Big Deal: Odoo to Expand with Fountain Plaza Office Purchase
Belgium-based business software firm Odoo has big expansion plans. The firm is buying seven floors of office space at 40 Fountain Plaza from New York State and anticipates adding 350 local jobs over the next five years.
Odoo established an East Coast headquarters in Buffalo in 2020 taking one floor of space at Seneca One tower and has grown its local workforce to 175. The Odoo Fountain Plaza space was purchased by the State for $9.5 million 2015 after Delaware North moved to 250 Delaware Avenue. IBM occupied much of the space but its plans for an innovation and commercialization with 500 jobs fizzled. IBM will sublease one floor of the building from Odoo.
Odoo purchased the 103,099 square feet of space, on the third floor and floors seven through 12, for $1 and will relocate from two floors at Seneca One in early October. The Buffalo News has the details on the move:
Under its deal with the state, Odoo must create 70 jobs during each of the next five years, for a total of 350 jobs.
If the company does not have 350 new jobs at the end of the fifth year, Odoo must pay $23,000 for each job it falls short, with no opportunity to catch up with additional hiring after the deadline.