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Turnkey Investment Fully Lease by State Gov 10B Airline Dr 64,652 SF 100% Leased Office Building Online Auction Sale Albany, NY 12235
Matterport 3D Tours
Investment Highlights
- Acquire a 64,361 SF office asset is 100% leased by NYSDAM, offering predictable income from a long-term government tenant.
- Two-story facility originally built in 2003 on 5.67 acres, featuring 10-foot ceilings, elevators, and EPDM rubber roofing.
- 5-mile trade area includes 134,500+ residents, 124,500+ workers, rent growth, and $1.73B consumer impact.
- New York State Department of Agriculture and Markets has operated at the property since 2004, with the current lease running through Feb. 2031.
- Located adjacent to Albany International Airport with seamless access to I-87, I-90, Highway 5, and major retail amenities.
- Competitive office submarket with limited vacancies and stable rent growth, outpacing the greater metro average.
Executive Summary
10B Airline Drive presents a rare opportunity to acquire a 64,361-square-foot office asset that delivers immediate and predictable cash flow through a long-term lease with the New York State Department of Agriculture and Markets. The property is 100% leased through February 28, 2031, providing stable in-place rental income backed by a government tenant that has occupied the building since its original lease in 2004. This long-standing tenancy underscores the property's operational functionality and strategic importance within the agency's real estate footprint.
Constructed in 2003 on 5.67 acres, the two-story office building features 10-foot ceilings, passenger elevators, EPDM rubber roofing, and a large on-site parking field that supports efficient daily operations. The property's institutional-quality design and full occupancy position it as a low-management investment opportunity for buyers seeking durable income from a single-tenant office asset.
Located adjacent to Albany International Airport, the property benefits from exceptional regional connectivity and visibility. The airport is currently undergoing a $100 million transformation that includes departure hall, TSA, business center, passenger amenity, and Concourse A improvements, reinforcing the area's long-term economic significance. Immediate access to Highway 5, Interstate 87, and Interstate 90 further enhances accessibility, while nearby amenities at Colonie Center and along the Wolf Road retail corridor provide a strong amenity base for employees and visitors.
The investment is further supported by strong market fundamentals within a 5-mile radius, including a growing population exceeding 134,500, a highly educated daytime workforce of more than 124,500, and over $1.73 billion in annual consumer impact. Competitive submarket vacancy levels and rent growth that has outpaced the broader metro area over the past 12 months reinforce the property's position within one of the Capital Region's most established office corridors. This offering is well suited for investors seeking a cash-flowing office investment anchored by a highly stable government tenancy.
Property tours are by appointment only. Please contact the listing broker to schedule. 48 Hours Prior Notice is Required for Tours.
Constructed in 2003 on 5.67 acres, the two-story office building features 10-foot ceilings, passenger elevators, EPDM rubber roofing, and a large on-site parking field that supports efficient daily operations. The property's institutional-quality design and full occupancy position it as a low-management investment opportunity for buyers seeking durable income from a single-tenant office asset.
Located adjacent to Albany International Airport, the property benefits from exceptional regional connectivity and visibility. The airport is currently undergoing a $100 million transformation that includes departure hall, TSA, business center, passenger amenity, and Concourse A improvements, reinforcing the area's long-term economic significance. Immediate access to Highway 5, Interstate 87, and Interstate 90 further enhances accessibility, while nearby amenities at Colonie Center and along the Wolf Road retail corridor provide a strong amenity base for employees and visitors.
The investment is further supported by strong market fundamentals within a 5-mile radius, including a growing population exceeding 134,500, a highly educated daytime workforce of more than 124,500, and over $1.73 billion in annual consumer impact. Competitive submarket vacancy levels and rent growth that has outpaced the broader metro area over the past 12 months reinforce the property's position within one of the Capital Region's most established office corridors. This offering is well suited for investors seeking a cash-flowing office investment anchored by a highly stable government tenancy.
Property tours are by appointment only. Please contact the listing broker to schedule. 48 Hours Prior Notice is Required for Tours.
