Fri June 6, 2014
Downtown B+L Building Has Been Sold
One of Rochester's best known developers is buying a very well-known downtown office building.
Larry Glazer, the CEO of Buckingham Properties says he is buying the Bausch and Lomb building with the help of two other local developers, Robert Morgan and David Flaum. The purchase price is around $15 million and the sale is expected to close at the end of July.
Glazer's company is already involved in ownership of nearby downtown buildings so he says this purchase just makes sense.
"Well, we're so heavily committed to the area between Xerox Tower, Midtown Redevelopment and other projects we have in the area that we felt we would have a good synergistic relationship with everything else that we're doing over there."
Bausch and Lomb was purchased by Valeant Pharmaceuticals last year, and B+L left its offices at that downtown location, so about half the building is vacant now.
Glazer does believe there's demand for good quality office space and he thinks they can add tenants there. He also says that he will name the entire area around B+L, Xerox and the Midtown project "The Grove at Midtown"