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Ciminelli Purchases Downtown Buffalo Building

by Dan Miner

Future of 465 Washington Street Building

Mon, Sep 15th 2014 10:00 am
Business First of Buffalo  [ View Original Article ]

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.