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Publish Date : 10-Jun-2014

Three local developers managed by Buckingham Properties owner Larry Glazer has acquired the Bausch + Lomb office building.

Glazer stated that the price of the building is "in the neighborhood" of $15 million — far below the $70 million Bausch spent to construct the red granite tower in the mid-1990s. He said that the purchase will be final at the end of July.

The deal made with Canada-based Valeant Pharmaceuticals International, which bought Bausch + Lomb last year, finish a couple of years of discussion, Glazer said. Valeant officials did not respond to a request for comment.

All of the B+L employees in the building have shifted, Glazer said, and the building at present is about half occupied, with 9 tenants employing about 400 people.

The other owners in addition Glazer are Robert Morgan of Robert C. Morgan & Cos. in Pittsford and David Flaum of Flaum Management Co. in Rochester.

Glazer said current tenants would not be affected by the change in ownership. He said he will be looking for retail tenants for the ground floor of the building.

The 20-story building is one of the tallest in Rochester. Glazer said that the name of the building will be changed when the ownership does. He said, "I don't know what the new name will be yet".

Glazer said the purchase will enable him to better integrate the building into the ongoing efforts to develop the former Midtown Plaza site.

Glazer said, "This is one of the few buildings with Class A office space left in Rochester". "Valeant has said it was interested in selling the building. This not only helps strengthen the whole area but ensures that the building owners do not work against what we're trying to accomplish downtown."

Glazer and Morgan are two of the major investors in the Midtown project. The B+L ownership will be Flaum's first direct involvement in the project.

Rochester Mayor Lovely Warrren said Glazer, Morgan and Flaum have shown their commitment to Rochester.

"These are people who are willing to put their money where their mouth is," Warren said. "This will absolutely help the Midtown project."

Heidi Zimmer-Meyer, president of the Rochester Downtown Development Corp., said the building is one of Rochester's best and that having local owners of excellent stature is terrific news for downtown Rochester.

"Buckingham Properties has one of the best track records in the business of leasing space and finding tenants," Zimmer-Metyer said. "It's important to the development of downtown that important buildings like this are in local ownership."

The RDDC at present in the process of creating a Business Improvement District for downtown that is meant to improve city services and attract office, retail and residential buyers and tenants.

Zimmer-Meyer said, "This community cares deeply about the B+L building". "It is one of the best buildings built in Rochester in the past 30 or 40 years."

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