Rochester, NY — Buckingham Properties has signed Preferred Care as a major tenant at Alexander Park, the former Genesee Hospital campus. In what amounts to the largest single lease of space in Buckingham’s storied history, Preferred Care will move its corporate headquarters from 259 Monroe Avenue (Monroe Square) to 22
0 Alexander Street, essentially taking full occupancy of that building. The lease commences June 1, 2008.
“We are very pleased that Preferred Care has chosen Alexander Park in which to consolidate its corporate offices,” said Buckingham CEO Larry Glazer. “This allows us to accomplish our goal of keeping this portion of the campus within the medical and healthcare-related community for many years to come.” ViaHealth is a tenant on the campus as well.
Preferred Care, with existing offices on the 2nd and 5th floors of 220 Alexander, has committed to a total of approximately 130,000 square feet in 220 Alexander Street. The logistics of the deal include the transfer of non-Preferred Care tenants from the 220 building into 222 Alexander Street.
“This move should help us optimize our productivity and effectiveness as we strive to provide the best possible service for our members, employer groups and providers,” said Lisa Brubaker, Executive Vice President, Preferred Care & MVP Health Care. “The move will occur in stages and is expected to be fully complete in 2008."
Buckingham will be remodeling the interior space of 220 to suit Preferred Care’s needs and also adding a restaurant on the 2nd floor of the Wolk Atrium. Plans for the exterior include a small curbside parking area to accommodate Preferred Care’s Gold members, many of whom will attend wellness classes in the building.
“We have the opportunity to consider a long wish-list of enhancements, although we will need to continue to be mindful of space, budget and other practical constraints. In that regard, we will make every effort to provide the kind of accommodations that will support a happy, healthy and productive workforce,” said Brubaker. She also noted that “covered parking will be available for our customers, visitors and employees.”
“Opportunities of this magnitude are few and far between,” said Dan Goldstein, Buckingham’s Chief Financial Officer. “Buckingham Properties is truly proud to be able to accommodate not one, but two, prestigious tenants with the size, strength and community reputation of both Preferred Care and ViaHealth.” Goldstein was the driving force and architect of Buckingham’s purchase of the campus earlier this year.
Jim Pappas of ReMax 1st Commercial Realty helped facilitate the transaction on behalf of Preferred Care.
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About Buckingham Properties:
Buckingham Properties LLC is a locally-owned real estate development and management company headquartered in Rochester, NY. Founded in 1970, Buckingham Properties focuses on the adaptive re-use of existing commercial properties. The company currently owns and manages more than 30 properties totaling more than 7 million square feet in the Greater Rochester/Finger Lakes region stretching from Syracuse to LeRoy, NY. Holdings include industrial, office, retail, residential, mixed use/flex space, and prime vacant land ready for new-build opportunities. Buckingham is a proponent of the “sale/leaseback” option for companies looking to shed property ownership/management duties, yet retain flexibility in their own space.
About Preferred Care:
Preferred Care is a not-for-profit managed healthcare plan founded in 1979. At Preferred Care, we strive every day to simplify access to quality health care, humanize the health care process, and build and strengthen the personal relationships between our members and the local health and wellness community.
Buckingham Properties Completes
Genesee Hospital Purchase
Related Buildings to Remain Intact, Hospital to Come Down
Buckingham Properties has purchased the former Genesee Hospital and surrounding campus from the GRHS Foundation, Inc., the real estate affiliate of ViaHealth. The surrounding campus includes two high-rise medical office buildings, a single-story former birthing center, a 1,700 car ramp garage and a restaurant/nightclub.
Buckingham Properties CEO Larry Glazer said, "We're elated to be able to work this deal for the mutual benefit of ViaHealth, Buckingham Properties and, ultimately, the people of Rochester."
"There are a plethora of ideas coming from all directions, besides those we have kicked around in the office," said Glazer. "We plan to engage both the community at-large and local officials, in a variety of manners, to determine the highest and best use of the site. Nothing is off the table at this time."
The hospital closed in 2001 and subsequently went through a long receivership process. The completion of this process in late 2005 brought all the structures under the control of one owner, clearing the way for a sale.
The deal includes ViaHealth leasing-back a minimum of 100,000 square feet of space in the newly anointed "South Campus" for medical and health-services currently operating in the structures.
The initial stages of the redevelopment project will provide needed esthetic updates to the office buildings and ramp garage. This phase also includes the relocation of utilities out of the former hospital into the South Campus structures, and the demolition of the former hospital structure to allow for future development.
Dan Goldstein, Buckingham's Chief Financial Officer and, in large-part, architect of "the deal," said he envisions "a mixture of retail, office and housing, but the overall makeup could vary from an 'urban village' concept to mid-rise apartments with ground-level, drive-up retail."
Goldstein said the campus comprises approximately 15 acres, half being the "South Campus," made up of the buildings that will remain standing; the other half is the former hospital. "It's quite a large area to work with in terms of redevelopment possibilities, especially with the location being so close to the multicultural center of the city with Park Ave., East Ave. and Monroe Ave., as well as downtown, all being just steps away."
Buckingham took possession of the property August 3, 2006.
Archived Announcements
When the baseball Red Wings open their 2006 season, the transformation of the former Art Craft Optical Building into the newly crowned Buckingham Commons will be rounding third base and heading for home. The first tenants should be moving into modern office spaces and loft-style apartments about that time.
Overlooking Frontier Field and just down the street from the Hochstein School of Music and the High Falls Entertainment district, it recently stood as a blanch, lifeless former manufacturing plant. Now the morning sun illuminates the lively yellow building with pumpkin pie-like trim at 85 Allen Street. The installation of new windows and other interior renovations will continue through the winter.
Upon completion, 36 apartments will be available as well as approximately 31,000 square feet of office space. Features include exposed wood beams and interior brick, a state-of-the-art computer and phone system, a secure parking lot and the only roof-top garden in the city with bleachers for watching all the action at Frontier Field.
Buckingham Properties, owner/manager of the site, is now offering "pre-sale" leasing opportunities including a choice of prime space, size, layout and design. There is free parking on site.
A cooperative effort between the City of Rochester, the County of Monroe, the state of New York and Buckingham team made this project possible. The City worked with Buckingham Properties to ensure the project’s conformation to today’s building codes, construction, and life safety standards. To provide sufficient parking for all future tenants, several small pieces of adjacent land were acquired with the aid of the City Department of Economic Development.
The County assisted with up-to-date access issues and the State was instrumental in resolving the use of a small parcel of land that was needed to properly complete the entire project.
For more information contact Buckingham Properties at 585-295-9500 or visit www.buckprop.com.
Building History
A little more than one hundred years ago the prospering Pullman Manufacturing Company, a manufacturer of window balances, embarked on a quest to build for itself a new, state-of-the-art manufacturing facility to be located at 85 Allen Street in Rochester, New York. Some of the "bells and whistles" of their project included central heat, well distributed electricity, cross ventilation, large and well located bathrooms, large operable windows, elevators and a loading dock for trucks. The last major user of the building, the Art-Craft Optical Company, vacated the premises in 2000.