TULSA, Okla. — Helmerich & Payne sold an iconic piece of Tulsa to an out of state equity firm.
Northwood Investors bought Utica Square, the sale finalized on April 2.
Helmerick & Payne (H&P), a global petroleum company based in Tulsa, owned Utica Square for more than 60 years. They sold the square to reduce the company's debt, its press release said.
WATCH: UTICA SQUARE SOLD: Owners confirm sale to real estate equity firm:
“Utica Square has been an important part of our company’s history and of the Tulsa community for many years,” said Hans Helmerich, chairman of the board. “We are grateful for the generations of tenants, employees and visitors who helped make Utica Square the special place it is today. As we considered the future of the property, it was important to us to find a buyer with the experience and long-term perspective to continue its legacy. We believe Northwood is well-positioned to serve as an excellent steward of Utica Square and support its continued success in the Tulsa community.”
Northwood Investors manages multiple high-end shopping districts across the U.S. and U.K, including in San Antonio, Austin, Dallas, Nashville, Charlotte, and New York.
"Utica Square opened in 1952 as Tulsa’s first suburban shopping center and has long held a special place in the community’s hearts by seamlessly blending beloved longstanding local institutions, including Queenie’s, Stonehorse Café, Polo Grill, and Margo’s, with nationally recognized brands, such as Alo, Sephora, Anthropologie, and Restoration Hardware." Northwood's press release read.
President Ward Kampf of its subsidiary, Northwood Retail, spoke with 2 News Oklahoma on April 2, noting "existing employees supporting Utica Square operations are expected to continue in their roles."
“It's a historic landmark. I think it's, you know, the fabric of Tulsa,” Kampf, and Oklahoma City-native said via Zoom.
The retail firm president said he remembered visiting Utica Square on multiple occasions in previous years and last year, when talks with H&P first began.
“It's a unique asset, those clocks, the phone booths," Kampf said. "Everybody that's been there, they always go in those phone booths. Do they work? I mean, you just - there aren't 30 of those in the country. So, we're excited.”
WATCH: Full interview with Ward Kampf on his company's takeover of Utica Square
The only immediate plans at Utica Square include cosmetic touch-ups and improving events, Kampf said, but finding a replacement for the closing Saks Fifth Avenue is also a priority.
- Previous coverage>>> Utica Square business owners not worried after Saks closure
“We just continue to, over 60 to 90 days make some small improvements, and then kind of longer visions over the next 24 to 36 months," he said. "And I think, you know, over the next three to five years this'll be a really, really great asset.”
Those who maintain and run the businesses that make the scenery shouldn’t worry, he added.
“I think retaining the team was really important to us, because it's all about the people and the relationships they have,” Kampf said.
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