Ciminelli Real Estate Corporation (CREC) will be relocating its corporate offices from Williamsville to the 4th and 5th floors at 50 Fountain Plaza, taking approximately 25,000 square feet. The move will take place sometime in 2018. It was also announced that Paul F. Ciminelli is now an investor in the complex. Ciminelli entered into a joint venture agreement with the current ownership entity, Key Success, LLC.
Ciminelli Real Estate has always had a presence in the city through its owned and/or managed properties, including the management of 40-50 Fountain Plaza since 1998 for various out-of-town owners. The company knows the buildings and its principal owner well, so the investment made perfect sense, according to Mr. Ciminelli, CREC President and CEO. “The decision to invest was an easy one,” said Ciminelli. “Deciding to relocate our headquarters didn’t come quite so easily.
The company’s city portfolio has grown significantly in recent years including Conventus, Bethune Lofts, The Sinclair, and The Mentholatum loft project that is under construction on Niagara Street. There’s much more to come including QueensLight and Reverie in the Elmwood Village, 201 Ellicott Street downtown, 33 High Street on the Medical Campus, Highland Park on the site of Central Park Plaza, and a condominium development in Waterfront Village.
“This will be a new chapter for the company. Though we have dramatically grown our portfolio of business outside of Western New York – our facilities management and leasing services are multi-state operations – we have been based in the Williamsville/Amherst area for over 30 years. It is where my father grew the business,” Ciminelli said.
“So, from a sentimental standpoint it was a tough decision to relocate our headquarters, but from the larger perspective, it was an obvious choice. 40-50 Fountain Plaza will be a great fit for us; there will an ownership interest, and we will manage the property and call it our new home. And we will be in the heart of downtown Buffalo, the core of this region’s resurgence.” Consistent with its practice in other markets, a management office will remain at its current location at 350 Essjay in Williamsville.
Key Success, LLC is based in New York City. Ciminelli has managed the two-building complex for the Key Success ownership entity since 2001. Erwin Zafir, Managing Member of Key Success, LLC, said that the relationship between him and Ciminelli Real Estate has been a long and successful one.
“We have done business together since the day Key Success bought the buildings, and Paul’s company has done an incredible job managing and leasing the property. Having him as an investor and his company as tenants is just another extension of our nearly 20-year relationship.”
Get Connected: Ciminelli Real Estate Corporation, 716.631.8000