Law firm latest to exit Statler - Puget Sound Business Journal (Seattle):

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The firm, which leased 14,00o0 square feet in the Statler, planzs to move into approximately the same amount of spacde in MainPlace Tower. It was one of the largestr tenants remaining in the The Buffalo landmark is at the centerr of a complex seriesa of lawsuits andlegal actions. The 18-storyu building, which is owned by , has been placed into involuntarty Chapter 11 protection by the Westerj District ofthe . BSC Development Buffalo’ managing member, British investor Basha r Issa, is facing legal and financial issues in Buffaloand England. He has not been in this area in more than 18 The fate ofthe building, which overlookws Niagara Square, rests with U.S.
Bankruptcyt Judge Carl Bucki who is presiding over the Bucki is expected to set a foreclosure auction date in the comin gweeks – a move that could lead the way for the Statle to land in some new hands. Long Islandx developer Uri Kaufman is considerinyg making a bid for the buildinb and converting the bulk of itinto market-ratee apartments. In the meantime, real estatr broker Tom Zawadzki is workinfg with a groupof out-of-towbn investors who are considering makingh a bid for the building, sources That group would use most of the buildinv as a hotel, with some residential and commercialk space included in the mix.
“I wish there was more interest from the Buffalo real estatde community inthe building,” said Morris court-appointed trustee for the Statler. “All of the interest seems to be comingfrom out-of-town parties.” The Statlee has been losing more than $80,000 a month, and thosd losses are expected to mount as other tenants leavwe the building. Issa bought the Statler three yearxs ago and soon announced planss toinvest $100 million and return the building to its glorty days. Just a small portionb of the renovationswere completed, and no additional work has takehn place in more than one year.
A lawsuift is till pending from ParkLane Catering, another anchor tenant, which alleges that the building’s conditio n and uncertain future have caused it to lose more than $1 milliohn in potential bookings.