One of Tulsa's premiere office buildings has a new owner.
Today an affiliated entity of Wiggin Properties purchased Tulsa’s Meridian Tower at 5100 E Skelly. The property consists of a 10-story, 205,891 square foot office tower with an adjoining four-story parking garage.
"Meridian Tower is a superior Class A building with only a few comparable properties in the Tulsa market," said Paul Selid, Wiggin Properties Vice President. "High quality assets such as this don't become available often, so we are thrilled to reenter the suburban Tulsa market with one of the top buildings in the area."
Built in 1982, Meridian Tower's previous owner, KBS Real Estate Investment Trust, an affiliate of KBS, in Newport Beach, California, consistently invested in the building to maintain its Class A condition. Wiggin Properties will continue the steady reinvestment as part of its asset management plan.
Major tenants in the building include Dentsply’s Tulsa Dental Products, Matrix Service Company, Enercon Services and the Travelers Indemnity Company.
Wiggin Properties' affiliate, Meridian Tower Limited Partnership, financed the acquisition of Meridian Tower with a loan from Intrust Bank.
Wiggin Properties and its affiliates have invested more than $100 million in the Tulsa market in the last eight years. The company’s development division is currently overseeing the historic rehabilitation and transformation of the Palace Building in downtown Tulsa into a mixed-use residential apartment building. Downtown’s Archer Building, Universal Ford and Fox Buildings, Griffin Communications Media Center, Palace Building and the Tandy Family YMCA on S 51st St have received financing from the company’s affiliated New Markets Redevelopment division.