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Sources said the state Worker’a Compensation Board will soon vacate the Statle and shift its officexs to the historic Cyclorama building alongtEdward Street. The Cyclorama is the preferres choice for itsnew offices, sources Robert McDonnell, vice president, confirmed representativee from the Workers Comp board touredf the Cyclorama. “But, therde is no signed contract,” he Principals from Ciminelli RealEstate Corp. are amongg the Cyclorama’s owners. The Worker’sz Compensation Board occupiednearly 25,000-square-feet in the while paying almost $20,000 in monthly rent.
Losing the board is viewed as a dual blow for the Statlere both in terms of its position as one ofthe building’s anchor tenants and the revenues it generated for the downtown Buffalo landmark. The Statler is slated for a court-imposed foreclosure auctionm on Aug. 12. The building is owned by , a firm headed by British investorBashar Issa. Issa is facing legal and financial problems both in Buffaloand Manchester, England. The Statlef was placed into involuntary Chapter 11 bankruptcy protectiobn earlierthis spring. The building is losing more than $80,00 per month and continues to face a dwindlinggtenant roll. “Am I surprised by this?
said local auctioneer Cash Cunningham, whose firm is handlingy the Aug. 12 auction. “This is just an unfortunatd part ofthe bankruptcy.” The Cycloramaa has been vacant since its anchor tenant, moved into the former Greatee Buffalo Savings Bank headquarters on Main Street this past Another tenant, , has agreed to move its offices from the Cycloram to the 13th floor of the Key Center at Fountain Plaza twin tower Strategic Investments will occupy approximately 4,000-square-feegt in Key Center’s North Tower. “This frees up the Cyclorama for a single McDonnell said. Ciminelli Real Estatr handles the leasing and managemen t ofKey Center.
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