News

From the Capital District Business Review:

Warren Paley Complex to be renamed 'Riverhill Center' Local real estate developer First Columbia has closed on its purchase of the Warren Paley Medical Arts Complex on Route 7 in Latham.

The complex has been renamed "Riverhill Center," and the company will redevelop the existing buildings and add a new 60,000-square-foot building. The 17-acre complex has been vacant since 1999 when California-based health insurer Kaiser Permanente left the area. "Riverhill Center is a sound redevelopment opportunity and fits nicely into our strategy to develop quality product in this fast growing market," said Deborah Mikhitarian, a partner in First Columbia, in a press release.

Over the next five years, the company plans to renovate the complex and build a new four-story building featuring the infrastructure to support video conferencing. First Columbia expects Riverhill's central location and proximity to Albany International Airport will make it an attractive location for the high-tech spin-off companies expected to follow International Sematech to the area. Computer chip consortium International Sematech is opening a research and development center in Albany.

First Columbia is working with the Town of Colonie to provide economic incentives to Riverhill tenants, Mikhitarian said.

For more information, email: info@riverhillcenter.com