Major Developer Drawing New Business to Troy After State Pull-out

New First Columbia Tenants Fill 106,000 sq. ft. After State Frees 136,000 sq. ft.

TROY, NY (03/19/13) — Two major properties along the city’s riverfront are rapidly refilling after the state began vacating more than 130,000 square feet of rental space in 2012.

Hedley Park Place Hudson RiverLatham-based developer First Columbia is making big gains in a strategy to draw out-of-town tenants to its historic Hedley Park Place and Flanigan Square properties on the Troy riverfront. The effort includes a $10 million investment to convert the space in both buildings into New York City-style, high-tech offices.

“We’re bouncing back,” said Victoria Harris, marketing director of First Columbia. “The whole point of bringing state workers here to Troy back in the ’90s was to help revitalize the downtown Troy economy. Now, First Columbia is in a position to do that again, with fresh companies and a new workforce.”

To date, new tenants have re-filled 106,000 square feet out of the 136,000 square feet vacated by the state.

NEW TENANTS AT HEDLEY PARK PLACE:

The following tenants are already or will soon be leasing space at First Columbia’s Hedley Park Place:

STRATEGY DRAWS NEW BUSINESS TO TROY

Although City Hall and EOC were already located in other parts of Troy, the remaining new tenants at Hedley Park Place have re-located from outside the city.

“It wouldn’t be true growth if we were simply attracting tenants from one space in the city to another,” Harris said. “First Columbia is committed to bringing a fresh new workforce to downtown Troy.”

About 86,000 square feet of space is still available at Hedley Park Place, which is currently 74 percent occupied. About 87,476 square feet remain open at Flanigan Square, which is about 20 percent occupied.

“Hedley Park Place is really the best of both worlds,” Harris said. “It has that urban/ downtown/professional feeling — you can walk to restaurants and festivals. But it also has all the suburban office park amenities, like easy access from the highway, parking and modern fixtures.”

Prospective tenants can learn more about the properties and space available for lease by calling listing broker Deborah Mikhitarian-Russell at (518) 213-1088.

“HEDLEY DISTRICT” PLANS STILL ON

In 2006, First Columbia commissioned a master plan to redevelop roughly 25 city blocks surrounding its Hedley Park Place and Flanigan Square properties. Plans for “The Hedley District” include dozens of new office and condominium buildings, a seven-story hotel and a riverside promenade.

“Our goal is to help make Troy a place where you can truly live, work and play,” Harris said.

ABOUT FIRST COLUMBIA

First Columbia is a diversified real estate/investment organization committed to planning, developing, and operating high quality facilities. Its projects include corporate buildings, office campuses, medical complexes, senior housing, retail, and high-tech facilities.

For high-resolution photography, architectural renderings and design plans, visit: http://DuncanCrary.com/clients/FirstColumbia

For information, contact: Victoria Harris, marketing director First Columbia at (518) 213-1009.

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