Continuing its expansion in the Albany, N.Y., area, First Niagara Financial Group Inc. has acquired a Rensselaer lease-brokerage firm.
Adirondack Leasing Associates Ltd. has brokered more than 20,000 commercial leases throughout eastern New York since its creation in 1983, according to its Web site. Gerald G. Oestreich, its founder, president, and chief executive officer, said Thursday that it would grow more quickly as part of the $5 billion-asset First Niagara than it would have on its own.
The deal closed last week. First Niagara did not say how much it paid.
Mr. Oestreich will continue to run the operation, which was folded into First Niagara's leasing division. Leslie G. Garrity, a First Niagara spokeswoman, said the leasing division does business throughout the country but did not have substantial operations in New York's Capital Region. Adirondack will be "carrying the flag for us," she said.
Before the deal First Niagara, of Lockport, N.Y., originated about $40 million of leases a year, while Adirondack originated $15 million, Ms. Garrity said.
First Niagara entered the Albany area Jan. 16, when it bought the $1.2 billion-asset Troy Financial Corp. In April, First Niagara announced a deal for the $2.6 billion-asset Hudson River Bancorp Inc. That deal is expected to close in January.
