Once an aging industrial structure, this newly renovated warehouse in Schenectady, New York, is set to catalyze economic growth by bringing the area about 80 new jobs thanks to a major lease from a utilities contractor.
Initially constructed in 1943 and renovated in 2024, this 126,000-square-foot building last sold in 2023 to its current owner, IronHorn Enterprises. It is now back on the market following a lease signed by nationwide contractor Utility Partners of America to occupy 60,000 square feet in the space for three years. The deal was among those recognized by a team of local market professionals who awarded it a CoStar Impact Award.
Utility Partners of America plans to use its space at 606 7th St. to support a contract with the electric company National Grid, replacing and upgrading electrical meters for customers in Upstate New York.
About the Lease: The direct lease was signed in the fourth quarter of 2023 with move-in scheduled for June 2024.
What the Judges Said: The judges cited the project's impact for involving a partnership between Utility Partners of America and National Grid focused on updating and replacing electrical meters and enhance sustainable energy solutions for Upstate New York National Grid customers. The judges also cited the challenge in finding a suitable space in the market offering a combination of showroom and warehouse space.
They Made it Happen: Joseph Lauro of IronHorn Enterprises.