Company News

CLEAR CHANNEL RADIO TO RELOCATE TO 1203 RIVERHILL CENTER:

"Most Admired" Radio Broadcaster to Consolidate Seven Radio Stations, Clear Channel Traffic Network Under One Roof at New Latham Location By June 1

LATHAM (February 8, 2005) -- Commercial real estate development company First Columbia today announced that Clear Channel Radio, one of the world's most recognizable names in the music and entertainment, has signed a long-term lease to base its regional headquarters at 1203 Riverhill Center on Troy-Schenectady Road in Latham.

The San Antonio, Texas-based company will consolidate all seven of its regional radio stations (WGY, WHRL, WKKF, WOFX, WPYX, WRVE, WTRY) and the Clear Channel Traffic Network into 28,250 gross-square-feet of space by June 1. Clear Channel Radio, which operates 1,200 radio stations reaching more than 100 million listeners every week across all 50 states and was named among America's "Most Admired" entertainment companies in 2004 by Fortune Magazine, employs 130 in its local radio broadcasting operations.

"We're delighted to welcome Clear Channel Communications to Riverhill Center," said First Columbia Partner Deborah Mikhitarian, adding that the company will occupy 60 percent of the third building redeveloped at the new high tech park. "Thanks to the Town of Colonie IDA and New York State Development, we were able to attract an ideal tenant to capitalize on the extensive high-tech infrastructure of the site, and put this property on the tax rolls."

"We've been looking to centralize our radio operations under one roof for quite a while," added Clear Channel Vice President/Market Manager Dennis W. Lamme, whose company selected First Columbia's sister company, Bette & Cring Construction Group, to build out the $2 million tenant investment in the site. "Presently, 100 of our employees work at our office at 1 Washington Square. Another 30 of our employees work for WPYX, WKKF, WTRY and WOFX at our WTRY studios on WTRY Road. Moving to Riverhill Center will enable us to bring everyone together at the same address.

"We chose Riverhill Center after narrowing our site selection down to five potential locations," Lamme noted. "First Columbia was able to offer us an attractive package of tax benefits and utility rate reductions at Riverhill Center, which was a huge help and ultimately swayed our decision. We're looking forward to beginning a great relationship with First Columbia."

The 100,000-square-foot Riverhill Center complex was purchased by First Columbia in 2002, and has undergone extensive redevelopment into a three- building technology complex overlooking the Mohawk River in Latham.

First Columbia expects to have the site's remaining available space fully leased by the Fall 2005, completing the extensive redevelopment of one of the largest vacant parcels in the Capital District.

For leasing information, call First Columbia at (518) 213-1000, or go to www.riverhillcenter.com.