| Colonie offices answer demand – Saturday, April 21, 2001 – Times Union By: Kevin Harlin A Capital Region developer is taking advantage of the area's tight suburban market with a Latham office complex. First Columbia, L.L.C. announced Friday that it has leased 90 percent of its new two-story, 45,000-square-foot building at 26 Century Hill Plaza to such tenants as Noresco, a Westborough, Mass. – based energy services company; New York Life and some General Electric Co. offices as well as First Columbia's headquarters. Kevin Bette, president of First Columbia, said construction started about a year ago on the first in a four-building complex totaling just under 300,000 square feet. The second building at 24 Century Hill Plaza will contain 45,000 square feet with ground breaking set for this summer. A 75,000-square-foot building and the fourth office with 120,000 square feet are planned for 20 and 30 Century Hill Plaza. The offices at the end of Century Hill Drive off Route 9 near Northway Exit will share 1,230 parking spaces. "So far, I don't think we'll have any problem at all absorbing this space," Bette said. The Colonie office market can absorb those numbers, according to the latest figures from the commercial real estate firm CB Richard Ellis/Robert Cohen. Class A suburban office space has shrunk to historic low levels, with just a 3 percent vacancy, compared with a 10 percent national suburban Class A office vacancy rate. |
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First Columbia - 22 Century Hill Drive, Latham, New York 12110
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