Tom Golisano Acquires Former Buffalo News Headquarters

Buffalo, October 11, 2025

Billionaire Tom Golisano has purchased the former Buffalo News headquarters in downtown Buffalo for an undisclosed amount. This significant acquisition follows a $10 million sale by developer Douglas Jemal and includes adjacent properties, indicating plans for potential redevelopment. Golisano aims to transform the site into a mixed-use hub, enriching the community with new economic opportunities and supporting the revitalization of downtown Buffalo.

Buffalo

Billionaire Tom Golisano has acquired the former Buffalo News headquarters in downtown Buffalo for an undisclosed amount, marking a significant real estate transaction in the city’s evolving urban landscape. The purchase follows its recent $10 million sale by developer Douglas Jemal and includes adjacent properties, raising expectations for redevelopment in the area.

The deal, finalized in the last 48 hours, positions Golisano, the founder of the payroll and human resources company Paychex, as a key player in Buffalo’s ongoing revitalization efforts. Local observers note that this acquisition could transform the long-vacant site into a vibrant space, potentially benefiting the community through new economic opportunities.

The former headquarters, a prominent building in downtown Buffalo, had been on the market as part of broader efforts to repurpose underutilized properties in the region. Jemal, a Washington D.C.-based developer, had acquired it previously with intentions to redevelop, but the sale to Golisano suggests a shift toward more community-focused initiatives.

Details of the Acquisition

The transaction encompasses not only the main headquarters building but also neighboring lots, providing Golisano with a substantial footprint for potential mixed-use development. While the exact purchase price remains confidential, the property’s prior sale for $10 million sets a benchmark for its value in the local market.

Golisano, known for his extensive business success with Paychex—a company he started in 1979 that now serves millions of clients nationwide—brings a wealth of resources to the project. His involvement hints at plans to create a mixed-use hub, which could include commercial spaces, residential units, and public amenities, blending modern functionality with the historic character of the site.

This move aligns with Golisano’s history of philanthropy in the Buffalo area, where he has supported various educational, healthcare, and cultural initiatives. The acquisition underscores a commitment to bolstering the local economy, particularly as downtown Buffalo navigates post-pandemic recovery and shifting commercial trends.

Community and Economic Implications

Community leaders have expressed optimism about the purchase, viewing it as a positive investment in Buffalo’s future. The redevelopment potential is seen as a catalyst for attracting businesses, residents, and visitors to the downtown core, which has seen a mix of progress and challenges in recent years.

Buffalo’s downtown has undergone significant transformation over the past decade, with investments in waterfront properties, tech startups, and cultural venues driving growth. However, vacant or underused buildings like the former headquarters have posed hurdles to cohesive development. Golisano’s involvement could address these gaps, fostering a more integrated urban environment.

The inclusion of adjacent properties expands the scope beyond a single building, allowing for comprehensive planning that might incorporate green spaces, retail outlets, or affordable housing. Such developments often stimulate job creation and increase property values, contributing to broader economic shifts in Western New York.

Background on Golisano and the Property

Tom Golisano built Paychex into a Fortune 500 company, retiring as CEO in 2004 but remaining an influential figure in business and philanthropy. His net worth, estimated in the billions, has enabled substantial contributions to regional causes, including support for the Rochester Institute of Technology and various Buffalo-area nonprofits.

The former Buffalo News headquarters, operational for decades, became available after the newspaper consolidated its operations elsewhere. Its sale to Jemal in prior years was part of a wave of property flips aimed at injecting new life into historic structures. Now, under Golisano’s stewardship, the site represents an opportunity to honor its legacy while adapting to contemporary needs.

As details emerge, stakeholders in Buffalo’s real estate and civic sectors anticipate announcements on specific plans. This acquisition not only highlights private investment in public spaces but also reinforces the city’s appeal as a hub for innovation and community-driven growth.

Broader Context in Buffalo’s Revitalization

Buffalo has experienced a renaissance in recent years, with major projects like the Buffalo AKG Art Museum expansion and ongoing Outer Harbor developments drawing national attention. Economic shifts, including the rise of remote work and e-commerce, have prompted reevaluation of traditional office spaces, making mixed-use concepts increasingly viable.

Golisano’s project fits into this narrative, potentially serving as a model for sustainable urban renewal. By repurposing a landmark building, it could enhance connectivity between downtown districts, encouraging foot traffic and local commerce.

While the full impact remains to be seen, this development signals continued momentum in Buffalo’s efforts to balance preservation with progress, ensuring a thriving environment for future generations.

Frequently Asked Questions (FAQ)

Key Features of the Acquisition

Deeper Dive: News & Info About This Topic

HERE Resources

Tom Golisano Acquires Former Buffalo News Building

Author: HERE BUFFALO