9.10.2014

Capital Bank Announces Relocation of their Headquarters to Wellington Row in Albany

Elected officials, business leaders and community figures gathered today on Upper State Street in Albany to celebrate the latest milestone in the revitalization of historic Wellington Row: the relocation of Capital Bank’s headquarters to downtown Albany.

Capital Bank will occupy the entirety of 132 State Street, across all 5 floors, as well as operate on the first floor of the adjoining 136 State Street, for a total of over 11,000 square feet of “Class A” office space, including an 1,800 square-foot full-service bank branch and the company’s wealth management division. The organization’s Capital Region operations are currently headquartered at offices on Washington Avenue in Albany.

“We are very committed to the Capital Region and to Albany, and we see no better way to build and demonstrate that support than to be a part of the ongoing renaissance here in downtown Albany,” said Capital Bank President Anders M. Tomson. “By taking on the renovation of this historic building, we feel we are providing more than banking services to the people of Albany, but also working as good neighbors to the residents and businesses downtown.”

Capital Bank will be among the initials tenants of the under-renovation Wellington Row, which Columbia Development Companies is rehabilitating to return to its former glory. Originally constructed in the late 1800s and early 1900s, the buildings have fallen into severe deterioration over the years, leading the City of Albany to conduct an emergency partial demolition in August 2004.

“Of all the work we’ve done here at Wellington Row, we’ve worked the hardest with our partners at Historic Albany Foundation and the State Historic Preservation Office to do whatever we can to preserve the historic and cultural significance of these buildings,” said Joseph Nicolla, President of Columbia Development Companies. “Working on historic buildings like these is not easy, but we made a commitment early on to do this project the right way. Susan Holland at Historic Albany and Marie Sarchiapone at SHPO have been instrumental in helping us meet that goal, and I want to publicly thank them.”

The renovation of the Wellington Row properties is being supported by New York State through Empire State Development. The buildings were purchased by Columbia Development Companies in 2006, and the company’s plans for restoration embrace the historical context of buildings while making accommodations for top-end modern office space and luxury condominiums.

“State Street is experiencing a period of growth and vitality that hasn’t been seen in years, and the redevelopment of Wellington Row is central to the continuation of that story,” said Albany Mayor Kathy Sheehan. “We’re pleased that Capital Bank is part of this historic revitalization and wish them great success in their downtown location.”

"We are so grateful for the meaningful partnership we’ve formed with Columbia Development,” said Susan Holland, Executive Director of Historic Albany Foundation. “It is a unique relationship that has effectively melded preservation and rejuvenation."

Capital Bank, which is a division of the Chemung Canal Trust Company, operates five Capital Region bank branches.

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