Quad/Graphics received a 23 percent reduction in the assessment on its former printing plant in Depew as it continues to seek a buyer for the facility.
The George Urban Boulevard property now has an assessed value of $4.3 million and a market value of $7 million, said Cheektowaga Assessor Jeneen McSkimming. Previously, the property had an assessed value of $5.6 million and a market value of $9 million.
Quad/Graphics, which is based in Wisconsin, pursued the assessment reduction through a court proceeding. The two sides came to agreement on a new figure that was submitted to the court and approved in late January, McSkimming said.
Quad/Graphics acquired the vast Depew plant from World Color Press in 2010, then announced in April 2011 that it would halt production in December as part of a broader consolidation plan. The now-closed plant has nearly 850,000 square feet of space on a 65-acre lot. It includes about 39,000 square feet of office space.
Richard Schechter, senior director with Pyramid Brokerage Co.'s Buffalo office, said an asking price for the facility has not been established but added, "We're entertaining all offers."
Pyramid has taken prospective buyers on tours of the plant about 10 times since it was put on the market, Schechter said. "We're getting interest from all over," he said.