First Columbia announced plans on February 2, 2018 to move forward with the next phase of the highly-visible office park near Exit 7 of the Northway in Latham, New York known as Century Hill Plaza.
Currently seeking concept approval for a 390,000 square feet of office space in multiple buildings on 18.6 acres accessible from Autopark Drive and Century Hill Drive.
The town previously approved the concept, and one of the buildings has been constructed — the 54,711-square-foot AngioDynamics headquarters — but several years have passed and approval is being sought again, said Joe LaCivita, director of planning and economic development.
First Columbia President Kevin Bette said the plan is to first build a four-story, 60,000-square-foot building next to AngioDynamics. The size of the other buildings would be driven by market forces.
There are no tenants committed for the new space, but given the strong demand at the office park and the number of pending leases, Bette said the timing is right to add another building. Once the pending leases are signed, the occupancy rate in the park will exceed 95 percent.
“We’ve had some interest from a number of firms,” Bette said. “The leasing team is pretty active.”
First Columbia is targeting Fortune 100 companies. The new building would be similar in style and amenities as the offices of AngioDynamics (Nasdaq: ANGO), a medical device manufacturer.
Bette didn’t have an estimated construction cost, but based on a $250-per-square-foot valuation of the other properties, it would be $15 million.
The concept plan for the site includes a two-story parking garage with an undetermined number of spaces. The size will ultimately depend on the needs of the tenants, Bette said.
First Columbia started building Century Hill in 2000. Today, there are seven buildings with about 355,000 square feet. Besides AngioDynamics, large tenants include the New York State School Boards Association, Blueshield of Northeastern New York and Spectrum.
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