Latham-based First Columbia is poised to buy the former Lally School of Education Building at 1009 Madison Avenue.
Albany, NY — February 10, 2026 — First Columbia is pleased to announce plans to acquire the former Lally School of Education Building at 1009 Madison Avenue in Albany, marking an important step in the continued transformation of the former College of Saint Rose campus.
The 56,000-square-foot building, completed in 2003, is a well-constructed academic facility that includes classrooms and the Carl E. Touhey Forum, a space designed for lectures and community gatherings. Originally built at a cost of approximately $15 million, the property represents a strong foundation for adaptive reuse and future tenancy.
The building is being sold by the Albany County Pine Hills Land Authority, the county-backed entity that acquired the 27-acre Saint Rose campus and is leading its long-term redevelopment. First Columbia would become the first private, for-profit owner within the campus redevelopment, reflecting growing momentum behind the site’s mixed-use vision.
“Our team sees tremendous potential here,” said Kevin Bette, President of First Columbia. “The campus already has strong amenities and infrastructure. With the right integration into the overall master plan, this area can become a meaningful destination that supports job growth and long-term economic activity.”
First Columbia’s leasing and development teams have been actively engaged in discussions around the broader campus plan and envision the Lally Building as a multi-tenant property. While the facility was originally designed for single academic use, the company plans to reposition the space to accommodate a range of office, institutional, or community-oriented users.
The transaction is subject to the land authority’s formal disposition process, which includes public notice requirements. Closing is anticipated in the coming months.
First Columbia brings extensive regional experience to the project, including leasing for a 143,000-square-foot facility at the Albany College of Pharmacy and Health Sciences, development of the Century Hill Plaza office park in Latham, and redevelopment along the Troy riverfront. The company is also advancing plans for a new Class A office tower in downtown Albany.
This acquisition reflects First Columbia’s continued commitment to strategic reinvestment in the Capital Region and to creating spaces that support businesses, institutions, and the communities they serve.