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Company signs deal to buy One Seneca Tower

Posted at 1:13 PM, Aug 16, 2016
and last updated 2016-08-17 11:21:38-04

Buffalo's tallest building may have some new life. 

Douglas Development Corporation announced Tuesday that it had executed a Purchase and Sales Agreement for One Seneca Tower and 50 Exchange Street.

The Washington D.C. based company said it plans to redevelop the building, which is the tallest privately owned office building outside of New York City in New York State.

“The redevelopment will have a tremendous impact on the skyline and we hope to guide the redevelopment to be representative of the “new” Buffalo that we’ve fallen in love with,” said Douglas Jemal, President and Founder of Douglas Development Corporation.

In a phone conversation with 7 Eyewitness News Jemal added that he envisions the building being redeveloped into a mixed-use project of residential, office and retail space. He also sees a hotel going into the 38-story building.  

Financial details were not available but Jemal says that he expects to close on the deal by "mid-October". 

One Seneca Tower was completed in 1972 at a cost of $50 million. Standing at thirty-eight stories, the building consists of 1,170,000 square feet with 855,000 rentable square feet.

The complex includes the Tower and two Annex buildings called the West Wing and South Wing. Directly beneath the complex is a 185,000 two-level, 460 car parking garage. Including in the complex is a separate five-story structure located at 177 Washington Street includes 814 car parking spaces.