BUFFALO, N.Y. — As Albright-Knox Art Gallery prepares for its $162 million expansion, it has hammered out a lease package for its temporary home on the city’s East Side.
In a deal many months in the making, Albright-Knox has agreed to pay the Buffalo Urban Development Corp. $60,000 annually to lease 15,000 square feet in the 612 Northland Avenue building, a renovated structure within the Northland Beltline. That comes out to $4 per square foot. If Albright-Knox extends the lease beyond three years, it will increase by six percent annually.
The lease was approved by BUDC directors Tuesday. Albright-Knox is expected to formally sign the pact within the next few weeks. You can read the full story on Buffalo Business First's website.