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Olympic Towers again for sale; $3.9 million asked Billing as foreclosure sale hurt previous auction effort

Olympic Towers is up for sale again, this time with a $3.9 million asking price.

The property at 300 Pearl St. was auctioned online in late May. The top bid received was $2.9 million, below the undisclosed price the owner sought to make a deal.

Olympic Towers is now being marketed through CB Richard Ellis-Buffalo, which handles the property's management and leasing.

Jeffrey LiPuma, managing director of CB Richard Ellis-Buffalo, said Olympic Towers is not a distressed property and when it was auctioned online, it should not have been billed as a foreclosure auction.

LiPuma said that designation created an incorrect impression about Olympic Towers, resulting in limited offers that did not meet the value of the property.

The property, owned by J.E. Robert Cos., is 76 percent occupied and is home to tenants including the U.S. District Bankruptcy Court, the U.S. Trustee's Office and the U.S. Food and Drug Administration. Olympic Towers was foreclosed upon two years ago from its previous owner. LiPuma said the current ownership has spent the past two years making repairs, restructuring leases and adding tenants.

Some other downtown office properties are also in search of new owners. Duke Realty confirmed this week that it has put the BlueCross BlueShield of Western New York headquarters up for sale, a decision the health insurer says will not affect its operations. And the future of the shuttered Statler Towers is undetermined.

e-mail: mglynn@buffnews.com

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