NYC Real Estate Company Invests Millions In Albany Landmarks

New York City based The Heights Real Estate Company seals deal on second multi-million dollar office building in downtown Albany

ALBANY, NY (02/21/2008)(readMedia)-- All in less than one year, The Heights Real Estate Co. has invested more than $11 million in the downtown Albany central business district, with high hopes to fill its buildings with Class A tenants.

Their most recent investment, 100 State Street, purchased for $3.5 million from the Galesi Management Corporation, gives the company its second architecturally significant structure in downtown Albany.

The building was designed by famous architect Marcus T. Reynolds in 1901, and was opened for business in 1902. This century-old, 10-story structure, which is decorated with lavish stone and terra cotta, is said to be Albany’s first skyscraper.

In April 2007, The Heights Real Estate Co. purchased the 20-story former Homes Savings Bank building, located across the street at 11 North Pearl Street. The company invested more than $150,000 in renovations in the building, provided its tenants with downtown parking, implemented a free tenant-use only fitness center, and a one-of-a-kind design center, where tenants can design their offices specifically to their liking.

In November, Property Manager Dan Kemp began a leasing program and has since signed 11 new leases, including big-name tenants such as J.P. Morgan Chase, Microsoft, Marcus and Millichap and Brinjac Engineering.

Although 100 State Street is 75 percent occupied, Tony Huang, a principal at The Heights Real Estate Co., said he hopes to bring the same success seen at 11 North Pearl Street to 100 State Street.

“We are very excited about Albany’s growing market,” said Huang. “New jobs and businesses are being created every day. They are going to need a place to get their work done, and we hope it will be at either 11 North Pearl or 100 State. That’s why we are extensively upgrading both buildings’ amenities.”

By the start of summer, Huang hopes to have the second downtown free tenant-use only fitness center implemented at 100 State Street. Tenants who lease at 100 State will also be provided with parking. The company also plans to extensively renovate the exterior of the building, estimated to cost more than $1 million.

The Heights Real Estate Co. owns more than two million square feet of residential and commercial space throughout the Northeast.

For information on leasing, please contact Dan Kemp at (518) 465-2200 or visit the company’s Web site at www.HeightsRE.com.

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