FNUB Inc., an affiliate of the University at Buffalo Foundation, has entered into an agreement to sell the former Educational Opportunity Center building, 465 Washington St., to Ciminelli Real Estate Corp.
The six-story building, which contains some 86,254 square feet, was completed in 1930. For the past several decades, it served as the home of UB's EOC until a new EOC facility, at 555 Ellicott St., opened in June 2013.
The sale is being executed by FNUB Inc., which is involved in real estate transactions on behalf of the university. An independent broker, JR Militello Realty Inc., was used to facilitate this sale.
Ciminelli Real Estate Corp. was selected based on the company's reputation, proven track record and because it offered the best combination of price and terms, said Edward P. Schneider, executive director of the University at Buffalo Foundation.
The property was widely promoted and a number of attractive offers were received and given serious consideration, he added, noting Ciminelli's concept for the building is supportive of Buffalo's redevelopment plans.
The final sale price will be made public after the transaction is completed.
"Once the sale is complete, the foundation and UB's leadership will work together to ensure the proceeds of the sale will help advance the goals of the university," Schneider said.
The mission of the University at Buffalo Foundation and affiliates is to support and promote the activities and programs of the university by providing support, advice and counsel regarding philanthropy, fundraising and development, as well as the management of gifts and grants on behalf of the university.
UB's current EOC facility, at 555 Ellicott St., is named the Arthur O. Eve Educational Opportunity Center in recognition of the leadership provided by former Assemblyman Arthur O. Eve, who, throughout his career, championed access to higher education for all students.
The EOC serves more than 1,900 students each year - the majority of whom are 25 or older - and is one of four Urban Centers created in 1966 under the supervision of the State University of New York and funded by the governor and state legislature to provide occupational training and college preparatory programs to underserved populations.
The new, 68,000-square-foot, $26 million structure offers students state-of-the-art facilities in which to pursue their educational and career goals. Strategically located in close proximity to the rapidly expanding Buffalo Niagara Medical Campus, the new facility will allow the EOC to emphasize academic and vocational programming for the various allied health fields that are expected to be in continuing demand in Western New York.