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Ciminelli Purchases Downtown Buffalo Building
by Dan MinerFuture of 465 Washington Street Building
An affiliate of the University at Buffalo Foundation has
agreed to sell the Education Opportunity Center building at 465 Washington St.
to Ciminelli Real Estate Corp.
UB said it will divulge the sale price after the
transaction, announced by FNUB Inc., is completed.
The six-story building contains roughly 86,000-square-feet,
and served as home of UB's EOC until a new, $26 million facility at 555
Ellicott St. opened in June 2013.
FNUB is involved in real estate transactions on behalf of
the university. JR Militello Realty Inc. was used to facilitate the sale.
UB officials said Ciminelli was selected based on its
reputation, proven track record and because it offered the best combination of
price and terms. They also said a number of offers were received for the
building.
Ciminelli officials have said they hope to renovate the structure into one
anchored by at least 60 market-rate apartments, with first floor use by
commercial or retail tenants. The building was built in the 1930s and was a
Remington Rand operations center before the UB Foundation took it over.