Buffalo’s 2nd-largest Sale: HealthNow New York’s Office Complex

January 13, 2011 / Albert Hamon, Mergers and Acquisitions Reporter

An office complex in Buffalo, the second most populous city in the state of New York— HealthNow New York’s headquarters has been sold recently and may emerge as the Buffalo’s second-biggest commercial real estate transaction in the city’s history. The Phoenix-based Cole Real Estate Investments, real estate investment company acquired the office complex and the adjacent parking space for $84.5 million.

Buffalo’s 2nd-largest Sale: HealthNow New York’s Office Complex

The Class A 469,000-square-feet office complex located at 257 W. Genesee St from Indiana-based Duke Realty Corporation. The office complex is also built environmentally-friend, energy-sustainable, and a LEED certified facility, with a construction cost of $110 million in 2007.

One HSBC Center office complex was said to be the highest paid commercial property in Buffalo, with a purchase price of $95 million by Seneca One Realty of New York City in 2005. The transaction included the $85 million for the office complex, which is the tallest in Buffalo, and $10 million for the parking facility across the property that is linked to the building by a bridge.

Other noteworthy deals in 2005 where a real estate company in Nebraska bought two commercial properties, Niagara Center for $70 million and KeyCenter $41 million in 2001.

According to Joseph Garibaldi, Jones Lang LaSalle, a national real estate brokerage who handled the transaction, the commercial complex, HealthNow headquarters is a distinctive and known landmark building.

The sales of HealthNow’s office complex will not affect the company’s operation or for its 1,300 employees because it will occupy an eight-story building until July 2024, which is adjacent to Niagara Thruway.

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