Binghamton University Plans to Buy Vestal Parkway Office Complex

Another private Broome County property may be purchased by Binghamton University.

The vacant Columbian Financial Group complex east of the university's main campus in the town of Vestal is expected to be acquired for $5.5 million.

The sale was approved by the State University of New York board of trustees on the recommendation of Chancellor John King Jr.

The chancellor advised the trustees that the property purchase "is necessary for the purposes of SUNY Binghamton." He said it would allow the university to "accommodate program expansion" and hire new faculty and staff.

Three parcels along the Vestal Parkway totaling nearly four acres are involved in the transaction.

Columbian Mutual moved its headquarters from Binghamton's West Side to the newly-constructed three-story Vestal Parkway building in 1965. An addition to the original structure was completed in 1980.

Just over a year ago, Columbian Mutual reported it had 231 employees at the Vestal site. It's not known when the complex was completely closed.

A state Supreme Court judge in Broome County placed Columbian Mutual Life Insurance Company into "rehabilitation" in August 2024. The superintendent of the state Department of Financial Services was appointed to oversee the process.

The New York Liquidation Bureau in September approved the sale of the office complex to Binghamton University.

It's not known when the transaction may be finalized. A Binghamton University spokesperson did not return calls seeking comment on the acquisition.

Town of Vestal supervisor Maria Sexton could not be reached to discuss the planned property sale.

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Contact WNBF News reporter Bob Joseph: bob@wnbf.com or call (607) 545-2250. For breaking news and updates on developing stories, follow @BinghamtonNow on Twitter.