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Key Center and Bank of America Building - Buffalo, NY

Overview

Key Center At Fountain Plaza and Bank of America Building are adjacent Class-A Office buildings located on the 500 block of Main Street, joined by an enclosed walkway.  The buildings are in the heart of the central business district of downtown Buffalo, New York. 

Critical Issue

Despite their centralized location, both buildings were experiencing dangerously low occupancy rates.  In 1998, a New York City ownership group hired Ciminelli Real Estate Corporation to manage, market and lease office space for Key Center.

Action Steps

A management office was immediately established at Key Center to bring building management and leasing personnel on-site.  This enabled Ciminelli to oversee the building services more effectively and respond to client needs in a timely manner.  Ciminelli evaluated all building services and began making changes to reduce costs and improve service.  In addition, an aggressive leasing and marketing strategy was implemented.  

Results

Ciminelli achieved an impressive occupancy rate of over 90% within the first year at Key Center.  The second tower was built out to accommodate a Buffalo based international company.  As a result of the aggressive and successful lease up of the two towers, in 2007, the Bank of America Building was purchased by the same ownership as Key Center.  The owner recognized this as an opportunity to combine forces by contracting Ciminelli to, once again, revitalize the building and attract notable tenants. Immediate upgrades were made to the building, and the property management team was able to make their transition to the second building a seamless process for the tenants.  Ciminelli is actively marketing and leasing the office space.