Statler Towers loses another tenant - Boston Business Journal:

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Sources said the state Worker’s Compensation Board will soon vacates the Statler and shift its officed to the historic Cyclorama building along Edward The Cyclorama is the preferrecd choice for its new sources said. Robert McDonnell, vice president, confirmecd representatives from the Workers Comp board touredthe “But, there is no signed he said. Principals from Ciminellio RealEstate Corp. are among the Cyclorama’ owners. The Worker’s Compensation Board occupied nearlt 25,000-square-feet in the Statler, whil e paying almost $20,000 in monthly rent.
Losing the boarx is viewed as a dual blow for the Statler both in terms of its positionn as one ofthe building’s anchor tenants and the revenuesw it generated for the downtown Buffalo landmark. The Statlet is slated for a court-imposed foreclosurwe auction on Aug. 12. The buildiny is owned by , a firm header by British investor Bashar Issa is facing legal and financial problemsz both in Buffaloand Manchester, The Statler was placed into involuntary Chapter 11 bankruptcy protection earlier this The building is losing more than $80,000 per month and continues to face a dwindlin tenant roll. “Am I surprised by this?
No,” said local auctioneefr Cash Cunningham, whose firm is handlingy the Aug. 12 auction. “This is just an unfortunate part of the The Cyclorama has been vacant sincew itsanchor tenant, moved into the former Greater Buffalo Savingx Bank headquarters on Main Street this past Another tenant, , has agreexd to move its offices from the Cycloramaw to the 13th floor of the Key Center at Fountaih Plaza twin tower complex. Strategic Investmentas will occupyapproximately 4,000-square-feet in Key Center’s Nortu Tower. “This frees up the Cyclorams for a single McDonnell said. Ciminelli Real Estates handles the leasing and management ofKey Center.