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Fidelity Investments opening first retail center in Albany area, moving into old Borders on Wolf Road

COLONIE — Fidelity Investments will open its first retail center in the Albany, New York, region inside the former Borders store on Wolf Road in Colonie.

The 5,000-square-foot Fidelity office will be the first tenant in the newly renovated building at 59 Wolf Road, according to the property owner, The Picotte Cos. of Albany.

Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of $3.6 trillion, including managed assets of $1.6 trillion, as of July 31.

The office will provide financial services to customers on a walk-in and appointment basis. It’s unclear how many people will work there or when it will open.

The 30,000-square-foot building has been returned to its original mix of first-floor retail and second-floor office space, said Nancy E. Carey Cassidy, executive vice president and chief operating officer at The Picotte Cos.

“We are extremely pleased that Fidelity Investments will be bringing new services to the Capital Region and this is a perfect location on Wolf Road to do so,” Cassidy said. “As the economy continues to recover, adding new retail space at this location makes perfect sense.”

Picotte is in talks with another national chain and two food sellers for the remaining space.

The two-story building was constructed in 1986 next to Colonie Center and leased entirely to Borders Books and Music from October 1993 to September 2008.

The building has been mostly empty since Borders closed, other than being leased temporarily by Stickley furniture for an inventory clearance sale.

Borders, which filed for bankruptcy protection this year, closed the last of its remaining stores in the region this week in Clifton Park and at Crossgates Mall.

The Picotte Cos. made a number of renovations to the Wolf Road building, mostly to save energy. They include installing a white roof, an insulated entry and foyer glazing system, new heating, ventilation and air conditioning for each rental unit, and energy management systems.

Other investments include: upgraded landscaping, asphalt parking lots and canopies along the window line.

The Picotte Cos. owns and manages more than 3 million square feet of office space in Albany, Colonie and Schenectady.

SOURCE: The Business Review

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