News
RISE OF THE DATA CENTER
January 2, 2010
| Our headline is either the worst Terminator sequel to date, or great news if it's your real estate niche. Russo Development SVP Michael Pembroke tells us data centers are capital intensive, so there’s been a lull in development, but he believes there's pent-up demand that will soon appear. |
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| Russo has built 1.8M SF of data centers in NJ, accounting for 25% of the state’s total. The Carlstadt, NJ-based company veered from its industrial development roots into data centers and multifamily development. Major clients include the New York Stock Exchange, which has a 400k-SF center, and JPMorgan Chase (250k-SF). Jersey is a critical location for these firms, whose centers are within a 50-mile radius of their Manhattan operations. |
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| Michael tells us the firm is about to announce a deal for a national bank’s enterprise data center for this site in Passaic County. On the multifamily side, the developer is currently working on Schuyler Crossing, a 232-unit mixed-use project in Kearny, NJ and Meadow Crossing, a 374-unit project in Lyndhurst, NJ. Michael expects a strong market for them, as there hasn’t been many units delivered over the past few years. |
