Russo Development - Dedicated to providing high quality buildings to each and every one of our clients

RUSSO DEVELOPMENT HONORED WITH HUMANITARIAN AWARD

Selena Quintal | 201.487.5657 | squintal@russodevelopment.com

CARLSTADT, NJ, June 8, 2010 — On June 2, Edward and Lawrence Russo, Jr. of Russo Development were honored by the American Conference on Diversity with its highly coveted Humanitarian Award. The American Conference on Diversity chapters recognize local individuals, companies and organizations for reflecting the American Conference on Diversity mission to value diversity, educate leaders and promote respect. This highly respected award was presented at the Annual Commercial Real Estate Luncheon, held at the Mayfair Farms in West Orange, New Jersey.

“Edward and Lawrence Russo, Jr. have not only built a successful business but also created a climate within their work to value the larger community. It was our pleasure to recognize them as Humanitarians of the Year at our Annual Commercial Real Estate Luncheon. Their personal support and leadership are appreciated and representative of how NJ businesses can value all aspects of community life in our state” said Diane P. Schwartz, president and CEO, American Conference on Diversity.

“We are humbled to be bestowed with this distinguished award from American Conference on Diversity,” said Ed Russo, president and COO of Russo Development. “It is a true honor to receive the Humanitarian of the Year award and be supported by our peers in the real estate industry.

Through many corporate sponsorships and donations, over $125,000 was raised for the charitable organization. Major sponsors included Advance Realty, Dillion Steel Corporation, Sentinel Data Centers, Richard Harries, CB Richard Ellis, Jones Lang LaSalle, Elberon Development Co., Beldon Tri-State Building Materials, Cushman & Wakefield of New Jersey, The Garibaldi Group, Howard Properties, Ltd., Borst Landscape & Design, Cassidy Turley, Unity Electric LLC, McCarter & English LLP and Mack-Cali Realty to name a few.

Russo Development is a designer, builder and owner of commercial, residential and mission-critical properties throughout the New York metropolitan area. It has developed over 70 commercial projects since 1969, including over 1.7 million square feet of datacenter space since 2000. The company is one of the most successful niche development companies in the marketplace. Russo ensures quality construction and management of its properties through its experienced staff and in-house capabilities including site layouts, architectural design, leasing, permitting, general contracting, and site excavation.

For more information, contact Russo Development, LLC’s Carlstadt, New Jersey office at 201-487-5657 or visit www.russodevelopment.com.

06.02.2009

Media Contact: Selena K. Quintal Russo Development PR
201.487.5657 | squintal@russodevelopment.com

FOR IMMEDIATE RELEASE

RUSSO DEVELOPMENT, LLC

RUSSO DEVELOPMENT NAMES SELENA K. QUINTAL
AS DIRECTOR OF MARKETING

DESPITE THE ECONOMY RUSSO CONTINUES TO GROW IN-HOUSE TEAM OF PROFESSIONALS

HACKENSACK, NJ, June 2, 2009 - Russo Development has announced the appointment of Selena Quintal as Director of Marketing. In this role, Ms. Quintal will manage the Company�s overall advertising and marketing strategy, full production cycle of marketing collateral as well as composing and distribution of all public relations efforts. Selena will also support leasing and sales activities including tenant and broker relations and property tours with prospective customers.
"We are very pleased to have Selena join Russo Development," stated Michael Pembroke, senior vice president of leasing and marketing. "Her commercial real estate background and her broad based marketing experience will be a significant attribute to the growth of our company."
Prior to joining Russo Development, she spent two (2) years at Wyndham Worldwide managing the promotional marketing strategies and execution for the Wyndham RewardsSM program � the hotel�s travel loyalty program. In 2007, Selena played an integral role in a national marketing campaign for the launch of Wyndham Rewards formerly Trip Rewards. Before that, she worked for five (5) years at NAI James E. Hanson Commercial Real Estate in Hackensack, New Jersey.

Quintal is a native of the Midwest and a graduate of Indiana State University, where she majored in english. Selena lends support to the New Jersey Coalition for Battered Women (NJCBW). She and her husband reside in Morristown.

