University at Buffalo announces investment plans

The Buffalo Niagara Medical Campus and its partner, the University at Buffalo, emerged in federal bankruptcy court as the successful bidders for two major properties in downtown Buffalo.

The former M. Wile Co. building on the southeast corner of Goodell and Ellicott streets and the former Trico Products Corp. building complex on the northwest corner of Goodell and Ellicott streets and their respective parking lots were purchased for $20,090,000. Both properties will remain on the public tax rolls.

The purchase secures these strategic properties for future use in conjunction with the goals of UB and those of the BNMC.

UB plans to make the M. Wile Building, more recently known as Century Centre 2, its sixth property in downtown Buffalo. UB President John B. Simpson said purchase of the structure by the UB Foundation underscores the university's plans to increase its commitment to, and footprint in, downtown Buffalo.

Matthew K. Enstice, executive director of the Buffalo Niagara Medical Campus, said, "The BNMC is committed to cultivating a world-class medical campus for clinical care, research, education and entrepreneurship."

Simpson said the purchase is a first step in creating a more vibrant presence for UB in downtown.

"This purchase synchronizes perfectly with UB's plans to grow by 40 percent between now and the year 2020. With the development of UB's comprehensive master plan, the growth on our campus centers in Amherst and on Main Street in North Buffalo will be accomplished within our existing campus perimeters; in downtown Buffalo we will be creating new spaces and programs," he said.

The UB Foundation plans to honor the contracts of the building's two tenants - the Buffalo and Erie County Work Force Development Consortium and URS Corp. - and to rent the remaining space to the university for its programs.

UB's current plans anticipate moving its Regional Institute, a number of its pre-K-16 initiatives and the Center on Rehabilitation Synergy, a program of its Graduate School of Education that provides training, education and research for professionals working with individuals with disabilities, into the building during the next 20 months. Additional programs also will be identified to move into the building.

Regarding purchase of the Trico property, Enstice said, "This acquisition provides the space for the BNMC to continue growing the life sciences economy in downtown Buffalo. It allows us the opportunity to build on the momentum of the recent move by publicly traded Cleveland BioLabs to Buffalo from the Cleveland Clinic in Ohio and to attract more private-sector companies to invest in the area."

The sales were confirmed by federal bankruptcy judge Warren W. Bentz in the U.S. Bankruptcy Court for the Western District of Pennsylvania in Erie. The bids were placed by the BNMC.

Closing on the sale of the properties is expected to occur in four weeks.