State officials say that Renaissance Corp. plans to acquire the 165,000-sf building and surrounding property for $3.9 million. Renaissance also expects to invest more than $8 million to renovate the building.

According to state officials, The International Center for the Advancement of Nursing is a vision of philanthropist Morris Silverman, who began the Renaissance Corp. in 1999 to complement the work of the University Heights Association--a higher education consortium which consists of: Albany Law School, Albany College of Pharmacy, the Sage Colleges and Albany Medical Center. The association was founded to create an international center for healthcare, research and education in the Capital District. The property at 84 Holland Ave. is adjacent to the University Heights Association's campus.

Renaissance plans to locate the administrative office of the International Center for the Advancement of Nursing in the building, as well as provide space for a number of existing bio-medical research endeavors the company is involved in. New York State will continue to lease approximately 52,000 sf in the building for three years to accommodate several state agencies with offices currently located there. Once the contract of sale is signed, Renaissance will be responsible for all building maintenance and operating costs, state officials say.