One Seneca Tower is under contract with an out-of-town owner planning a make-over of the vacant building. Douglas Development is based in Washington, DC and has an impressive portfolio of nine million square feet of existing commercial space and eight million square feet proposed or under development. The Buffalo News has the scoop:
A well-established Washington, D.C.-based real estate development company said Tuesday that it has signed a deal to buy One Seneca Tower and the five-story parking ramp across Washington Street.
Douglas Development Corp. did not say how much it would pay to buy the vacant 38-story office tower, which is the tallest privately owned structure in the state outside of New York City. Nor did it say what its plans would be, although it alluded to a redevelopment of the building, calling the purchase “a once in a generation opportunity.”
From the company’s website:
Douglas Development Corporation is one of the most dominant and successful real estate developers in the Washington area controlling over 9 million square feet. The Company and its principals have earned a national reputation as a leader in redevelopment of historical properties. Douglas Development’s most notable, visible and well known projects are in the East End of Washington, and have served as the catalyst for the redevelopment of the entire area. Besides 7th Street Row(Chinatown) and the Woodies Building, other East End signature properties include 1155 F Street, 950 F Street (The Atlantic Building), 800 F Street (home of the International Spy Museum),509 7th Street, 912 F Street (The Ventana), and 901 7th Street (The Marlo Building).
The firm’s top executives, Jack Brownell, Paul Millstein and Tim Roberts have over 50 years of combined tenure. Between 1990 and 2007, Douglas Development expanded its commercial portfolio from less than 250,000 to nearly 9 million square feet and expanded its portfolio from 15 to over 180 properties.