Agency has potential buyer for office complex
JOHNSTOWN – The Crossroads Incubator Corp., which is trying to sell all its properties, has a potential buyer for the 36,000-square-foot Johnstown Professional Office Complex on East Main Street.
“We have a purchase agreement with a person to buy the building,” Fulton County Center for Regional Growth President and Chief Executive Officer Michael Reese said. “We’ll probably have a closing by the end of the year.”
The CIC – a subsidiary of the CRG – has been trying divest itself of all its properties.
Reese declined to name the potential buyer of the building. He only would identify the potential buyer as “someone from the area.” He said the intended buyer would continue to use the building for its current purpose.
“It would be an office building,” Reese said. “They would use a portion themselves.”
The building is located at 55 E. Main St. It is the former Johnstown Hotel, which was renovated by the CIC for more than $3 million in 1999 into office suites. The building also is the home of the CRG, which is the parent company of the Fulton County Economic Development Corp. in addition to the CIC.
The CRG will “probably move” to another one of the CIC’s locations if the sale is finalized, Reese said.
Fulton County’s economic development agencies have moved several times over the years. They were originally headquartered at the Crossroads Industrial Park on Route 29 in Gloversville for many years, starting in the 1990s, before moving to the Johnstown Professional Office Complex and then to the Crossroads Business Park. They moved back to the Johnstown Professional Office Complex in 2010.
Reese declined to name the price for the building. The CRG advertises for the sale of the building on its website, noting the site has parking for 150 cars. The website also advertises the office complex is “wired for networking throughout entire facility,” has “elevator and two stairwells servicing all four floors, separately metered floors, abundant natural light, great downtown location, and easy access” to the state Thruway.
The Johnstown Professional Office Complex is the former longtime home of Cornell Cooperative Extension Association of Fulton and Montgomery Counties. Besides the CRG, other building occupants include the law offices of attorney Gerard McAuliffe, Hodgson Russ Attorneys, Ariton Transport, Cornerstone Telephone, the Hearing Doctor and Crossroads Counseling.
Reese said the CIC’s intent to sell its properties can be traced to an October 2012 news conference conducted jointly by the CRG and Fulton County government at the County Office Building. At that time, officials said the CRG and its subsidiaries were restructuring and forming a partnership with the county.
Perth Supervisor Greg Fagan, who sits on the CRG board, said today the intent is to dissolve the CIC and EDC. He said the EDC is close to being dissolved, but the CIC is taking a little longer.
The CRG?also is trying to sell the Estee Commons building in Gloversville.
Michael Anich covers Johnstown and Fulton County news. He can be reached at email@example.com.