A Wichita private equity firm has bought Tulsa's Petroleum Club Building and plans to add a ground-floor restaurant and restore the 1963 tower's lobby.
Price Family Properties sold the 16-story tower at 601 S. Boulder Ave. to Kismet Stratton Investments LLC, the companies announced Monday, Sept. 28. The building was acquired by KS Petroleum Club LLC, a Kismet Stratton affiliate. The sale price was not disclosed.
The deal hands one of downtown's most recognizable office towers to a buyer with plans to reshape its ground floor and restore its original lobby. As first reported by the Tulsa World, Kismet Stratton's capital program targets the lobby, building frontage, ground floor and parking garage.
The centerpiece is a full-service restaurant and outdoor patio at the corner of Sixth Street and Boulder Avenue. The new ownership also plans to restore the building's exterior lighting and return the lobby to its original scale, preserving the travertine walls and bronze details that have been there since the building opened.
Chris Lilly of Lilly Architects is leading the design, according to a joint press release from the two firms. All renovation work must pass federal and state historic review because the 119,236-square-foot tower is a contributing structure in the Oil Capital Historic District.
Kyle Bruner, managing partner of Kismet Stratton, said the firm is also negotiating with luxury fitness operators to bring a club into the building. He framed the upgrades around what office tenants want day to day.
"Tenants are choosing buildings on what the day actually feels like," Bruner said in the announcement. "Where you eat, whether you can train without leaving the building, whether you can park."
Stuart Price, chairman of Price Family Properties, said Kismet Stratton's commitment to restoring the landmark drove the sale. Price Family Properties, founded in 2016 by Stuart and Linda Price, owns and operates commercial, multi-family and parking properties in downtown Tulsa's Deco District, including First Place Tower and Arvest Tower.
The Petroleum Club Building was completed in 1963 to house the Petroleum Club of Tulsa on its upper floors. The club ceased operations after 61 years, according to the building's website, and the name had been dormant before the new ownership revived it. The tower's upper two floors still feature exposed structure and glass on every side, with views west across downtown to the river.
The building currently houses legal, financial services and professional services firms. Leasing is focused on the remaining full floors, which run just under 8,000 square feet each.
No construction timeline or completion date has been announced.
