Auction planned for Olympic Towers

September 27, 2013 Updated Apr 22, 2010 at 7:18 AM EDT

By Business First of Buffalo - by James Fink

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September 27, 2013 Updated Apr 22, 2010 at 7:18 AM EDT

The Olympic Towers, a downtown Buffalo landmark, is heading to the auction block.

Real Estate Disposition LLC and the New York office of Jones Lang LaSalle have listed the historic Pearl Street office building on auctions.com web site, with a $1 million minimum bid. Bids on Olympic Towers can be submitted between May 17 and 20.

The auction is the latest in a series of transactions involving the 10-story, 143,248-square-foot building whose tenant list includes the U.S. Bankruptcy Court and the U.S. Trustees Office. The building dates back to 1902 but was extensively renovated and expanded in 1987.

Olympic Towers is 76 percent leased, according to the auctions.com web site.

Most recently, the building was acquired in August 2008 by JPMC 2005-CIBC 12 Olympic Towers LLC, an affiliate of JP Morgan Chase Bank and Chicago's LaSalle Bank. JPMC 2005-CIBC 12 Olympic Towers paid $8.46 million, buying from Elman Buffalo Associates LLC. Elman had $11.2 million when it bought the building in late 1998.

The JPMC sale was part of a complex legal action, and eventual foreclosure action led by LaSalle Bank. LaSalle had been attempting to recoup an $8.3 million that JP Morgan Chase Bank originated in 2005.

LaSalle has been actively marketing the building since late 2008.

Olympic Towers sits next to the Buffalo Niagara Convention Center and neighbors on its Franklin Street side the mothballed Statler Towers.