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Former Quad/Graphics building is under contract for purchase

Quad/Graphics' former plant in Depew may soon have a new owner.

The 850,000-square-foot facility is under contract to a prospective buyer, said Richard Schechter, senior director with Pyramid Brokerage Co.'s Buffalo office. Pyramid has marketed the property for sale.

Schechter declined to identify the prospective buyer or disclose the sale price because the deal has not been completed.

"We're hoping to have some finality to it over the summer," said Schechter, who is working on the deal with David Seider and Bill Damin.

The former Quad/Graphics property attracted interest from local and out-of-town parties and generated "multiple offers," Schechter said. The George Urban Boulevard plant sits on 65 acres and includes about 39,000 square feet of office space.

Just over a year ago, Wisconsin-based Quad/Graphics announced it would close the plant by the end of 2011, as Quad/Graphics followed through on its acquisition of World Color Press.

Over the years, the Depew plant has operated under the names J.W. Clement, Arcata Graphics, Quebecor and Worldcolor, before being acquired by Quad/Graphics in 2010. The closing was a blow to a manufacturing plant that, through its ownership changes, had remained a large source of employment.

"We hope to have this [site] up and operating soon," Schechter said.

Claire Ho, a Quad/Graphics spokeswoman, acknowledged the property is under contract and said "both parties are currently working diligently to complete the transaction," but she did not provide specifics of the deal.

Earlier this year, the assessed value of the former Quad/Graphics property was reduced to $4.3 million.