Russo Development is a leading designer, builder, and owner of Class A commercial, residential and mission critical properties throughout the New York Metropolitan Area. It has developed over sixty (60) commercial projects since 1969, including over 1.4 million square feet of data center space since 2000. The company has earned a reputation for well-planned, highly functional developments that are distinguished by its emphasis on quality and detail, outstanding property management and tenant relations services. Russo Development utilizes a highly successful development program to consistently meet market demand and is aggressively acquiring redevelopment opportunities and developable land throughout the region.

For more information, contact Russo Development, LLC's Hackensack, New Jersey office at 201-487-5657 or visit www.russodevelopment.com.

# # #

03.09.2009

MARCH 9, 2009 - Russo Development, LLC and Cervalis, LLC have announced a long-term lease for a new, 148,191 square foot data center facility in northern New Jersey. The facility will have over 50,000 square feet of data center area with the balance of the space used for support equipment, disaster recovery and general offices. This lease represents Cervalis' first facility in New Jersey, giving the company a full-service presence in New York, New Jersey and Connecticut. With this new location, Cervalis now occupies more than 280,000 square feet of space for its data centers and disaster recovery centers in the tri-state area. The facility will be Russo Development's sixth data center increasing their portfolio of mission critical facilities in New Jersey to over 1.4 million square feet.

"Russo Development has provided us with an excellent platform from which we can create a data center and work recovery center to Cervalis' exacting specifications" said Chief Executive Officer, Michael Boccardi. "With our experience constructing our New York and Connecticut facilities, we can fit out this new facility as a state of the art center to serve clients in New Jersey as well as offering our clients complete production and backup facilities throughout the tri-state region."

Craig Zurick, senior vice president of the Garibaldi Group, represented Cervalis, LLC in collaboration with Howard E. Greenberg, president of Howard Properties, Ltd. of White Plains, New York. "We were proud to represent Cervalis in this transaction and feel that this property will give them flexibility to grow, while also benefiting the surrounding area" said Mr. Zurick. Russo Development was represented in house by Michael Pembroke, senior vice president of leasing and marketing, and by Thomas Mallaney and Carrie Brown of CB Richard Ellis, Inc.

About Cervalis, LLC
Cervalis is a premier provider of IT infrastructure solutions including business continuity, rapid recovery, managed hosting, managed security, managed storage, networking and telecommunications and co-location. The company's skilled professionals, world-class facilities and outstanding customer support provide its clients with a secure IT environment that ensures business resilience.

About Russo Development, LLC
Russo Development is a leading designer, builder, and owner of Class A commercial, residential and mission critical properties throughout the New York Metropolitan Area. It has developed over sixty (60) commercial projects since 1969, including over 1.4 million square feet of data center space since 2000. The company has earned a reputation for well-planned, highly functional developments that are distinguished by its emphasis on quality and detail, outstanding property management and tenant relations services as well as competitive pricing. Russo Development utilizes a highly successful development program to consistently meet market demand and is aggressively acquiring redevelopment opportunities and developable land throughout the region. For more information, please contact Russo Development at 201-487-5657 or visit www.russodevelopment.com.

02.26.2009

If you go to the corner of Schuyler and Bergen Avenue where the enclosed redevelopment grounds are leveled except for a flagpole, look closely and you will find the significance of it being the last remaining artifact of a bygone era.

On the concrete base there is a beautifully patinated brass plague that was cast with the names of men who lost their lives during WWII. It was created when the site belonged to the Navy and was called Pollak Manufacturing Company. The memorial honors their employees who died overseas.

Look even closer at the seventh entree on the left side column. You will see the name Eugene Hallenbeck. He was a Kearny resident and his brother John took a stand for its continued existence.

Because of John Hallenbeck's quick action, Ed Russo, owner of Russo Development, will save the plaque for display.

"During demolition of the existing building, we were careful to preserve the existing WWII memorial on the northwest corner of the property," Russo said. "This important monument will be prominently placed in a landscaped area at the entrance to the property following completion of our redevelopment project."

Around three months ago, when Hollenbeck, 71, read a story in The Observer when the Town of Kearny first resolved to allow Russo to demolish the old Silver and Gold warehouse, he went down to the Town Hall annex where the Construction Code Enforcement department is to "ask some questions about it."

