Adirondack Capital Partners arranges $10.1 million sale of Omni Plaza in downtown Albany

Albany, NY Adirondack Capital Partners (ACP) has arranged the $10.1 million sale of Omni Plaza, a two-building office portfolio located at 30 South Pearl St. and 54 State St.

The portfolio consists of two interconnected office towers totaling 415,000 gross s/f and 360,000 rentable s/f across 10 and 14 stories. Located at 30 South Pearl St. and 54 State St., the buildings comprise 236,000 and 179,000 gross s/f, respectively, and occupy a prime location near the New York State Capitol Complex, MVP Arena, Albany Capital Center and government, financial and institutional employers.

ACP served as the exclusive advisor to both the buyer, Jankow Companies, and the seller, Omni Developmentin the $10.1 million sale of Omni Plaza. The transaction was led by Michael Hunter Coghill and Jacob  Brenner of ACP.

Omni Plaza is leased to a diverse roster of government agencies, financial institutions, law firms and professional service tenants, including Berkshire Bank, Greenberg Traurig, the New York Power Authority and the U.S. General Services Administration. The portfolio includes 30 South Pearl St., which is 43% occupied, and 54 State St., which is 53% occupied, providing value-add potential through lease-up and redevelopment initiatives.

The sale also included a 11,000 s/f development parcel located between the two towers. The buyer plans to convert 54 State St. into 120 market-rate apartments while implementing building upgrades and a re-tenanting strategy at 30 South Pearl St., positioning the portfolio to benefit from the city’s continued revitalization.

“Omni Plaza presented a rare opportunity to acquire institutional scale in the core of New York’s capital city at a basis well below replacement cost,” said Jacob Brenner, associate director at ACP. “In addition to its existing cash flow and diverse tenancy, the property offers meaningful upside through lease-up, redevelopment and adaptive reuse opportunities, including the planned multifamily conversion of 54 State St. and the repositioning of 30 South Pearl St. Assets of this size and prominence rarely come to market in Downtown Albany.”

According to Brenner, investor interest was fueled by both the property’s value-add potential and the growing momentum surrounding the city’s revitalization efforts.

“The amount of public and private capital being directed toward Downtown Albany today is unlike anything we’ve seen in years,” Brenner said. “Investors are increasingly looking beyond traditional gateway markets and recognizing the long-term opportunity created by major infrastructure projects, adaptive reuse initiatives and the Capital Region’s expanding technology and semiconductor ecosystem. Investors are beginning to recognize the long-term potential of Downtown Albany in a very different way than they did even five years ago.”

Coghill said, “Downtown Albany is entering a period of meaningful transformation. This transaction reflects growing investor confidence in the city’s long-term fundamentals and the increasing viability of adaptive reuse strategies. As public and private investment continues to reshape the urban core, we expect demand for well-located assets with repositioning potential to continue growing.”

The transaction reflects a growing trend across New York State as investors pursue office properties with residential conversion potential. The planned multifamily redevelopment of 54 State St. aligns with increasing demand for adaptive reuse projects that can help revitalize downtown districts while addressing housing needs.

The Capital Region has emerged as one of the Northeast’s fastest-growing technology and semiconductor hubs, anchored by major employers and institutions including the Albany NanoTech Complex, GlobalFoundries, Regeneron, leading healthcare systems and New York State government. At the same time, several major redevelopment initiatives, including the proposed Liberty Park project, continue to generate renewed interest in Downtown Albany from both public and private investors.