1205 Troy-Schenectady Road

FIRST COLUMBIA PLANS 9/23 GRAND OPENING CELEBRATION OF LATHAM’S $25 MILLION RIVERHILL CENTER:

Town of Colonie Excited to Add Former Kaiser Permanente Facility Back on the Rolls;

Riverhill Expected to Support Around 350 New Jobs; Employees Will Create Economic Impact On Town of Colonie

LATHAM (September 22, 2004) — Commercial real estate developer First Columbia plans to showcase Riverhill Center’s dramatic transformation from a run-down health complex into a modern, Class “A” high-tech facility complete with Empire Zone benefits with a grand opening reception for 125 guests Thursday, Sept. 23 from 4-7 p.m.

In attendance at the Troy-Schenectady Road-based complex — one of 72 Empire Zones around the state designed to encourage economic development by offering businesses tax benefits and utility rate reductions — will be several Town of Colonie officials, prospective tenants and many of the Capital Region’s leading brokers.

“We’re excited to show our guests how we’ve turned around this facility, putting all the latest technology and infrastructure into the renovations,” said First Columbia Partner Deborah Mikhitarian, noting that the company has a number of prospective tenants lined up for the facility. “Our plan is to have Riverhill Center fully leased by the summer of 2005, and so far, we are on the right track.”

Added Philip Pearson, director of planning and economic development for the Town of Colonie: “It means a great deal to the Town of Colonie to take what was essentially a vacant site and get it back on the rolls as a major commercial facility. A full Riverhill Center will have a significant impact for us. Many of the 350 employees who will work in the building may choose to purchase houses in Colonie, helping to contribute to our tax base. Others will certainly choose physicians locally, as well as shop in malls and buy their lunch and gas in town.”

Attendees at the event will have an opportunity to tour 1205 Riverhill Center, the second of three buildings on the 17-acre site slated to be completely renovated. Over the winter, work crews demolished the front portion of 1205, formerly Kaiser Permanente’s ambulatory and surgical center, to make way for a 60,000-square-foot, four-story office tower (1207 Riverhill Center). The rest of 1205 (24,564-square-feet) features renovated open floor space, a new lobby and bathrooms, and a community courtyard.

Already a number of prominent companies have decided to capitalize on the Riverhill Center’s central location, proximity to Albany International Airport and the Mohawk River, easy commute, and unparalleled package of Empire Zone incentives, which include wage tax credits and exemptions from New York State sales tax.

In March, Pyramid Brokerage Company of Albany, Inc. leased the remaining space at 1201 Riverhill, the first building on the property to be modernized. Upstate New York's largest and only regional commercial real estate services firm shares space in the 26,376-sqare-foot, one-story building with Northwestern Mutual Financial Network-Latham and 1st Advantage Dental Group.

For more information, email: info@riverhillcenter.com