Construction Board of Appeals Secretary Christine acknowledged that Hallenbeck came to her when he heard about the building being demolished to inquire if there was something that could be done to preserve it.

"There are 28 names on the plaque of all the men who were killed in action and my brother's name is on it," Hallenbeck said. "So I wanted to know before anybody knocked it down, or took it away or did anything with it."

He talked to Nee and told her the story about the plaque and asked her to give it to him or he could give it to the Kearny VFW (Wilson Gugleman Post 1302 on Belgrove Drive.)

"I made a few phone calls and got in touch with the in house attorney for Russo development," Nee said.

The attorney said would take the ball from there and make sure that nothing happened to it.

"That's exactly what they did. They protected it during the demolition but they have yet applied to the board for any type of construction permit. I felt for this man and was happy to help him," she said. Russo was happy to help Hallensbeck and someone called to let him know about it.

"A woman called (from Russo) and guaranteed me that nothing would happen to the plaque, it wouldn't disappear and wouldn't be destroyed but she said, ?I can't give it to you because it's privately owned ? when we brought the property, we brought the plaque,'" he said. "She turned around and there it is. They've got it roped off so nobody can touch it."

Hallenbeck said that people have been commenting on the flagpole still standing but he said they don't really know why it's there.

"I want to thank Russo Development because they kept their word. I can't believe that I'm the only one in Kearny that had a brother killed in WWII that worked there. Nobody else has gone down there to claim this thing or say anything about it," he said. "I tried taking a picture myself but it's so hard because of the fence and there were still bushes in front of it at the time."

Of course, one of the perks of being a reporter is that you usually have access to these places, especially if you've written a favorable story about them (See the cover story of the Jan. 14 issue of The Observer.) I called Selena Quintal, Russo Director of Marketing, and we went down to the site where Schuyler and Bergen Avenue meet on the morning of Feb. 18 and took quite a few photos of the historic plaque. The detail and legibility are outstanding, especially since it was cast on a curve to fit the base of the flagpole.

Nee said she hopes that Russo re-dedicates the plaque in some way when they construction of the retail units in progress is completed.

"That would be nice," she said. "When I saw the yellow caution tape around the monument, I was really happy - it was a sweet thing."

back to in the News

02.17.2009

Proposed residences and retail development in the works
HACKENSACK, NJ, FEBRUARY 17, 2009 - Russo Development LLC a full service, private developer and owner of commercial and residential real estate, announces their acquisition of a vacant 190,000 square foot warehouse in Kearny which is planned for a new mixed-use redevelopment.

The 7.5-acre site is located in the heart of Kearny at the intersection of Schuyler and Bergen avenues and is in close proximity to New York City, Newark, and Harrison. Last month, the existing industrial facility was demolished to make way for Schuyler Crossing, a new development of 232 multi-family apartments and 20,000 square feet of retail space. Site improvements are currently underway and vertical construction of the proposed buildings is scheduled to begin in mid-2009.

"The property's location and mixed-use redevelopment potential made it a natural fit for our company," says Omer Ahmed, vice president of acquisitions for Russo Development. "We are aggressively acquiring redevelopment opportunities throughout northern New Jersey for a variety of uses." President and Chief Operating Officer Edward Russo, adds "We are excited to begin another redevelopment project within the Town of Kearny." Russo recently completed Saw Mill Park, a 400,000 square foot industrial redevelopment project in Town, which is fully leased to the Pepsi Bottling Group and HD Smith Wholesale Drug Company.

Russo Development is one of the most active developers in New Jersey. It is a leading designer, builder, and owner of Class A industrial, data center and residential properties that has developed over sixty (60) first-class projects since 1969. The company has earned a reputation for well-planned, highly functional developments that are distinguished by its emphasis on quality and detail, outstanding property management and tenant relations services as well as competitive pricing. Russo Development utilizes a highly successful development program to consistently meet market demand and is aggressively acquiring new value-added, redevelopment facilities and developable land throughout the region.

