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State Buys Floor at Conventus Building

What does it cost to purchase a floor of space in Conventus?  $9,325,924.  On Thursday the State’s Fort Schuyler Management Corporation finalized the purchase of the seventh floor of the soon to be completed $100 million Conventus building at Main and High streets.  The 46,000 sq.ft. of space will be the home of the Buffalo Medical Innovation and Commercialization Hub once it is built out.

The Hub, announced in 2012, is envisioned as a shared pharmaceutical research and development facility that will support drug screening, pharmaceutical development, technology optimization, business attraction, workforce training, and bioinformatics operation research, development and technology.  A $50 million State investment in the Hub will leverage $200 million in private sector investment.

Albany Molecular Research Inc. (AMRI), the anchor tenant of the Hub, will conduct research in early-stage drug discovery, creating 250 jobs. PerkinElmer, a Massachusetts-based company will join AMRI as a partner at the facility.

Ciminelli Real Estate Corporation is constructing the seven-story, 350,000 sq.ft. complex.  Work on the building is expected to wrap up this spring.

Written by WCPerspective

WCPerspective

Buffalo and development junkie currently exiled in California.

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