Albany IDA Project Index

Albany Medical Science Research LLC

Project Number: 01011303

Project Address: 150 New Scotland Avenue

Applicant Name: Albany Medical Science Research, LLC c/o Wells Fargo Bank N.A.

Owner(s): CMS Liquidating Trust

Developer: Charitable Leadership Foundation

Project Description:

The project consists of a 154,000 SF +/-, five-story biomedical research and administrative facility and a four-story, 606 space parking garage located on a 5.351 acre +/- ground lease site. At this time the biomedical and research facility is approximately 57% occupied with one of the remaining leases, accounting for 11% of the currently rented space, set to expire in 2013. The Applicant proposes undertaking the stabilization of the entire facility through actively marketing and leasing the vacant, highly specialized tenant space to new biomedical research tenants that will complement the current use (and tenants already in place). Due to the special circumstances in which the Applicant will obtain ownership, it is the intent of the Applicant to market and sell the stabilized facility.

Approval Date: 01/17/2013

Estimated Net Benefit to Local Taxing Jurisdictions (PILOT):

Estimated Employment Impact: 0 Construction jobs and 120 full-time jobs created, 0 full-time retained

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