Aqueduct Building sells for $4.7 million

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After more than 100 years as the home to Lawyers Cooperative and the legal publishing firm’s recent iteration, Thomson Reuters, the Aqueduct Building has been sold.

The downtown landmark, identifiable by a 21-foot statue of Mercury that sits high atop the seven-story building, was sold for $4.7 million, exactly nine months after it was first listed by CBRE-Rochester.

CBRE-Rochester brokered the sale for Thomson Reuters to A50EB LLC, a limited liability company whose member(s) at this time do not want to be named. A50EB LLC filed articles of organization with the secretary of state on March 6, listing a Brighton post office box as the corporate address. Another newly listed LLC, 50EBOZ, shares the same P.O. box.

Angelo Nole, managing director of CBRE-Rochester, said that with the coronavirus pandemic gripping the region, A50EB would rather delay any announcement on development plans.

The transfer of deed for the sprawling 177,500-square-foot structure was filed with the Monroe County Clerk’s Office on March 17. The property takes up 1.73 acres along the west bank of the Genesee River between Court Street and Main Street and sits in a Qualified Opportunity Zone, meaning there can be significant investment benefits.

The property was originally listed for $6.9 million, but Thomson Reuters accepted 32 percent less. Thomson Reuters put the building up for sale in June, not long after closing down operations in Rochester as part of a company-wide workforce reduction.

“There was significant interest from inside and outside of Rochester,” Nole said.

He said the sale process proceeded along what would be considered a fairly normal timeline for a building of this size and cost.

“There’s a period of time to market, a period of time for prospective buyers to look at the property and obtain an understanding of what the property can be,” Nole said.

Then comes the bidding process, followed by the selection of a buyer, who is then given an exclusive window in which to do due diligence.

In general, that checklist includes a more precise architectural and engineering inspection. The developer may have envisioned certain design elements or uses and needs to be sure those can be carried out.

The vetting also includes discovery of any possible environmental issues, and how they could impact development. The new owner also must be sure his planned use fits within the current zoning and, if not, whether a variance can be obtained.

“There are normal contingencies with any transaction,” Nole said.

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