Syracuse, N.Y. -- M&T Bank has entered into a contract to sell its landmark regional headquarters building in downtown Syracuse to a Washington, D.C.-based developer who plans to turn it into a mix of apartments and retail space.
“This gorgeous building near Clinton Square sits at the heart of the city’s center, and we intend to return it to glory, and to help contribute to the rejuvenation that’s happening in downtown Syracuse,” Douglas Jemal, principal of Douglas Development, said in a statement.
He said he plans to build apartments on the upper floors of the 10-story bank building at 101 S. Salina St. and create retail space on the first floor. Specifics will be worked out once he takes ownership, he said.
The sale, the terms of which have not been disclosed, is expected to close in the second quarter of this year.
M&T said it plans to move its Central New York regional headquarters, where it employs 140 people, and its Salina Street bank branch to 250 S. Clinton St., a prominent office building just two blocks away, by the end of the second quarter of this year.
It will occupy the building’s entire 35,000-square-foot fourth floor for office space and 2,800 square feet on the first floor for its branch space. The fourth floor space was occupied by an AT&T call center until last year.
Jemal is redeveloping several buildings in downtown Buffalo, including the city’s tallest building -- the 38-story former One HSBC Center, now known as Seneca One -- into commercial space and apartments.
Allen Naples, Central New York regional president for M&T, said Jemal has “decades of experience thoughtfully preserving and remaking large, historic buildings like ours with truly revolutionary results.”
"He’s got very good credentials,” Naples said.
Built in 1897 for the Onondaga County Savings Bank, the M&T building is comprised of three conjoined buildings and is part of the Hanover Square Historic District, which is listed on the National Register of Historic Places. It was located right on the Erie Canal.
The bank’s new branch at 250 S. Clinton St. will feature an extensive array of consumer and commercial products and services, and a 24-hour ATM vestibule, bank officials said.
M&T said it will invest $7 million to renovate both spaces in the building and to upgrade them with the latest in technology, furniture and equipment.
“It’s our goal to make this transition as smooth as possible for all of our customers,” said Heather Reed, South Salina branch manager for M&T. “I am confident that the established South Salina team will offer the downtown community the same great service they found here before.”
M&T confirmed in October it had put the 123-year-old building up for sale, saying technology had greatly reduced the amount of space it needed for its branch and citing a desire for a more modern, open design for its office space. The Buffalo-based bank became the building’s owner when it acquired OnBank in 1998.
Cushman & Wakefield/Pyramid Brokerage Co. is representing the bank in the sale.
See also: M&T Bank selling historic downtown Syracuse building
Rick Moriarty covers business news and consumer issues. Have a question or news tip? Contact him anytime: Email | Twitter | Facebook | 315-470-3148
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