Catholic Health System has purchased its downtown headquarters and regional training center building from Uniland Development Co. for $43.6 million, a transaction that removes the property from the tax rolls.
The hospital system exercised an option in its contract to buy the building from a Uniland entity, TCC Building R Associates, with officials saying it makes more financial sense to own the building outright instead of continuing to lease the space. The transaction was recorded with the Erie County Clerk’s Office last month.
Uniland built the $51 million, six-story structure at 144 Genesee St., between the Elm and Oak arterials, on behalf of Catholic Health. The facility opened in July 2014 and brought downtown more than 600 workers previously scattered at seven sites across the area.
The property was assessed at $30.3 million for 2015.
The ECIDA served as a conduit for Catholic Health, allowing the system to finance its purchase of the building through tax-exempt bonds sold to investors, said Chuck Hayes, a Catholic Health spokesman.