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Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financial Statements
- Purchase Agreement
- Title and Insurance
- Miscellaneous
Market Analytics Click Here to Access
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Office
Building Size
64,652 SF
Building Class
B
Year Built
2003
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
32,326 SF
Building FAR
0.26
Lot Size
5.67 AC
Parcel Number
012689-030-000-0002-006-471-0000
Zoning
OR - Office Residential District
Parking
311 Spaces (4.81 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Controlled Access
- Security System
- Signage
- Wheelchair Accessible
- Reception
- Storage Space
- Car Charging Station
- Monument Signage
- Air Conditioning
- On-Site Security Staff
- Raised Floor System
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Somewhat walkable
30/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Demographics
Demographics
1 mile
3 mile
5 mile
2025 Population
2,215
41,666
134,594
2020 Population
2,170
41,074
129,948
2030 Population
2,248
42,217
136,805
2025-2030 Projected Population Growth
1.5%
1.3%
1.6%
Daytime Employees
2,899
57,621
124,533
Total Businesses
154
5,158
11,267
Average Household Income
$111,373
$114,226
$113,590
Median Household Income
$101,351
$97,236
$92,656
Total Consumer Spending
$30.7M
$587.2M
$1.7B
Median Age
44.4
44.6
39.3
2025 Households
905
17,385
53,017
Percent College Degree or Above
15%
21%
21%
Average Home Value
$330,715
$349,125
$359,953
Sale Advisors
Sale Advisors
Jeffrey D'Amore, Executive Director
Jeffrey D’Amore, SIOR joined Cushman & Wakefield | Pyramid Brokerage Company after holding several executive management positions in finance and business operations. Companies that he has previously worked for represent a variety of industries including legal, insurance, financial services, non-profit, manufacturing, commercial printing, and telecommunications.
As an Executive Director in the firm, Jeff leads the brokerage team and is responsible for expanding Cushman & Wakefield | Pyramid Brokerage Company’s services throughout Upstate New York.
He provides his clients with a wide range of corporate and commercial real estate services in the office, industrial, investment, and retail markets.
PROFESSIONAL AFFILIATIONS
As an Executive Director in the firm, Jeff leads the brokerage team and is responsible for expanding Cushman & Wakefield | Pyramid Brokerage Company’s services throughout Upstate New York.
He provides his clients with a wide range of corporate and commercial real estate services in the office, industrial, investment, and retail markets.
PROFESSIONAL AFFILIATIONS
- Cushman and Wakefield Alliance Member
- Society of Industrial and Office REALTORS (SIOR) Member
- Society of Industrial and Office REALTORS (SIOR) Upstate New York Chapter
- Vice President 2024-2026
- Secretary & Treasurer 2022-2024
- Tenant Advisory Group (TAG) at Cushman and Wakefield
- Financial Services Advisory Group (FSAG) at Cushman and Wakefield
- National Association of REALTORS
- New York State Association of REALTORS
- New York State Commercial Association of REALTORS
Commercial and Industrial Real Estate Brokers, Inc.
Peter Struzzi, President
Peter Struzzi joined Pyramid Brokerage Company in 1998 with 13 years experience in the commercial real estate business. Peter serves as the Real Estate Broker for the Albany Office and is also licensed in Massachusetts.
Peter’s primary focus is in Industrial and Office leasing/sales. To date he has completed over 900 transactions and 30,000,000 square feet of space with a leasing/sales volume of approximately $950,000,000.
Some of Peter’s notable clients include: International Paper, General Electric, Wells Fargo Bank, First Niagara Bank, National Grid, HSBC and UBS.
Peter’s primary focus is in Industrial and Office leasing/sales. To date he has completed over 900 transactions and 30,000,000 square feet of space with a leasing/sales volume of approximately $950,000,000.
Some of Peter’s notable clients include: International Paper, General Electric, Wells Fargo Bank, First Niagara Bank, National Grid, HSBC and UBS.
About the Auction Technology
Auctions by Ten-X are the #1 transaction technology powering commercial real estate transactions online. With over $34B in total transactions, these auctions use best-in-class technology and real-time asset intelligence to put listings in the best position to find the perfect buyer. The expedited auction timeline, comprehensive due diligence, and buyer qualification make transactions twice as fast and twice as certain for brokers, owners, and investors.
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Auction Contact
Molly Patten
Contact
Auctioneer License:
Ten-X, Inc. Vibhav Kapila RE Brkr 10991231490
Contacts
-
Jeffrey D'Amore -
Peter Struzzi -
Cushman and Wakefield/Pyramid Brokerage Company
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Videos
Matterport 3D Exterior
Matterport 3D Tours
Photos
Street View
Street
Map
3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000
Maximum Transaction Fee
$300,000
Example Calculation
Winning Bid Amount
$5,000,000
Transaction Fee
$150,000 (3%)
Total Purchase Price
$5,150,000
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Turnkey Investment Fully Lease by State Gov | 10B Airline Dr
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