Ryan Companies Completes Purchase of Well Known Downtown Rochester Property

Harrison Street Real Estate Capital and Ryan Companies announce today the closing on the Wells Fargo property in the heart of downtown Rochester. The building located at 21 1st Street will begin an extensive renovation, making key improvements that align with the aspirations for the Heart of the City District in Rochester’s Destination Medical Center.

The property which adjoins Peace Plaza and sits adjacent to and over First Street will undergo a live remodel with renovations that will include:

• An iconic glass addition will be added to the corner entrance that will give the feel of an extension of the public space in Peace Plaza.
• An expansive interior connection to the stairway between the subway, ground level and skyway with better interaction with the street.
• Replacement of the exterior glass, transitioning from mirrored to clear, which will create a more open and transparent working environment.
• Removal of the existing escalator and infilling the atrium to better connect the building to Peace Plaza and the Chateau Theatre.

“We are inspired by the vision of the Heart of the City, and we are excited to reimagine the Wells Fargo building and create a vital connection between the subway, skyway and Peace Plaza,” said Tony Barranco, Senior Vice President of Development, Ryan Companies US, Inc. “It is amazing to be part of the transformation of Downtown Rochester and we look forward to this project taking shape.”

Construction is scheduled to begin in September with a completion date of September 2019.  The project expects that 115 construction jobs will be created as part of the significant renovation.

About Harrison Street Real Estate Capital

Harrison Street Real Estate Capital LLC is one of the leading real estate investment management firms exclusively focused on the Education, Healthcare and Storage sectors.  The firm has created a series of differentiated investment products across multiple risk/return strategies.  Headquartered in Chicago with an office in London, the firm employs a 125-person team and has approximately $15.6 billion in assets under management.  For more information, please visit www.harrisonst.com.