Buffalo, N.Y. (WBEN) - Former Buffalo Sabres owner and Paychex founder B. Thomas Golisano has agreed to purchase the vacant Buffalo News building from developer Douglas Jemal.
The sale of the five-story, 167,000-square-foot building on Washington Street is expected to close this fall.
Jemal bought the property last year for $5.2 million. The purchase included the main building and an adjacent parking lot on Scott Street.
The transaction marks the latest in a series of sales by Jemal, who has been reducing his Buffalo-area holdings. His recent deals include the pending sale of the Boulevard Mall and the sale of the Curtiss Malt building on Niagara Street.
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Golisano could not be reached for comment about his plans for the property.
Buffalo Mayor Chris Scanlon issued a statement, welcoming the potential acquisition and praising Golisano’s continued investment in the region.
“I’m aware of the potential acquisition of The Buffalo News building by Tom Golisano, and grateful for his continued investment in our community and confidence in my administration’s efforts to revitalize downtown Buffalo post-COVID-19 pandemic,” Scanlon said.
Scanlon highlighted Golisano’s history of philanthropy and business leadership across Western New York, citing his contributions to health care and education, including donations to Oishei Children’s Hospital and the University of Rochester.
“His continued investment in our city and confidence in our downtown and waterfront are strong indicators of Buffalo’s momentum and future outlook,” Scanlon said. “My administration looks forward to working closely with Mr. Golisano and his team as plans for this exciting project are finalized and move forward.”
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