October 11, 2025

Tom Golisano Acquires Former Buffalo News Building

Buffalo, October 11, 2025

Tom Golisano, the founder of Paychex, has purchased the former Buffalo News building for $10 million, rejuvenating downtown Buffalo’s real estate landscape. The acquisition signals renewed investment and plans for renovations to adapt the iconic property to modern standards, contributing positively to the city’s economic growth. Local leaders see this as a significant step towards revitalization, encouraging further development in the area.

Buffalo, NY: Paychex Founder Tom Golisano Acquires Former Buffalo News Building for $10 Million

In a major boost to downtown Buffalo’s real estate landscape, Tom Golisano, the founder of Paychex, has purchased the former Buffalo News building for $10 million from developer Douglas Jemal. The transaction, finalized on October 10, 2025, signals renewed investment in one of the city’s most recognizable properties on Main Street. This acquisition highlights Golisano’s ongoing efforts to support Buffalo’s urban revival.

Details of the Acquisition

The deal encompasses the iconic structure that once served as the headquarters for the Buffalo News. Golisano, known for his business acumen and philanthropy, outbid other potential buyers to secure the property. The purchase price reflects the building’s strategic location in the heart of downtown, where demand for commercial and mixed-use spaces continues to rise. Local real estate experts note that this move could pave the way for adaptive reuse, potentially transforming the space into offices, retail outlets, or community venues.

Renovation plans are in the works, with announcements expected in the coming weeks. The building, which has stood vacant since the Buffalo News relocated, requires updates to modern standards, including energy-efficient systems and enhanced accessibility. Golisano’s team has indicated that any redevelopment will prioritize preserving the architectural heritage while incorporating contemporary features to attract new tenants.

Impact on Buffalo’s Economy

Local business leaders have welcomed the acquisition, viewing it as a catalyst for economic growth in the area. The infusion of $10 million into downtown property not only stabilizes a key asset but also encourages further investment nearby. Buffalo has seen a surge in revitalization projects in recent years, with improved infrastructure and increased foot traffic benefiting surrounding businesses. This purchase aligns with broader trends, such as the development of LaSalle Station and new eateries opening in Western New York, fostering a vibrant commercial ecosystem.

The transaction comes at a time when wage growth in the Buffalo Niagara region is slowing, according to recent economic reports. Investments like this could help offset those challenges by creating jobs in construction, property management, and related services. As downtown organizations transition leadership after decades of service, initiatives such as Golisano’s underscore the importance of private sector involvement in sustaining momentum.

Golisano’s Broader Commitment to the Region

Golisano’s history with Buffalo runs deep. As the founder of Paychex, a global payroll and human resources company, he built his fortune in the area before selling the business. His tenure as former owner of the Buffalo Sabres hockey team further cemented his ties to the community. Philanthropy has been a cornerstone of his legacy, with donations supporting education, healthcare, and arts initiatives across Western New York.

This latest venture builds on previous real estate endeavors, including support for cultural landmarks and economic development programs. By targeting the former Buffalo News building, Golisano aims to breathe new life into a site that holds historical significance for local journalism and civic life. The property’s location near KeyBank Center and other entertainment hubs positions it ideally for future prosperity.

Context of Buffalo’s Real Estate Market

Buffalo’s downtown has undergone a remarkable transformation over the past decade, shifting from industrial decline to a hub for innovation and tourism. Factors like affordable living costs, proximity to Canada, and ongoing infrastructure projects have drawn investors from across the U.S. The sale of this building from Jemal, a notable developer with a portfolio in urban redevelopment, to Golisano represents a handover to a locally rooted visionary.

Recent news, including the NHL’s interest in returning the Winter Classic to the Buffalo area by 2028 and expansions like the Dimples Pancake Truck café in Kenmore, paints a picture of steady progress. However, challenges persist, such as stagnant gas prices in nearby counties and the need for consistent wage increases. Golisano’s $10 million investment serves as a reminder of the potential for targeted efforts to drive inclusive growth.

In summary, this acquisition not only secures a landmark property but also reinforces Buffalo’s appeal as a destination for business and culture. As details on renovations emerge, the community anticipates how this development will contribute to the city’s evolving skyline and economy.

FAQ

Who purchased the former Buffalo News building?

Tom Golisano, the founder of Paychex, purchased the former Buffalo News building for $10 million from developer Douglas Jemal.

When was the transaction for the building finalized?

The transaction was finalized on October 10, 2025.

What is the location of the former Buffalo News building?

The former Buffalo News building is located on Main Street in downtown Buffalo.

What are the plans for the acquired property?

Plans for renovations to revitalize the iconic property are in the works, with announcements expected soon.

How has the local community responded to this acquisition?

Local business leaders have applauded the move, seeing it as a boost to the area’s economic development.

Key Features of the Acquisition

Feature	Description
Buyer	Tom Golisano, founder of Paychex
Seller	Douglas Jemal, developer
Purchase Price	$10 million
Date Finalized	October 10, 2025
Location	Main Street, downtown Buffalo
Future Plans	Renovations to revitalize the property
Community Impact	Boost to economic development