Insights

“What they really wanted is to develop a building that brings a comprehensive approach to orthopedics,” Ciminelli said. “Based on all the tenants that have located here - you have the ambulatory surgery center, imaging, general surgery, orthopedics, and PT - it’s really a one-stop shop for orthopedics.”

Wells Fargo recently engaged the brokerage team at Newmark Ciminelli to advise them on two of their existing Buffalo-area office locations, which ultimately led to two lease transactions for new locations.

“We think the market is right. We think the timing is right,” Ciminelli CEO Paul Ciminelli said. The units are now being offered through 716 Realty Group, at prices ranging from the middle $100,000s and up to the high $300,000s. Twelve units are available, including a two-bedroom model unit on the ground floor.

“Our team’s collective experience and current market trends in Boston have allowed for a unique opportunity to create value through acquisition and repositioning. We believe 880 Technology Park Dr. will meet the demand for R&D space in the market,” said Ryan Zebro, VP of Investments at Ciminelli.

“The building owner presented this off-market opportunity to our joint venture following our successful acquisition of 6 Riverside Dr. last year," said Ryan Zebro, VP of Investments at Ciminelli. “We were approached because there was surety of execution. Our tenant focus is highly regarded and complements our strong property management platform.”

Ciminelli completed its sale of the land within Muir Woods to Aspen Heights Partners of Austin, Texas, for $8.5M, which will enable the student-housing developer to move forward with its $83.3M project, a residential complex of cottage and townhouse-style units with two to five bedrooms in each, plus a clubhouse.

Recently, Ciminelli teamed up with restructuring and investment firm, Gordon Brothers, to buy two Class B office buildings in Massachusetts. In all, Ciminelli now has nearly 500,000 SF of space in the Boston area, with aspirations for more.

Ciminelli acquired an office complex at 181 and 187 Ballardvale St. in Wilmington, Mass., outside of Boston, in a joint venture with Gordon Brothers. The companies paid $33.75 million for the complex, which has 210,945-square-feet of office space and 15.38 acres of land.

“The acquisition of 6 Riverside brings Ciminelli's Massachusetts portfolio to a total of 274,142 SF, and is a continuing signal to the market and investors of our desire for growth in the Greater Boston market," stated Ryan Zebro, VP of Investments at Ciminelli.

Six years after the city set its sights on redeveloping a vacant parking lot on Ellicott Street in downtown Buffalo, Ciminelli's $76M project on the site, a seven-story building with 201 affordable apartments, is ready for its first occupants.

Newmark Ciminelli’s brokerage services team completed a sale transaction involving the acquisition of J.W.D. Group’s (JW Danforth) six-building portfolio by Rochester-based Royal Oak Realty Trust.

Braymiller Market owner Stuart Green said he hopes his new store at the corner of Ellicott and Clinton streets will be ready by "the start of the strawberry season" in late spring, close to the original projected time for completion of the 20,000-square-foot project.

Ciminelli Real Estate Corporation Vice President of Investments Ryan Zebro stated, “The acquisition of 100 Foxborough marks Ciminelli’s third acquisition in the Greater Boston market. Our team is committed to delivering quality ownership and management to this area.”

The real estate brokerage group at Ciminelli, led by Executive Vice President Kyle Ciminelli, will operate as Newmark Ciminelli, offering services in the Western New York market. The alliance will also help Ciminelli with its efforts to expand its brokerage efforts into Southern Ontario markets.

Ciminelli Real Estate Corp. has acquired a multi-tenant office building in Northborough, MA. "It fits right into our wheelhouse," said Paul Ciminelli, President and CEO.

Just a few months after selling its Delaware Avenue headquarters, Computer Task Group has found a new corporate home. CTG has leased 20,000-square-feet in Uniland Development Co.'s 300 Corporate Parkway building.

NexGen Fitness is expected to open at 40-50 Fountain Plaza this fall. In addition, NexGen Fitness is unveiling NexGen Recovery, a revolutionary addition to the private training, offering recovery and rejuvenation in infrared saunas and a state-of-the-art salt room.

Douglas Jemal's Douglas Development Corp. has hired Ciminelli Real Estate Corp. to manage Seneca One tower and fill up its commercial space, taking another step forward in its effort to remake Buffalo's tallest skyscraper.

A national provider of upscale flexible office space is coming to Seneca One Tower. Serendipity Labs, which offers safe, secure and on-demand offices for companies of all sizes, has signed a 10-year lease to open a new location in Buffalo's tallest building.

Building owners are actively considering capital improvements that may reduce the transmission of COVID-19, such as HVAC system upgrades, UV lighting technologies, antimicrobial building materials and touchless technologies.