By Mark Scott
Buffalo, NY – The University at Buffalo and the Buffalo Niagara Medical Campus are acquiring two buildings downtown. The two entities emerged as the successful bidders in US Bankruptcy Court Thursday for the M. Wile building and the former Trico Products building at Goodell and Ellicott Streets.
The purchase price is just over $20 million. The UB Foundation is purchasing the M. Wile Building. The UBF will honor the leases of two current tenants -- the Buffalo and Erie County Work Force Development Consortium and URS Corporation. It will then rent out the rest of the building to the university for its programs. Plans call for the UB Regional Institute, a number of educational initiatives and the Center on Rehabilitation Synergies to move into the M. Wile building over the next 20 months.
The Buffalo Niagara Medical Campus plans to use the Trico structure for new life sciences companies that it hopes to attract in the coming years.
UB President John Simpson says the acquisition of the two buildings will create a more "vibrant presence" for UB in downtown Buffalo.
Mayor Byron Brown says this shows the university is "very serious about investing in Buffalo."
UB and the Medical Campus expect to close on the properties in four weeks.