SCHENECTADY Sunmark Federal Credit Union has left the Lottery Building, leaving the nine-story downtown Schenectady structure with its first vacancy in over a decade.
About two weeks ago, Sunmark relocated its headquarters from the Lottery Building on Broadway to a newly constructed building on Route 7 in Latham. The 46,000-member credit union was founded in 1937 to serve General Electric workers in Schenectady.
Sunmark is now pulling its Schenectady call center workers and clerical staff in Glenville into the Route 7 headquarters built by British American Construction. The expiration of Sunmark’s 10-year lease in Schenectady provided an impetus for the Latham move.
“Everyone’s getting moved in,” said Sunmark spokesman Rich Meddaugh.
The Latham move better positions Sunmark to become a regional credit union by giving it a central location in the Capital Region. Sunmark has scheduled a June 7 grand opening for the headquarters, which will also feature a yet-to-be-opened retail branch.
Sunmark’s move also means downtown Schenectady will be missing dozens of workers until the Omni Development Company leases out the 16,550 square feet the credit union occupied on the Lottery Building’s eighth floor. Sunmark also took up 2,500 square feet on the seventh floor.
“This is our first vacancy in over 10 years in the building,” said Mark Aronowitz, Omni’s vice president of real estate service.
Sunmark’s exit leaves the Lottery Building 89 percent occupied. The credit union was the building’s smallest tenant. Its biggest tenant is the state Division of Lottery, which occupies 120,000 square feet. Other tenants include the state’s Office of Racing and Wagering and Department of Taxation and Finance.
Although some tenants have left the Lottery Building over the last 10 years, their spaces were pre-leased before their departure. One such former tenant is the Schenectady Business Development Corp., Aronowitz said.
Omni will likely subdivide Sunmark’s eighth-floor space. Most of the space previously used by the credit union should be leased within 45 days, said Aronowitz.
The 11-branch Sunmark employs a total 204 workers. Meddaugh would not say how many employees worked at the Lottery Building. When British American announced its plan to construct the Route 7 building, Sunmark said its headquarters there would occupy 44,000 square feet and employ 125.
The $435 million credit union has been looking to expand its reach since 2003, when it dropped its employee charter in favor of a community charter. Sunmark’s membership now covers anyone who lives, works, worships or attends school in Albany, Schenectady, Saratoga, Rensselaer, Montgomery and Schoharie counties.
Sunmark shares its Latham building with two other tenants. The 55,000-square-foot building is an expansion of British American’s Airport Park, the 32-building office park that sits on 350 acres across Route 7. Only 5,000 square feet in Sunmark’s building remain unleased, said British American Vice President of Marketing Spencer Jones.