A Washington, D.C. development company has signed a contract to purchase Buffalo's tallest building.
Douglas Development Corporation announced Tuesday it has executed a Purchase and Sales Agreement for the acquisition of One Seneca Tower and 50 Exchange Street. The acquisition will be the company’s first move into Buffalo.
“The redevelopment will have a tremendous impact on the skyline and we hope to guide the redevelopment to be representative of the “new” Buffalo that we’ve fallen in love with,” said Douglas Development President and Founder Douglas Jemal.
In a news release, Douglas calls itself "one of the most dominant and successful real estate developers in the Washington area controlling over 9 million square feet." It goes on to say, "The Company and its principals have earned a national reputation as a leader in redevelopment of historical properties."
One Seneca Tower, formerly HSBC Tower, is mostly vacant and questions have lingered about what might become of the property. A planned sale to a New York City businessman fell through this spring.
A purchase price was not disclosed Tuesday, nor were any plans for the building.
“We are excited to see such an exciting renaissance overtake the city and look forward to being a part of the positive change with such an exciting development,” Jemal added.
Buffalo Mayor Byron Brown issued a statement on the agreement Tuesday afternoon:
"We are pleased with the continued interest in One Seneca Tower. We've had preliminary discussions with the developers, who have already shown a commitment to the project and look forward to working with them in the coming months."