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FIRST COLUMBIA ANNOUNCES SPEC OFFICE BUILDING AT CENTURY HILL PLAZA

With a strong office market, First Columbia is erecting 30,000 sq. ft. in Latham to fulfill a demand for Tier 1 properties.

LATHAM, N.Y. -- Latham-based developer First Columbia has started construction of a new speculative, two-story, 30,000 square-foot office building at its well-known Century Hill Plaza business park.

40 Century Hill Drive will be the seventh out of eleven approved buildings within the 625,000 square foot professional office park off Route 9, fronting over 2,000 square feet of the Northway (I-87) in Latham.

In a bold move, First Columbia is moving forward with construction before securing a tenant, which has been rarely seen in today's real estate climate. Following the economic recession of 2008, most markets were vastly overbuilt and, therefore, have a tremendous inventory of space to absorb. The occupancy rate of First Columbia's Century Hill Plaza tells a different story -- the park has consistently shown strong leasing activities. So strong in fact, that M&T Bank has pre-committed financing for the new construction.

"Inventory for our Tier 1 office product is very tight and leasing has been active, indicating a strong demand for more high quality space in the Airport market," said Deborah Mikhitarian, partner at First Columbia. "Our Century Hill Plaza development has remained a strong performer through the downturn with occupancy dropping to only 92.5 percent in Q3 in 2011. Today, the park currently boasts a 98.7 percent occupancy rate."

Though First Columbia has already been approached by companies interested in the property, no leases have been signed yet. Each floor of 40 Century Hill consists of 15,000 square feet of professional, high tech space inspired by design, functionality, and energy efficiency.

"We believe that the market will continue to improve for high tech and high quality tenants," said Kevin Bette founder of First Columbia. "I think the region underestimates the fundamental shift that has occurred due to the College of Nanoscience and its growth as well as the state's initiative to attract technology based employment."

Tenants looking to occupy 50 percent or more of the building will be given signage rights to the building facing I-87. For tenants interested in the property all inquiries should go to Patricia McGrath, director of leasing at First Columbia at (518) 213-1000.

"Companies in our region want top-notch office space, and right now this is the only Tier 1 space on the market," said Patricia McGrath of 40 Century Hill. "We have no doubt this space will fill up soon."

Century Hill Plaza, currently houses some of the region's biggest names including: NY Life, Bank of America, Time Warner, BlueShield, Angio Dynamics, Voya (formerly ING), JLT, and the Bette Companies Headquarters.

For a rendering of 40 Century Hill and charts comparing the occupancy/vacancy rates of Century Hill Plaza vs. the Capital Region market, visit: [web page]

For information about Century Hill Plaza, visit:

http://www.centuryhillplaza.com

Contact: Victoria Harris, (518) 213-1009 vharris@firstcolumbia.com

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