet of retail, restaurant and entertainment space on its first floor. The hotel will be completely new construction including an attached parking lot, with none of its neighboring buildings affected. Construction should begin within six months and be finished within a year.
Sam’s Club to be Built at Tulsa Hills Shopping Center
A real estate arm of Wal-Mart Stores Inc. has purchased land at Tulsa Hills for a new Sam’s Club store. A tract of land was bought for $4.6 million just south of the existing Target store. Sam’s currently has two Tulsa area stores have been recently remodeled. Current anchor tenants at the new shopping center include Target, Belk’s, Lowes, and a Best Buy.
Airport Renovations Move Forward
A $15.88 million contract to gut and reconstruct the 500-foot long west passenger concourse at Tulsa International Airport was approved in mid-July by the Tulsa Airports Improvement Trust. The contract was awarded to Manhattan Construction Group of Tulsa, the lowest bidder among four companies competing for the project. The project includes replacing and raising the existing roof, new HVAC, electrical, lighting, communications, plumbing and fire suppression systems as well as the installation of skylights. Construction is expected to begin this fall and take 18 months to complete.