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One Seneca Changes Hands

Reuse plans for One Seneca Tower have taken a big step forward. Washington, DC-based Douglas Development picked up the million square foot complex’s keys today. Douglas is expected to pay a bit over $12 million for the property. The exact purchase price will be known after the transaction is filed with the County Clerk’s Office.

Douglas has not determined the precise mix of uses it is planning for the building but has mentioned hotel, residential and office space and improvements to the property’s exterior and plaza.

The 38-story building has been nearly vacant for two years after HSBC Bank and Phillips Lytle relocated, followed by a steady stream of smaller tenants. Loan servicer LNR Partners foreclosed on the tower in October 2015 and the attached parking ramp south of Coca Cola Field in March 2016 after prior owner Seneca One Realty defaulted. Seneca One Realty paid $85 million for the property in 2005.

Written by Buffalo Rising

Buffalo Rising

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