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Albany College of Pharmacy spends $3M to buy former Bender Lab building
25-Jul-2008: Albany College of Pharmacy has purchased the former Bender Laboratory building that it had leased from the Renaissance Corp. for the past five years.
The college paid $3 million for the 10,000-square-foot structure off New Scotland Avenue in Albany, N.Y. known as the Biosciences Research Building.
The deal closed June 27.
The Renaissance Corp. acquired the building in 2002 and the college began leasing it in July 2003, according to Eileen French, senior manager for the nonprofit corporation founded by philanthropist Marty Silverman. He died in 2006.
"Mr. Silverman saw the lab facility as the perfect compliment to the [campus] community," French said.
The former Bender Lab building was not part of the University Heights Association that used money from Silverman in the mid-1990s to buy buildings that house parts of Albany Law School, the pharmacy college, The Sage Colleges, and Albany Medical College.
The law school and pharmacy school have since purchased some of the land from University Heights.
Albany College of Pharmacy now owns eight buildings, according to college staff.
The college declined to say how it financed the purchase of the lab building or how much it had paid in rent.
When Albany College of Pharmacy began using the former Bender Lab building it housed its Pharmaceutical Research Institute, which has moved to Rensselaer County.
The college now uses the Biosciences Research Building for labs, classrooms, research facilities and faculty offices.
The Renaissance Corp. still owns two nearby buildings, the 429-bed College Suites student housing building and the New Scotland Avenue Armory.