First Columbia Plans Groundbreaking for Second Building in New Complex

LATHAM (Friday, April 20, 2001) — First Columbia, a commercial real
estate development company and part of the Bette Family Companies,
recently announced that 90 percent of its office building at 26 Century
Hill Plaza is now fully leased. The two-story, 45,000-square-foot
building, located on Century Hill Drive in Latham, is the first of four
office buildings totaling almost 300,000-square-feet slated for the
22-acre parcel adjacent to the Northway.

In addition to First Columbia, tenants at 26 Century Hill Plaza now
include: Bette & Cring LLC, a construction services company specializing
in bridge, school and prison projects; NORESCO, a national energy
services company based in Westborough, MA; and, three Fortune 500 firms
— General Electric, St. Paul Fire & Marine Life Insurance Company and
New York Life.

"The fact that this space has gone so quickly shows that Century Hill
Plaza is no longer the Capital Region's best kept secret in office
complexes," said First Columbia Vice President Deborah Mikhitarian,
noting that they chose Latham as the site for the development, and their
company, following extensive research. "This area is primed for
business growth. It's close to Albany International Airport, has access
to state-of-the-art technology and offers ample parking. It's also well
positioned to attract the region's best educated professionals."

According to Mikhitarian, Century Hill Plaza is attractive to tenants
because it features the latest technological advances. This includes an
advanced fiber optic telecommunications network allowing for video
conferencing, high-speed Internet access and complete networking
throughout the building. Building security is provided by programmable
computer entry control systems, which are continually monitored for
after-hour access.

"Employee comfort is also a prime concern in our building designs. All
will offer high efficiency, low-e insulated strip windows, variable
volume thermal control mechanical systems and high efficiency parabolic
lens lighting fixtures," said Mikhitarian. "These structures are
designed to provide a state-of-the-art, comfortable environment to meet
the demands of today's office users."

Tenants aren't the only ones who'll find Century Hill Plaza a
convenient, comfortable environment in which to do business, Mikhitarian
said. "Visitors and clients will be pleased with our close proximity to
major highways, as well as to numerous hotels, retail outlets and
restaurants," she said. "This site also allows for easy access to banks,
health clubs, day care centers, and primary and specialty healthcare
providers."

By late spring, Mikhitarian explained that she plans to break ground on
24 Century Hill Plaza, the complex's second building, which is slated to
be 45,000-square-feet, plus a basement for secure storage. It will be
followed by adjacent property at 20 Century Hill Plaza
(75,000-square-feet) and 30 Century Hill Plaza (120,000-square-feet).
Similar to 26 Century Hill Plaza, these facilities will include an open
lobby plan, landscaping and a fitness area. When complete, all four
buildings will share 1,230 parking spaces.

"We're committed to providing our tenants with the best possible
facility at the most cost effective lease rate for new corporate office
space," said Mikhitarian, adding that First Columbia also provides easy
expansion capabilities in adjacent structures, as well as on-site
management to take care of every detail. "We can also custom designing a
facility based on our tenant's needs."

Mikhitarian said the interest in Century Hill Plaza isn't surprising
given the limited availability of Class A (new property in an excellent
location that's well maintained and professionally managed) suburban
space in the Capital Region. In fact, according to a recent Market
Index Brief published by commercial real estate company CB Richard
Ellis/Robert Cohn, available Class A suburban office space in the
Capital Region has shrunk to all time levels. Only three percent of
Class A suburban rental space is available in the Capital Region,
compared to the national average suburban market rate of 10.1 percent.

For more information about Century Hill Plaza, call 213-1000

First Columbia is a global real estate development service provider.
The firm delivers the next generation of single-source development
services designed to provide clients with comprehensive resources in
feasibility, planning, permitting, engineering, design, marketing,
finance, construction and asset management. As a member of the Bette
Family of Companies, First Columbia is focused on large scale master
planned developments where it can integrate technology and innovation to
create better places to live, work, learn and play.