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Ciminelli Adds Properties to Management Portfolio

by Jim Fink
Thu, Oct 30th 2014 03:00 pm
Buffalo Business First  [ View Original Article ]

Ciminelli, through a relationship with real estate behemoth Cassidy Turley, will manage 11 office buildings — including a pair in downtown Buffalo — for a Boston-based investment trust, REIT Management & Research LLC. Terms of the deal were not disclosed.

Collectively, the 11 buildings including ones in Syracuse, Pittsburgh and Rochester, add approximately 850,000-square-feet to Ciminelli's real estate management portfolio of nearly 11 million square feet.

Among the properties that Ciminelli will now manage for Cassidy Turley and REIT Management & Research include the 42 Delaware Building, a 48,147-square-foot downtown Buffalo building that's anchored by the Lipsitz Green Scime Cambria law firm and the 130/138 Delaware Buildings that are anchored by the U.S. Attorney's Office. The 130/138 Delaware Building has 121,711-square-feet.

Cassidy Turley was selected on a national level to manage other properties for REIT Management & Research but subcontracted the 11 buildings in New York and Pennsylvania to Ciminelli Real Estate Corp.

"The addition of the properties to our portfolio was seamless," said Chris Keenan, Ciminelli vice president of property management. "A significant number of properties in the RMR portfolio overlap with the Ciminelli service footprint."

The privately-held REIT Management & Research has a real estate portfolio of more than 140 million square feet in North America, Puerto Rico and Australia.

A just-signed deal increases the real estate management portfolio of Ciminelli Real Estate Corp. by nearly 9 percent.