02.02.2009

Company Continues to Grow In-House Team of Professionals

HACKENSACK, NJ, February 2, 2009 - Russo Development has announced the appointment of Jo Ann DiGiacomo as vice president of property management. In this role, Ms. DiGiacomo will be responsible for managing Russo's 3.0 million square-foot portfolio of industrial and office properties in northern New Jersey. Additionally, Jo Ann will oversee property operations, direct construction management, facilitate marketing/leasing programs and develop and implement tenant retention programs.

"Jo Ann brings over 12 years of proven commercial real estate experience to Russo Development and is a true expert in her field," stated Michael Pembroke, senior vice president of leasing and marketing. "Jo Ann's appointment reflects the continued growth of Russo Development, and our ability to attract and recruit talented professionals in the industry. Her extensive experience and proven expertise in property management will be a tremendous asset to our company and tenants."

Prior to joining Russo, Jo Ann DiGiacomo worked for Mack-Cali Realty Corp as director of property management located in Paramus, where she managed a 1.1-million-square-foot portfolio of owner-managed and third-party fee managed industrial, commercial and mixed-use properties throughout northern New Jersey. She is a member of BOMA New Jersey. Jo Ann received her Bachelor Associates in Political Science from Montclair State University in Upper Montclair. She also holds a New Jersey Salesperson license. Ms. DiGiacomo resides in Bergen County with her husband and their four year old daughter.

Russo Development is one of New Jersey's most active and successful industrial developers with a particular niche in high quality flex and back office development in northern New Jersey. Since 1969, Russo Development, a leading designer, builder, owner and manager of Class A office and industrial properties in northern New Jersey has developed over fifty (50) first-class facilities. The Company has earned a reputation for well-planned, highly functional developments that are distinguished by its emphasis on quality and detail, outstanding property management and tenant relations services as well as competitive pricing. Russo Development utilizes a highly successful development program to consistently meet market demand and is aggressively acquiring new value-added, redevelopment facilities and developable land throughout the region.

01.01.2009

HACKENSACK, NJ, JANUARY 01, 2009 - Russo Development has announced the addition of Doug Bartels, P.E. as vice president of development. Doug is primarily responsible for overseeing all land use entitlements, development planning and permitting efforts while coordinating field issues with Russo's on-site construction managers. He is also heavily involved in the feasibility research and due diligence efforts for Russo's potential acquisitions working closely with Russo's in-house architecture team and consultants. "Doug's has over ten (10) years of design and engineering experience along with a diverse background in commercial, residential and industrial developments making him a key player for Russo Development," stated Michael Pembroke, senior vice president of leasing and marketing. "Our executive staff takes a personal interest in recruiting highly talented professionals to be a part of the Russo Development team. With Doug's dynamic experience and wealth of knowledge in the industry he is a tremendous asset to our company. "Prior to joining Russo, he worked for nine (9) years with Birdsall/LGA Engineering in Belmar and Lakewood, New Jersey. Doug also served as president of the Ocean County Society of Professional Engineers during the 2007-2008 term. He is a licensed professional engineer in the State of New Jersey, having received his Bachelors of Science degree in civil engineering and a minor in management. Doug lives in Toms River with his wife who is expecting their first child in March.Russo Development is one of New Jersey's most active and successful industrial developers with a particular niche in high quality flex and back office development in northern New Jersey. Since 1969, Russo Development, a leading designer, builder, owner and manager of Class A office and industrial properties in northern New Jersey has developed over fifty (50) first-class facilities. The Company has earned a reputation for well-planned, highly functional developments that are distinguished by its emphasis on quality and detail, outstanding property management and tenant relations services as well as competitive pricing. Russo Development utilizes a highly successful development program to consistently meet market demand and is aggressively acquiring new value-added, redevelopment facilities and developable land throughout the region.

06.01.2008

When the Town of Kearny and the New Jersey Meadowlands Commission looked to redevelop un-used industrial sites, both entities agreed upon a 25-acre parcel of land that had been a municipal landfill in the 1940s and 1950s and then had been subject to years of illegal dumping. Russo Development of Hackensack purchased the property in 2003 and remediated the site, which contained PCB and various impervious surfaces, including pavement and building foundations. From the ashes of this dumpsite, the Saw Mill Park was born.

