News, Articles & Events

New tenant taking Plug Power's space at headquarters

Sep 17, 2013 • News & Events
Adam Sichko, Albany Business Review

Workers at Protective Industrial Products silkscreen safety vests - © Donna Abbott-Vlahos

A manufacturer in New York's Capital Region will take over the street-front offices at the headquarters of Plug Power Inc., the Latham, NY fuel-cell maker.

By year's end, Protective Industrial Products will begin its 10-year lease for the offices on Albany Shaker Road, in Latham.

Renovations are ongoing, and Plug Power workers are relocating to buildings in the back of the 34-acre site, which is a mile-and-a-half down the road from Albany International Airport.

Protective Industrial Products, which is 30 years old, makes and distributes safety gear for workers from the waist up--from goggles and gloves to reflective vests and hard-hats. The company is moving from the dead-end of Computer Drive East, off of the busy Wolf Road commercial stretch in Colonie.

The business had moved in there just three years. Since then, the office headcount has doubled, from 30 to 60 people.

"We want to be here in Albany and stay here. But we're flat out of space," says founder and president Joe Milot.

Milot tells me he needs more space to train employees, and for product demos when clients visit, such as the sales team that visited last week from Fastenal Co. (Nasdaq: FAST).

Milot is tripling his own headquarters space, from 11,000 square feet today to 30,000 square feet on the Plug Power site.

It is the latest sign of growth for Milot's business. He has $170 million of annual revenue, and he employs 250 employees worldwide (90 in the Capital Region).

Plug Power sold its headquarters this spring for $4.5 million to NAI Platform, a commercial real estate firm in Albany.

NAI Platform is also listing what now will be the former class-A offices of Protective Industrial Products. The asking price is $1.1 million (leasing is also an option).

Plug Power went public in 1999. Its stock surged immediately (spiking to near $150 a share) as investors anticipated a fuel-cell craze that never materialized.

Plug Power now trades at 60 cents a share. It has slashed its work force over the years and refocused on making fuel cells for forklifts and other off-road industrial vehicles.

Plug Power sold its headquarters to raise capital needed to carry out its business plan.

SOURCE: http://www.bizjournals.com/albany/blog/2013/09/new-tenant-taking-plug-powers-space.html

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