Owners' plan to revive office building makes headway as tenants move in

The new owners of a landmark office tower in downtown Albany are sprucing up the largely empty Art Deco-style building and have lured a handful of new tenants.

Tony and George Huang of The Heights Real Estate Co. in Manhattan have embarked on the latest plan to fill space in the former Home Savings Bank building at 11 N. Pearl St.

The owners have spent more than $100,000 on improvements since purchasing the 20-story building in May for $8.25 million, said Dan Kemp, property manager.

Amenities will include a fitness center on the 14th floor, dedicated parking and concierge services, Kemp said. The owners are also negotiating a lease to fill the former bank offices on the ground floor and a 2,500-square-foot retail space that fronts on James Street.

Filling the 125,000-square-foot building will be a tall order: It's 65 percent vacant.

But Kemp has made headway. He said several new tenants will be moving in, including Brinjac Engineering Inc. of Harrisburg, Pa., JP Morgan Chase and The Business Services Group.

Another new tenant will be The Design Center at 11 N. Pearl Street, a custom interior decorator for commercial offices.

The design center will fill about 1,200 square feet on the 15th floor and feature window treatments, floor finishes, cabinets and other furnishings.

Owner Richard Norizsan said the business will appeal to commercial office tenants who have difficulty getting contractors to come to downtown Albany because of concerns about parking.

"We've already got everybody in place to do the work and get it all accomplished," said Norizsan, who also owns an online business, ShutterKing.net, based in Clifton Park.

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source: bizjournals.com