The plan then was to develop Class A industrial buildings on the site. When Russo Development presented the idea of attracting the Pepsi Bottling Group, Kearny helped the developer with infrastructure improvements, such as reconstructing the Belleville Turnpike. The town also vacated a right-of-way for Russo so that the company could connect two parcels of land to accommodate the needed 11 acres for the facility. The Meadowlands Commission was instrumental with zoning assistance and other project components.

Russo began constructing the 135,398-square-foot facility in January 2007. A ribbon-cutting ceremony was held in October for the $20-million site. Pepsi moved into the facility with 150 jobs (125 full-time and 25 part-time). The project is the first step in redeveloping former industrial sites into hubs of economic activity in Kearny.

01.25.2008

KEARNY, N.J. (JANUARY 25, 2008) - Russo Development, LLC, one of New Jersey's leading developers, hosted a ribbon cutting ceremony at its Saw Mill Park development in Kearny. The ceremony celebrated the completion of a 211,000-square-foot distribution center for H .D. Smith, the country's fourth largest national pharmaceutical wholesaler, and a 135,398-square-foot warehouse/distribution center for The Pepsi Bottling Group, the world's largest manufacturer, seller and distributor of Pepsi-Cola beverages. Saw Mill Park, formerly a brownfield site remediated by Russo, marks the first completed redevelopment project in Kearny as well as within The New Jersey Meadowlands Commission district.

"We are very pleased to celebrate the completion of The Pepsi Bottling Group's and H.D. Smith's build-to-suit warehouse/distribution centers at Saw Mill Park," stated Ed Russo, president and COO of Russo Development. "Russo Development purchased the land for Saw Mill Park in 2003, and subsequently fully remediated this site bringing new blue-chip tenants to the Town of Kearny. We look forward to continuing to attract high quality tenants that will benefit the local community of Kearny, bringing new jobs, rateables and economic investment to the region and to the entire state."

Mayor Alberto G. Santos of Kearny added, "The town of Kearny is separated into distinct residential and commercial zones, making it an excellent place to live and work. Known for its Urban Enterprise Zone and Strategic Redevelopment Plan, Kearny is rich in national and international companies. We congratulate Russo Development on this milestone achievement and are proud to welcome The Pepsi Bottling Group, as well as H. D. Smith, to our community and look forward to them contributing to the ongoing growth of Kearny."

The Pepsi Bottling Group's 135,398-square-foot facility was designed by Russo Development's in-house architect/design department while complying with Pepsi's guideline specifications. Russo Development also fully developed the facility with its in-house construction management team. This facility directly serves customers in the Northern New Jersey market.

H. D. Smith's 211,000-square-foot facility serves as its New York Metro regional warehousing and distribution center. To accommodate the company's rigorous security needs, including sophisticated systems to track and safeguard pharmaceuticals as they travel from manufacturer to neighborhood pharmacy, the building is outfitted with the highest level of automation capabilities and is one of the most technologically advanced distribution facilities ever built in New Jersey.

Saw Mill Park is located in the Belleville Turnpike Redevelopment Area and an Urban Enterprise Zone. Few programs have proven more enduring and successful than the New Jersey Commerce & Economic Growth Commission's nationally acclaimed Urban Enterprise Zone (UEZ) Program. Russo's Saw Mill Park project is Kearny's first major redevelopment venture in the designated area in terms of overall size and location. Saw Mill Park is ideally situated approximately three miles from exit 15W on the New Jersey Turnpike. Newark Liberty International Airport, Port Newark and access to Manhattan via the Holland and Lincoln Tunnels are all in close proximity.

08.01.2008

First-Class Flex Building totals over 65,000 SF

CARLSTADT, N.J. (AUGUST 01, 2008) - Russo Development, LLC, one of New Jersey's leading developers, recently announced 570 Commerce Boulevard, an65,040-square-foot flex building, will be available for lease in its entirety..? Located in Russo Business Campus, this facility offers a tenant a rare full-building headquarters opportunity in the desirable Carlstadt industrial marketplace.

Michael Pembroke, senior vice president ? leasing and marketing of Russo Development, will be marketing this space in-house.

"570 Commerce Boulevard offers a unique opportunity for tenants looking for a full-building location within the desirable Carlstadt marketplace," stated Michael Pembroke.? "Carlstadt is recognized as a top tier industrial market based on its proximity to New York as well as access to an outstanding highway network including direct access to the New Jersey Turnpike.? We anticipate strong demand for this exceptional quality space."

