Archive for January, 2010

OKC Gets More Positive Press

Thursday, January 28th, 2010

Two of Oklahoma City’s largest corporate citizens, Sandridge Energy and Devon Energy, were featured on CNBC today for their large role in the redevelopment of the city’s downtown.

The timing is impeccable. Sandridge unveiled its final plans for a $100 million redevelopment of its downtown property, and Devon is in the midst of building its new 50-story corporate headquarters next to the Colcord Hotel.

Sandridge CEO Tom Ward and Devon CEO Larry Nichols were featured in separate interviews.

Chesapeake Energy CEO Aubrey McClendon also appeared on an earlier segment of CNBC speaking to the present and future of natural gas prices.

Click here, here and here for the videos.

World’s Tallest Formally Debuts

Sunday, January 3rd, 2010
After a few false starts and numerous delays, today marks the grand opening of the world’s tallest manmade structure, the $4 billion Burj Dubai.
The new tower officially tops out at 2,717 feet high, while the tallest building in America, the iconic Sears (ok, Willis) Tower stands 1,450 feet tall (minus its broadcasting mast). And thus the Burj now eclipses the next-tallest tower, the Taipei 101 in Taiwan, by at least 1,000 feet.
The 160-story skyscraper, built by Dubai-based Emaar Properties, the Middle East’s largest developer, features 220,000 sq. ft. of offices, the world’s first Giorgio Armani Hotel with 160 rooms, four swimming pools, a cigar club, a library, spas and an observation platform on the 124th floor. It also features 1,000 residential units including 144 apartments in the Armani Residences. Condominiums in the tower have fetched up to $3.5 million.
When fully occupied, the Burj will be home to an estimated 35,000 people and include 54 elevators.
Just when that will be remains a question mark, as the building’s opening comes amid a property crisis in this once prosperous country. Dubai, one of the seven members of the UAE federation, has outstanding debt of $80 billion, mainly due to a hyper-drive expansion of its property, luxury retail, tourism, logistics, and financial services sectors.
Recently the emirate has been struggling to raise enough money to pay its ongoing obligations, thanks largely to a deep and prolonged property slump. Earlier this year the city/state raised $10 billion from the UAE central bank. Last month, neighboring Abu Dhabi agreed to help bail out Dubai’s debts, but any final solution to the continuing debt problems is some time away.
Despite the downturn, the Burj has continued as a symbol of the area’s once high-flying wealth. Designed by Chicago-based starchitect Adrian Smith, it stands as the centerpiece of Emaar’s $20 billion, 500-acre downtown development near Dubai’s main business district.In a significant doff of the royal hat, as part of the opening ceremonies the tower was renamed the Burj Khalifa, honoring the ruler of nearby Abu Dhabi (natch).
Construction on the Burj started on September 21, 2004 . In February 2007 it surpassed the Sears (sorry, Willis) Tower in Chicago with the most floors. It officially became the tallest building in the world in July 21, 2007, when it usurped the Taipei 101.