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The Rosenblum Companies announced today it has closed the sale of its Corporate Plaza office park in Albany to Cass Hill Development Companies for $14.475 million.
Corporate Plaza consists of eight office buildings clustered along Washington Avenue Extension (listed below) totaling approximately 150,000 square feet. The complex is 96% leased to 25 different corporate, state and nonprofit tenants. The Rosenblum Companies has continuously reinvested in the property; an ongoing capital improvement program most recently included common area, landscaping and energy efficiency upgrades.
|1 Corporate Plaza||260 Washington Ave. Ext.||1||12,726||0.91||1980|
|2 Corporate Plaza||264 Washington Ave. Ext.||1||12,726||0.99||1980|
|3 Corporate Plaza||254 Washington Ave. Ext.||1||12,726||2.00||1982|
|4 Corporate Plaza||250 Washington Ave. Ext.||2||19,256||0.91||1984|
|7 Executive Centre Drive||7 Executive Centre Drive||1||5,000||0.69||1987|
|CP East||240 Washington Ave. Ext.||1||25,542||2.00||1983|
|CP West||286 Washington Ave. Ext.||2||31,790||2.00||1986|
|CP South||14 Columbia Circle Dr.||2||31,790||2.30||1986|
Corporate Plaza was the first Albany-area commercial real estate project by Jack Rosenblum, who founded The Rosenblum Companies in 1979, and the first office development on Washington Avenue Extension, which is today a major regional commercial and retail corridor.
The Rosenblum Companies exclusively developed and managed Class A office space in the Capital Region until 2010, when work began on the company’s 17 Chapel Boutique Condominiums project, the first and only luxury residential condominium building in downtown Albany. Following the success of 17 Chapel, The Rosenblum Companies embarked on a new strategic plan to diversify its real estate portfolio.
“The Rosenblum Companies is a family owned business and we consider our tenants to be part of our extended family,” said Seth Rosenblum, Chief Executive Officer of The Rosenblum Companies. “So, while this sale of Corporate Plaza is very bittersweet, it will help drive new, varied development projects and investment opportunities that better align with our long term objectives.”
This past May, the company acquired 14 properties from The Beltrone Group that includes 10 warehouse buildings in the Town of Colonie, and in July broke ground on a conversion of the historic former Troy Record Building in Troy, NY into a mixed-use loft apartment building.