570 Commerce Boulevard is comprised of 4,262 square feet of office space and 60,778 square feet of warehouse space.? It features a 22" clear ceiling height, 48'x48' bays, eight exterior truck docks and 93 parking spaces.? Located within Russo Business Campus, the building is on 3.3 acres and located in close proximity to the New Jersey Turnpike, Lincoln Tunnel and Routes 3 and 17, as well as Interstate 80.

About Russo Development

Russo Development is one of New Jersey's most active and successful industrial developers, with a particular niche in high quality, flex and back office development in northern New Jersey.? Since 1969, Russo Development, a leading designer, builder, owner and manager of Class A office and industrial properties in northern New Jersey, has developed over 50 first-class facilities. The Company has earned a reputation for well-planned, highly functional developments that are distinguished by its emphasis on quality and detail, outstanding property management and tenant relations services, as well as competitive pricing.? Russo Development utilizes a highly successful development program to consistently meet market demand, and is aggressively acquiring new value-added, redevelopment facilities and developable land throughout the region.? For more information, contact Russo Development's Hackensack, New Jersey, office at 201-487-5657 or visit www.russodevelopment.com.

08.04.2008

HACKENSACK, N.J. AUGUST 04, 2008 - Russo Development, LLC, one of New Jersey's leading developers, recently appointed Jessica Gyuris, Esq. as associate general counsel. In this capacity, Jessica provides ongoing legal services for Russo Development, LLC and its affiliates entities in all aspects of their business including, acquisitions, leasing, financing, and management of tenanted properties.

"We are very pleased to welcome Jessica to our company," stated Edward Russo, president and COO of Russo Development. "Russo Development is committed to continually investing in our internal infrastructure to ensure we maintain a high level of personnel excellence."

Prior to joining Russo Development, Jessica served as a law clerk to the Honorable Francine A. Schott, J.S.C. of the New Jersey Superior Court in Essex County. She also worked at Merck & Co., Inc. as a staff engineer.

Jessica Gyuris holds a Juris Doctor degree from Seton Hall University School of Law, a Masters of Science in Occupational Health and Safety Engineering from the New Jersey Institute of Technology and a Bachelor of Science in Environmental Science with a Soil and Water Concentration from Rutgers University. Jessica is admitted to the New Jersey State Bar and the United States District Court for the District of New Jersey. She is a member of the American Bar Association, the New Jersey Bar Association and the Bergen County Bar Association.

About Russo Development
Russo Development is one of New Jersey's most active and successful industrial developers, with a particular niche in high quality, flex and back office development in northern New Jersey. Since 1969, Russo Development, a leading designer, builder, owner and manager of Class A office and industrial properties in northern New Jersey, has developed over 50 first-class facilities. The Company has earned a reputation for well-planned, highly functional developments that are distinguished by its emphasis on quality and detail, outstanding property management and tenant relations services, as well as competitive pricing. Russo Development utilizes a highly successful development program to consistently meet market demand, and is aggressively acquiring new value-added, redevelopment facilities and developable land throughout the region. For more information, contact Russo Development's Hackensack, New Jersey, office at 201-487-5657 or visit www.russodevelopment.com.

06.22.2007

NEWARK, N.J. (JUNE 22, 2007) - On May 16th, Russo Development was honored by the New Jersey Chapter of the National Association of Industrial and Office Properties (NJ-NAIOP) with its highly coveted Impact Award. The NJ-NAIOP Impact Award recognizes real estate developers that have had a significant impact on the New Jersey commercial and industrial real estate industry. This prestigious award was presented at the 20th Annual Commercial Real Estate Awards Gala, held at the New Jersey Performing Arts Center in Newark, New Jersey.

"NJ-NAIOP is truly honored to have someone of Ed Russo's caliber on our Board of Directors; he is clearly an emerging leader. Ed and his firm, Russo Development, represent the best in the industry and we are proud to have them as one of this year's Impact Award winners," said Mike McGuinness, executive director, NJ-NAIOP.

