Clear Channel Signs 28,250-SF Lease in Latham

For additional Clear Channel news, go to Clear Channel Plans $35M Restoration of Boyd Theatre.

Deborah Mikhitarian, partner with First Columbia, which owns the center, says that the San Antonio-based company will occupy 60% of the third building redeveloped at the new high-tech park. "Thanks to the Town of Colonie IDA and New York State Development, we were able to attract an ideal tenant to capitalize on the extensive high-tech infrastructure of the site and put this property on the tax rolls."

"We've been looking to centralize our radio operations under one roof for quite a while," says Clear Channel vice president/market manager Dennis W. Lamme. "Presently, 100 of our employees work at our office at 1 Washington Square. Another 30 of our employees work for WPYX, WKKF, WTRY and WOFX at our WTRY studios on WTRY Road. Moving to Riverhill Center will enable us to bring everyone together at the same address."

Clear Channel selected First Columbia's sister company, Bette & Cring Construction Group, to build out the $2-million tenant investment in the site. "We chose Riverhill Center after narrowing our site selection down to five potential locations," Lamme notes. "First Columbia was able to offer us an attractive package of tax benefits and utility rate reductions at Riverhill Center, which was a huge help and ultimately swayed our decision."

The 100,000-sf Riverhill Center development, a complex formerly occupied by healthcare provider Kaiser Permanente, was purchased by First Columbia in 2002 and has undergone an extensive redevelopment program into a three-building technology complex that overlooks the Mohawk River. A spokesman for First Columbia says that the redevelopment project will cost approximately $25 million when completed.

First Columbia expects to have the site's remaining available space at the property leased by the fall. Other major tenants at the complex are Pyramid Brokerage Co. of Albany, Northwestern Mutual Financial Network-Latham and 1st Advantage Dental Group.