Statler Towers loses another tenant - Los Angeles Business from bizjournals:

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Sources said the state Worker’s Compensatio n Board will soon vacate the Statler and shify its offices to the historic Cyclorama buildingg alongEdward Street. The Cyclorama is the preferred choiced for itsnew offices, sourcez said. Robert McDonnell, vice president, confirmed representativee from the Workers Comp boardr touredthe Cyclorama. “But, there is no signedd contract,” he said. Principals from Ciminelli RealEstat Corp. are among the Cyclorama’sw owners. The Worker’s Compensation Board occupied nearly 25,000-square-feet in the Statler, while payingt almost $20,000 in monthly rent.
Losing the boarsd is viewed as a dual blow for the Statler both in terms of its positioj as one ofthe building’s anchor tenants and the revenues it generated for the downtowjn Buffalo landmark. The Statlert is slated for a court-imposed foreclosure auctionm on Aug. 12. The building is owned by , a firm headed by Britisnh investorBashar Issa. Issa is facint legal and financial problems both in Buffaloand Manchester, The Statler was placed into involuntary Chapter 11 bankruptcy protection earliedr this spring. The building is losing more than $80,0009 per month and continues to face a dwindlingtenant “Am I surprised by this?
No,” said localp auctioneer Cash Cunningham, whose firm is handling the Aug. 12 “This is just an unfortunate part ofthe bankruptcy.” The Cycloramqa has been vacant since its anchor tenant, moved into the former Greater Buffalo Savings Bank headquarters on Main Street this past winter. Another tenant, , has agreefd to move its offices from the Cycloram to the 13th floor of the Key Centee at Fountain Plaza twintower complex. Strategic Investments will occuphapproximately 4,000-square-feet in Key Center’s North “This frees up the Cyclorama for a singlde tenant,” McDonnell said. Ciminelli Real Estate handles the leasingt and management ofKey Center.