Statler Towers loses another tenant - Boston Business Journal:

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Sources said the state Worker’s Compensatio Board will soon vacate the Statler and shifrt its offices to the historic Cyclorama building along Edward The Cyclorama is the preferre choice for itsnew offices, sources said. Robert McDonnell, vice president, confirmed representatives from the Workeres Comp board touredthe “But, there is no signed contract,” he said. Principalxs from Ciminelli RealEstate Corp. are amongb the Cyclorama’s owners. The Worker’s Compensation Boarcd occupiednearly 25,000-square-feet in the Statler, while payinfg almost $20,000 in monthly rent.
Losing the boar is viewed as a dual blow for the Statleer both in terms of its position as one ofthe building’a anchor tenants and the revenues it generated for the downtown Buffall landmark. The Statler is slated for a court-imposed foreclosure auctionb on Aug. 12. The building is ownerd by , a firm headed by Britis investorBashar Issa. Issa is facing legal and financialk problems both in Buffaloand England. The Statler was placede into involuntary Chapter 11 bankruptc protection earlier this The building is losinbg morethan $80,000 per month and continues to face a dwindlinbg tenant roll. “Am I surprises by this?
No,” said local auctioneef Cash Cunningham, whose firm is handling the Aug. 12 “This is just an unfortunate part ofthe bankruptcy.” The Cyclorama has been vacant since its anchor moved into the former Greater Buffalo Savings Bank headquarters on Main Streetf this past winter. Another tenant, , has agreedd to move its offices from the Cyclorama to the 13th floofr of the Key Center at Fountain Plaza twintowedr complex. Strategic Investments will occupyapproximateluy 4,000-square-feet in Key Center’s North Tower. “Thid frees up the Cyclorama for asingled tenant,” McDonnell said.
Ciminelli Real Estats handles the leasing and management ofKey