Tuesday, February 24, 2015
YOUNGSTOWN
The sale of 20 Federal Place by the city is dead.
Mayor John A. McNally said he told the NYO Property Group, the only company to submit an offer to buy the downtown office building, on Tuesday that the city had rejected its offer.
VXI Global Solutions, a call center that is the largest tenant at 20 Federal Place, along with other businesses there “had concerns about the city selling the building and the impact it would have on their [lease] contracts,” McNally said. “20 Federal Place is an anchor building for the downtown, and it’s better that the city remain its owner.”
McNally has spoken about selling the building at 20 W. Federal St. going back to his successful 2013 campaign for mayor. But after getting only one proposal during two attempts to sell the structure, McNally said the city won’t try again to put 20 Fed back on the market.
“I’m not entirely thrilled with the city being a landlord, but we need to do what’s best for the city,” he said.
Read more about the decision and what led to it in Wednesday's Vindicator or on Vindy.com.