The Riverview Innovation Center, one of the largest and most iconic commercial buildings in the Albany, New York region, is the winner of a CoStar Impact Award for Sale/Acquisition of the Year. The property was originally built as a flagship store and warehouse for Montgomery Ward. It has since been converted for office and commercial use.
A section of the property that once served as an activated railroad spur for the retail warehouse, now known as the Train Shed, has been redesigned as a modern gathering area for employees and visitors. It showcases an indoor walking track, retail and food services as well as a cafe-styled lounge.
Time Equities acquired the property for $31.5 million, closing on the deal in May 2022. The new owner is planning significant improvements to the property. Cushman & Wakefield and Pyramid Brokerage will continue property management and leasing.
About the project: Located at 150 Broadway in Menands, New York, the 11-story Riverview Innovation Center has 977,790 square feet of office and commercial space. In the last five years, the property has undergone capital improvements to its elevators, roof, paving, floors and more.
What the judges said: "The scope of the project and the age of the building and its massive size could've been an enormous eyesore for the area. So, the acquisition of this property is an amazing job," said Corey Ellis, president of the Albany Common Council.
They made it happen: Joseph Mahoney, director at Cushman & Wakefield | Pyramid Brokerage Co.; William Colucci, associate real estate broker at Cushman & Wakefield | Pyramid Brokerage Co.; Christopher Giunta, director at Cushman & Wakefield | Pyramid Brokerage Co.; and Frank DiTommaso II, executive director at Cushman & Wakefield.