Work is expected to begin in July on the redevelopment of the 115,000-sf 1001 Franklin Ave. and space is expected to be available during the first quarter of 2005. Financing for the purchase was provided by HSBC Bank. Renovation work will include lobby and exterior façade work as well as turning the site into an environmentally engineered one. Specific work will include energy-efficient HVAC systems, the use of no or low-volatile organic compound materials and an advanced air filtration system. The building features 39,000-sf floor plates. Albanese constructed the country's first green residential tower, the Solaire in Manhattan's Battery Park City, which made its debut last year.

"This building will be especially attractive to businesses concerned with the health and productivity of their staffs," Albanese EVP Russell Matthews points out. The 42,000-sf 1140 Franklin lists Talbot's and Astoria Federal Savings on its tenant roster. Approximately 3,250 sf of office space and 9,500 sf of retail space is available.

The acquisitions are the most recent additions to the privately held Albanese's holdings in the village's commercial sector. The company already owns 1050, where it is headquartered, as well as 1010 Franklin. In addition, it is a joint venture partner with Castagna in 1122, 1055, 870 and 833-875 Franklin Ave.