Research firms prompt partners to add 50,000 square feet to the Buffalo Niagara Medical Campus building.
BUFFALO, N.Y., July 10, 2014 – White Plains, N.Y.–based Seavest Healthcare Properties LLC and its development partner, Ciminelli Real Estate Corp., topped off the $110 million Conventus building in Buffalo May 21. Conventus, Latin for “bringing together,” was designed with the vision of uniting clinicians and researchers toward furthering collaboration, fostering new thinking and driving scientific development. Strong demand for research space has prompted the partners to add a seventh floor totaling 50,000 square feet for additional tenants. The building is now 350,000 square feet (gross).
“Seeking the right mix of clinical and research tenants requires an in-depth understanding of the healthcare industry and the willingness to fully engage with the associated hospitals and other organizations benefiting from the new facility,” explains Jonathan L. “John” Winer, executive vice president and chief investment officer of Seavest Healthcare Properties. “That is clearly the case on the Buffalo Niagara Medical Campus (BNMC), as Ciminelli and Seavest have brought together this unique mix of clinical and research tenants in a complementary way to foster collaboration among the multiple institutions located on the campus with the goal of improving healthcare.”
“The need to expand the Conventus building is a clear sign of the critical role it will play at the BNMC,” says Douglas F. “Doug” Ray, president and CEO of Seavest Healthcare Properties. “Through our partnership with Ciminelli Real Estate, we are developing not only a great facility, but a strategic component of this key medical destination. We are confident that this project with Ciminelli will be a successful, strategic asset that helps to bring a high level of patient care to the region.”
Paul Ciminelli, CEO of Ciminelli Real Estate Corp., added, “The medical research, office and clinical building is the linchpin for the new additions to the growing Buffalo Niagara Medical Campus that will bring about 7,000 additional doctors, researchers and service employees to the city’s core.”
The Conventus building will house a range of clinical, research and academic office users. Due to open in spring 2015, it will occupy about 1.4 acres at 1001 Main St., one of the last undeveloped land parcels on the campus. Conventus will be connected via second-floor skybridges to the existing UB Research Institute on Addictions, as well as two buildings now in development: Kaleida’ s John R. Oishei Children’s Hospital and the new UB School of Medicine and Biomedical Sciences. Tenants include Kaleida Health, UBMD (the practice group of the University of Buffalo Medical School) and Albany Molecular Research Inc. (AMRI). A transit-oriented development as well, Conventus will be easily accessed by the newly relocated metro light rail stop, which will now be situated directly beneath the Medical School.
About Ciminelli Real Estate Corp.
Ciminelli Real Estate Corp. is a full-service commercial real estate services firm that is dedicated to delivering the highest level of expertise and service to our clients. Core areas of service include development, property/facilities management, asset management, leasing, acquisition and disposition. With a history of being both an owner and operator of a substantial commercial real estate portfolio, coupled with decades of experience in these service areas, Ciminelli brings the added benefit of an ownership viewpoint to each client we represent. Our commercial real estate services are currently provided throughout New York State, Southwest and Central Florida, Western and Eastern Pennsylvania, and Connecticut. The firm has a portfolio of more than 11 million square foot of commercial space managed or developed, and a 30-year track record of success. It has a team of more than 150 dedicated professionals and has offices in New York, Florida, Pennsylvania and Connecticut. To learn more about Ciminelli Real Estate Corp., please call (716) 631-8000 or visit www.ciminelli.com.
About Seavest Healthcare Properties LLC
Seavest Healthcare Properties LLC is a real estate investment management firm focused on joint venturing with established developers to build new properties, directly acquiring existing properties and asset managing medical office buildings, outpatient facilities and similar healthcare real estate assets. A pioneer in this sector, Seavest made its first healthcare real estate investment in the mid-1980s. Today, the firm has a significant portfolio of medical office and outpatient properties which are controlled through dedicated healthcare real estate investment funds. For more information, please visit www.SeavestHCP.com or call (914) 683-8474.
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