RUSSO AND FORSGATE WIN BID TO PURCHASE 718 ACRES IN THE MEADOWLANDS
RUSSO AND FORSGATE WIN BID TO PURCHASE
718 ACRES IN THE MEADOWLANDS
Bergen County’s development icons team up to take on the Kingsland redevelopment challenge
LYNDHURST, NJ (June 30, 2015) – After a lengthy qualification process, the New Jersey Sports and Exposition Authority accepted a bid for $42.5 million from Russo Development of Carlstadt and Forsgate Industrial Partners of Teterboro to purchase and redevelop the 718 acres of remediated landfills in the Meadowlands known as the Kingsland site.
Both firms are headquartered within miles of the property and have extensive remediation and development experience in the region. Known for superior construction, high standards, innovative vision, and an elite group of tenants in their industrial buildings – the companies’ reputations speak to their ability to develop best-in-class environments, attract quality firms to the area, and improve the region’s economy.
Forsgate has constructed facilities for Revlon, L’Oreal, Nestle, Dassault Aviation, and numerous other “Fortune 50” companies and continues to learn best practices from their clientele that are employed in each of their new developments. Forsgate achieved LEED Silver certification for the distribution facility that they built for Coca-Cola. The facility utilized an innovative daylight strategy, featuring an interior fully lit by natural light throughout the workday. The energy saved by the performance systems in the building is the equivalent of the annual energy used by almost 1,300 cars or 500 homes, according to U.S. EPA calculations.
Russo Development has built numerous facilities throughout the Meadowlands for companies including Pantone, Macy’s, JP Morgan Chase, and Coach Leather and has also been a key player in many of the region’s recent real estate success stories. In one of the first redevelopment projects completed in the Meadowlands District, Russo remediated a former municipal landfill in Kearny and constructed a Class “A” flex industrial park completed in 2007 that it leased to the Pepsi Bottling Group. . Russo has completed numerous redevelopment projects since then including the transformation of a former industrial facility with 42 areas of concern into a mission critical data center for a leading financial services company, and replacing a 19th century locomotive repair facility in Lyndhurst with 300 luxury apartments.
“Russo is committed to advancing redevelopment in the Meadowlands which has been our home for over four decades,” said Ed Russo, Russo’s chief executive officer. “We have always taken a personal interest in creating high-quality developments on the most challenging sites. This site is the capstone of that initiative and we are very grateful for the opportunity to make it a part of our legacy.”
“Forsgate constructed its first building in the Meadowlands almost 50 years ago,” added Alex Klatskin, FAIA, general partner at Forsgate Industrial Partners. “We are honored to have been chosen to continue our commitment to the environmental and economic ecosystems of the region.”
Russo Development is one of the most active, privately held developers of industrial, data center, and multifamily properties in northern New Jersey. During its 45 year history, it has completed over 60 projects including 8 million square feet of industrial space in the Meadowlands, and it has become one of the largest owners of data center properties in the New York metro area. Russo Development has also completed over $150 million of new multifamily development during the past 12 months and has a multifamily pipeline of over 2,000 units planned for the next 4 years.
Forsgate Industrial Partners is a private real estate developer and investor that owns and manages over 10 million square feet of industrial buildings. Forsgate is committed to building and administering a portfolio of the highest quality and to retaining its unmatched standards throughout its growth. The firm believes that design excellence and quality construction add value at a faster rate than they add cost. It is this approach that has allowed Forsgate to attract the highest caliber tenants and employees to their team.