"We are honored to be bestowed with this distinguished award from NJ-NAIOP," said Ed Russo, president and COO of Russo Development. "It is a true honor to receive this award from our peers in the real estate industry. For more than 35 years, Russo Development has been dedicated to maintaining the highest standards of integrity, excellence and professionalism and this award is a validation of the extraordinary efforts of our entire organization."

Russo Development is one of New Jersey's most active development companies. Known as a leading designer, builder, owner and manager of Class A office and industrial properties in Northern New Jersey, the company expanded into new markets this past year, including Morris and Passaic Counties. The company has a zero percent vacancy throughout its portfolio and has averaged less than two percent in the last five years.

In 2006, Russo completed a 135,398-square-foot build-to-suit lease with Pepsi Bottling Group, LLC. This facility will be one of Pepsi Bottling Group's largest distribution facilities in North America, and will directly serve customers in the Northern New Jersey region. This facility is located within Russo Development's Saw Mill Park in Kearny, New Jersey. Once a contaminated brownfield site that Russo fully remediated, Saw Mill Park is now home to prominent tenants such as Pepsi Bottling Group and H.D. Smith, the largest privately held, national full-service wholesale distributor of pharmaceuticals, over-the-counter and seasonal merchandise, who leased 211,000 square feet at this site.

02.08.2007

CARLSTADT, N.J. (FEBRUARY 8, 2007) - Russo Development, LLC, recently completed a 129,625-square-foot lease on behalf of Global Document Solutions at 800 Central Boulevard, a 180,868-square-foot office and warehouse facility within the Russo Business Campus in Carlstadt, New Jersey. Global Document Solutions plans to use 106,065 square feet of warehouse space to laser print and mail high volume documents both on paper and electronically, as well as 23,560 square feet for office space.

Michael J. Pembroke, senior vice president ? leasing and marketing, Russo Development, served as in-house leasing agent. Global Document Solutions was also represented in-house.

"We are pleased to welcome Global Document Solutions to this Class A industrial facility that would allow for both warehouse storage and office space," stated Pembroke. "One of the cornerstones to our success at Russo Development is our commitment to bringing our tenants the highest-quality, state-of-the-art facilities for their business needs. Russo Business Campus provides this space solution and will give Global Document Solutions the ability to perform its business functions more effectively and efficiently."

03.06.2007

CARLSTADT, N.J. (MARCH 6, 2007) - Russo Development, LLC, announced plans to embark on a significant capital improvement program at Russo Business Campus, a 1.6 million-square-foot office and industrial park in Carlstadt, New Jersey. The repositioning program calls for upgraded landscaping, new stone paver sidewalks, new exterior lighting and upgrades to the paved parking areas, which will include Belgian block curbs throughout and stone walls around landscaped islands.

When completed, these improvements will perfectly complement additional improvements made to the campus in 2003, which included new paver picnic areas with tables and repaved roadways.

"At Russo Development, we are constantly aiming to stay ahead of the curve, and maintain the highest quality facilities for our tenants-new and existing," stated Michael Pembroke, senior vice president of leasing and marketing, Russo Development. "We take great pride in the buildings we develop and we are fortunate that our tenants do the same. We are constantly reinvesting in all of our properties as we are long-term stakeholders striving to provide premium product to the marketplace. This facility sits in a prime location in the Meadowlands, making it a great destination for companies looking for a corporate image. This new repositioning will benefit new and existing tenants."

Built by Russo Development in the early 1980s, Russo Business Campus encompasses nine buildings and is convenient to Routes 17 and 46, as well as the New Jersey Turnpike. Existing tenants include Wachovia, JP Morgan Chase, Coach and SunGard Availability Services. In Spring 2007, 136,000 square feet will be available for lease.

03.01.2007

NEW YORK, NY (MARCH 1, 2007) - Global Document Solutions (GDS), a leading supplier of integrated business communications and document processing services, today announced the opening of a 130,000-square-foot state-of-the-art document processing facility in Carlstadt, New Jersey. The new space houses expansive creative, print and mailing operations as well as a high-speed data center that links Carlstadt to the company's two other processing facilities in San Francisco and New York City.

