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Sale Price: $12.6 million

Though announced on September 29, Douglas Development Corporation’s purchase of One Seneca Tower was finalized on October 5. According to County Clerk records, Jemals Seneca LLC paid $8,980,500 for the vacant tower and $3,632,400 for the adjacent parking ramp at Washington and Exchange streets.

Washington, DC-based 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’s struggles began after HSBC Bank and Phillips Lytle relocated in 2013, 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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