However, the domestic petroleum production industry began to shrink suddenly and sharply, cutting into the club's clientele and revenue.

The Chamber of Commerce and other organizations used the lower five floors, while the Tulsa Club occupied the top six floors and a roof garden, which was the site of the inaugural meeting of the Society for the Preservation and Encouragement of Barber Shop Quartet Singing in America (SPEBSQSA), now the Barbershop Harmony Society, in April 1938.

Many of the ceilings had significant water damage, caused either by rain blowing through broken windows or by fire fighting efforts.

[4] The city received no acceptable bids from prospective redevelopers, so it scheduled the dilapidated structure for auction at a sheriff's fire sale.

[5] In 2015, a developer known as the Ross Group bought the structure and took charge of the restoration project, planning to repurpose the building into a boutique hotel.

[6] The Tulsa World reported that in 2015, the Ross Group had initially estimated that its own renovation project would cost $24 million.

[4] The building was originally constructed with a steel structure, which was then clad in Bedford limestone, laid in a vertical zigzag, Art Deco style.

Steel casement windows that opened outward were aligned between pylons of stone to form a vertical stripe design extending the height of the building.

[2][e] Other major changes to the building during the Tulsa Club's tenure include the installation of an elevator at its east end, the construction of a sky bridge across the alley to the Philtower Building on the west side, and a parking garage on the adjacent lot to the north, with its own entrance to the Tulsa Club.