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Renovation complete, Albany building gets major tenant.

For Omni Development Corp., which acquired the 154,000-square-foot office tower at 54 State Street in December, 1989, this lease marks the third major real estate transaction it has successfully concluded with the expanding $25 billion Albany-based company, one of the 40 largest banking institutions in the country.

Approximately a year ago, Key Bank of New York, which had occupied all of 54 State Street, relocated into the new 12-story, 160,000-square-foot Omni Financial Center at 66 south Pearl Street, filling the entire building. Adjacent to 54 State Street, KeyCorp also occupies over 100,000 square feet of space for the office of its chairman and its corporate headquarters at Omni's 14-story, 210,000 square foot executive tower known as One KeyCorp Plaza.

In a major boost to the downtown Albany business district, KeyCorp, the fast growing multi-regional bank holding company, has leased six full floors comprising 94,800 square feet of office space at newly renovated 54 State Street.

The 10-story tower, owned by Omni Development Corp., recently completed a sweeping $10 million privately funded facelift, one of the biggest in the city's history.

The announcement of the long-term leasing transaction for over 60% of the building was made by Omni president Richard D. Zipes, who said that 54 State Street would be renamed Key Trust Tower in honor of the KeyCorp subsidiary that has begun moving in. Key Trust, an investment arm of KeyCorp, manages over $4 billion for personal and institutional customers.
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Title Annotation:54 State Street
Publication:Real Estate Weekly
Article Type:Brief Article
Date:May 6, 1992
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