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CityPlex Towers

A return to profitability

By Rachel Wegner 07

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Click Photo to Enlarge Michael Predovic chats with Alumni Relations Director Natalie Bounds before he gives his presentation to alumni and guests at the luncheon.

Click Photo to Enlarge Alumni mingled and talked before conquering the buffet table, filled with Italian food from Ti Amo Ristorante.

Click Photo to Enlarge Predovic filled alumni in on the latest happenings at CityPlex Towers, and discussed how the complex is benefiting the university.

As the meeting room at Ti Amo Italian Ristorante in Tulsa filled steadily for an ORU Alumni Connection luncheon on Oct. 16, many stopped to look at a framed rendering of the remodeled lobby of CityPlex Towers.

The new lobby, which is currently under construction, will be unveiled in early December. In many ways, the fresh look of the lobby represents the remarkable strides that have been made to restore the profitability of CityPlex Towers, which are owned and operated by ORU.

After the loss of the facility's largest medical tenant, President Richard Roberts approached Michael Predovic 76-79, a Tulsa real estate professional. In January 2006, Predovic founded Trinity Commercial Properties with partner Larry Hollingsworth, and soon after they hired Derek Bateman 91. As a team, they have been able to greatly improve the condition and revenue of CityPlex. Predovic shared the story of how the property has once again become a profitable asset for ORU.

Originally opened in 1981, CityPlex has been in need of many improvements both in terms of the buildings themselves and also in the way they were run and staffed. In March of 2006, CityPlex was losing a great deal of money annually, adding to the debt the complex already carried.

"Our numbers were upside-down," Predovic said as he explained the many areas where he and his team made changes. Just a few of these areas included cutting back on staff, creating new leases totaling nearly 200,000 square feet, and retrofitting the energy supplies in the buildings.

With constant evaluation, planning and implementation of various tactics, Predovic and his team are working daily on turning the Towers into a strong asset for the university. This success is evidenced by CityPlex generating a marked increase in space leased and additional revenue over the past year.

"We are at the threshold of great things happening," Predovic said. "It's an exciting time to be at CityPlex. Something good happens every day. It's not a matter of if we're going to be successful; it's a matter of how quickly we can accomplish it.

"We have a vision for this complex, and that vision relates to profitability and the opportunity to further the mission of ORU. I've got a team that takes us to the finish line."