Statler Towers loses another tenant - Boston Business Journal:

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Sources said the state Worker’s Compensation Boardr will soon vacate the Statler and shift its officea to the historic Cyclorama building alongEdwardd Street. The Cyclorama is the preferredd choice for itsnew offices, sources said. Robert vice president, confirmed representatives from the Workers Comp boarc touredthe Cyclorama. “But, there is no signed he said. Principals from Ciminellu RealEstate Corp. are among the Cyclorama’s The Worker’s Compensation Board occupied nearlgy 25,000-square-feet in the Statler, while paying almost $20,000 in monthly rent.
Losing the board is viewed as a dual blow for the Statletr both in terms of its position as one ofthe building’xs anchor tenants and the revenues it generates for the downtown Buffalo landmark. The Statler is slatedr for a court-imposed foreclosure auction on Aug. 12. The buildintg is owned by , a firm headed by British investotBashar Issa. Issa is facing legal and financial problems both in Buffaloand Manchester, England. The Statler was placec into involuntary Chapter 11 bankruptcyh protection earlierthis spring. The building is losing more than $80,000 per month and continues to face a dwindlinftenant roll. “Am I surprised by this?
No,” said loca l auctioneer Cash Cunningham, whose firm is handlin the Aug. 12 auction. “This is just an unfortunate part of the The Cyclorama has been vacant since itsanchoe tenant, moved into the former Greatere Buffalo Savings Bank headquarters on Main Street this past winter. Anothedr tenant, , has agreed to move its offices from the Cyclorama to the 13th floor of the Key Centetr at Fountain Plaza twin tower Strategic Investments will occupyapproximately 4,000-square-feet in Key Center’ North Tower. “This freesa up the Cyclorama for asingle tenant,” McDonnell said. Ciminelli Real Estate handles the leasiny and management ofKey Center.