ORANGETOWN, NY-Timing is everything.
That old chestnut is ringing true in the offices of Russo Development these days, as its promise for quick delivery was a key factor in it winning the bid to develop a Bloomberg LP data center here, which is now underway. The 131,000-square-foot building, for which the Rockland Industrial Development Agency granted approval for a package of incentives earlier this week. The lease was signed recently; Michael Pembroke, svp of leasing and marketing for Russo, represented the ownership in the transaction.
Though its early days in the project, the developer is planning to have a steel-topping out ceremony in just two weeks, Lisa Sikora, director of marketing, tells GlobeSt.com.
“We started development and construction on the project while we were in lease negotiations with Bloomberg LP, which is why the frame is almost done,” she says. “It is unusual for us, but the company had a timeline to move in that required us to start and we had been talking to the brokers for a while, so we had a good comfort level with them.” Also helping to move the project along was the fact that Russo purchased the land where the building will sit back in 2009 and it already had site approval, Sikora notes.
The project is the first of its kind for Russo, she continues, in terms of it being a full, turnkey operation that Russo—in a joint venture with Sentinel Data Centers—is building from the ground up. Previously, the company only has constructed the “core shell” of data centers, Sikora notes. It partnered with Sentinel to bring in expertise on a multi-tenant data center, Russo specializes in such facilities for single tenants, Sikora adds. The two firms worked together once before, on a multi-tenant data center in Somerset, NJ.
As for Bloomberg, the company found a good location for its new data center, which is slated to open next spring, says Sikora. “The site has excellent infrastructure for a data center, with great fiber connections, abundant water supply, and it is in close proximity to New York City—where the company is headquartered—yet far enough away that it allows Bloomberg to spread its data out.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
