NEW YORK, NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the 104,268-square foot STEP 1 building (top left photo), a multi-tenant property in the Saratoga Technology + Energy Park (STEP) in Malta, which is located in Saratoga County. The listing price of $18 million represents $173 per square foot. The building is part of the nation’s first office park dedicated solely to renewable clean energy technologies.
Ken Hoff and Scott Edelstein, of Marcus & Millichap’s Manhattan office, are representing the seller, United Group, an award-winning national developer with more than 35 years of development experience.
“The rapid lease-up of the STEP 1 building would be an impressive success story in any location, in any economy,” says Hoff. “This building, during the worst economic and financial crisis in decades, attracted an impressive roster of tenants who filled the entire space in a short period of time.”
“The STEP 1 building has proven to be a magnet for technology companies,” adds Edelstein.
The property is located at 107 Hermes Road in Malta, near Saratoga Springs in Saratoga County, N.Y., one mile from Interstate 87 in the heart of New York State’s Tech Valley.
The STEP campus is adjacent to the 1,414-acre Luther Forest Technology campus, home of an under-construction $6 billion chip fabrication facility that will be the most advanced semiconductor manufacturing facility in the world.
The STEP 1 building is currently 100 percent leased. Major tenants include Global Foundries, Lockheed Martin and Time Warner Telecom.
Completed in the spring of 2008 on six-plus acres, the two-story multi-tenant STEP I building features 51,613 square feet of office space and 52,655 square feet of light manufacturing/warehouse space.
Several tenants invested millions of dollars creating clean rooms, development laboratories and various advanced technological components for their spaces.
The building has been recognized as a green building by Leadership in Energy and Environmental Design (LEED) and is the recipient of the American Institute of Architects (AIA) Design Award and the Building Owners and Managers Association’s (BOMA) The Outstanding Building of the Year (TOBY) Award.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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