FIRST COLUMBIA PLANS CLASS “A” OFFICE BUILDING IN BETHLEHEM:

45,000-Square-Foot Professional Building Will be Constructed Adjacent to Existing Slingerlands Medical Arts Building; Construction to Start Fall 2004

LATHAM (June 7, 2004) — In a move that will provide the Town of Bethlehem with much needed Class A office space, First Columbia today announced it plans to build a 45,000-square-foot building at 1200 New Scotland Avenue.

The three-story professional office building, which has already been approved for construction, will adjoin the four-year-old Slingerlands Medical Arts Building. Work on the new site will get underway in the fall, and the building’s first tenants are expected to be welcomed by the summer of 2005.

“We feel there’s a real opportunity to provide Class A office space in the Town of Bethlehem," explained Chris Bette, vice president of the Latham-based real estate development company. “The town has a lack of this type office space, and with the substantial concentration of business professionals and business owners in the town, we believe many would relish the opportunity to live and work close to their home.”

First Columbia plans to equip the new facility with the latest technology, including an advanced telecommunications network allowing for video conferencing, high-speed Internet access and complete networking throughout. Security will also be provided by programmable computer entry control systems, which are continually monitored for after-hour access.

Bette said the site’s close proximity to the area’s highways and the high-tech development planned at the Harriman Campus and at SUNY could make this building an attractive location for a high-tech company looking to move to the Capital Region.

First Columbia is one of the region's largest real estate developers and part of the Bette Family of Companies, a diversified building organization headquartered in Albany. As a vertically integrated organization, First Columbia provides comprehensive services from site acquisition through permitting, design construction, leasing and financing — all focused on creating value in real estate for their customers.