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.
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.