Retech Systems, a locally based company that produces high-tech titanium melting furnaces for contractors in the aerospace, defense and medical industries, expanded its operation in Tonawanda, New York, where it signed a 12-year, triple-net lease to fully occupy a former General Electric manufacturing facility owned by Uniland at 175 Milens Road.
The approximately $10 million investment is expected to create 48 jobs with operations expected to begin in early 2025.
“The new space is necessary to meet our manufacturing needs and allow the continued development of new technologies — both for Retech and our customers," said Retech Managing Director and President Earl Good in a statement announcing the expansion. "We have been happy with the support we have received in the Buffalo area, and we look forward to being part of the local community for a long time.”
Empire State Development is offering up to $500,000 through the Excelsior Jobs Program in exchange for the additional job commitments.
“Retech’s expansion marks yet another significant boost for the Western New York economy and further evidence that the manufacturing resurgence in the region is real,” noted Empire State Development President, CEO and Commissioner Hope Knight in the statement.
Cushman & Wakefield/Pyramid Brokerage Co. arranged the lease on behalf of its client, Retech Systems. The property is owned and managed by Uniland Development. At the time, Uniland had been negotiating with another tenant for the building but Cushman & Wakefield/Pyramid Brokerage was able to convince Uniland of the superiority of Retech's offer and secure the space in under two months of negotiating.
About the Project: The project investment costs will total approximately $10 million and will involve installing a large industrial melting furnace at the Northland location; installation of potentially two additional furnaces; new electrical, piping, and cranes; updating office spaces; and moving equipment to the new Tonawanda location.
What the Judges Said: "This will have a greater impact on the Tonawanda community," noted one of the locally based judges. "A great use of a manufacturing building that has been vacant," noted another.
They Made it Happen: Richard Ryall Ledyard, real estate salesperson for Cushman & Wakefield/Pyramid Brokerage Co. in Buffalo and Charlie Challahan, account executive for Uniland Development Co. negotiated the award-winning deal.
CoStar Market Manager Coleman Applegate contributed.