From the new facility, GDS provides customers in industries such as financial services, high technology manufacturing, insurance, advertising and the public sector a range of integrated solutions. GDS services include the creation, production, digital and conventional printing, fulfillment, and electronic delivery of customized communications. The new Carlstadt facility will increase GDS' production capacity by 50 percent.

"The addition of the Carlstadt facility and its high-speed central networking system allows us to provide seamless, consistent service from every GDS location and will help our customers get their mission-critical documents to market even faster," said Mark Goodstadt, Chairman and CEO, Global Document Solutions. "This move is an exciting step forward for our company and it positions us well to meet the ever changing needs of our diverse customer base."

The completely secure operation features an uninterruptible power supply and built-in business continuity. It will house 250 employees within the production facility and office space.

Located at 800 Central Boulevard in Carlstadt, New Jersey, the property was leased through Russo Development, LLC, a leading designer, builder, owner and manager of Class A office and industrial properties in Northern New Jersey.

01.30.2007

KEARNY, N.J. (JANUARY 30, 2007) - Russo Development, LLC, one of New Jersey's leading developers, recently signed its second world-class tenant, Pepsi Bottling Group, LLC, to a 135,398-square-foot, build-to-suit lease at its Saw Mill Park development in Kearny, New Jersey. Once a contaminated brownfield site that Russo fully remediated, Saw Mill Park is now home to not only Pepsi Bottling Group, but also H.D. Smith, the largest privately held, national full-service wholesale distributor of pharmaceuticals, OTCs, and seasonal merchandise.

The 135,398-square-foot facility will be one of Pepsi Bottling Group's largest distribution facilities in North America, and it will directly serve customers in the Northern New Jersey region. Russo broke ground in January 2007 and expects to open the facility by the end of the year. The project was designed by Russo Development's in-house architect/design department while complying with Pepsi's guideline specifications. Russo Development will also fully develop the facility with its in-house construction management team.

"In seeking a new site for our Northern New Jersey distribution facility, Russo Development brought Saw Mill Park and Kearny to our attention and they were an ideal match for our location requirements," said Anthony Pessolano, vice president and general manager of Pepsi Bottling Group. "The 11 acre site and building footprint surpassed operational requirements, while the location provided outstanding access to New Jersey highways, simplifying our delivery efforts."

Ed Russo, president and CEO of Russo Development, added, "Pepsi Bottling Group's decision to move to Saw Mill Park is a true testament to the town of Kearny, Saw Mill Park and the New Jersey Meadowlands Commission, which oversees development in the Kearny area. Since redeveloping this site, we've secured two blue-chip tenants with build-to-suit lease buildings. Russo Development and Kearny are attracting high quality tenants that will benefit from the outstanding amenities of Kearny, while also adding jobs and economic growth to the State."

Mayor Alberto G. Santos of Kearny, New Jersey, added, "The town of Kearny is separated into distinct residential and commercial zones, making it an excellent place to live and work. Known for its Urban Enterprise Zone and Strategic Redevelopment Plan, Kearny is rich in national and international companies. We are very pleased to welcome Pepsi Bottling Group, as well as H.D. Smith, to our town and look forward to them contributing to the ongoing growth of Kearny."

In this build-to-suit lease, Michael J. Pembroke, senior vice president of leasing and marketing, represented Russo Development in-house, and Alan Peterson, principal of Choyce-Peterson, represented Pepsi Bottling Group. Jamie Weiss of J. Weiss Realty was also involved in this transaction.

Saw Mill Park is located in the Belleville Turnpike Redevelopment Area and an Urban Enterprise Zone. Few programs have proven more enduring and successful than the New Jersey Commerce & Economic Growth Commission's nationally acclaimed Urban Enterprise Zone (UEZ) Program. Russo's Saw Mill Park project is Kearny's first major redevelopment venture in the designated area in terms of overall size and location. Saw Mill Park is ideally situated approximately three miles from exit 15W on the New Jersey Turnpike. Newark Liberty International Airport, Port Newark and access to Manhattan via the Holland and Lincoln Tunnels are all in close proximity.

01.29.2007

TOTOWA, N.J. (January 29, 2007) - Russo Development, a leading designer, builder, owner and manager of Class A office and industrial properties in New Jersey, is expanding its portfolio into Passaic County with the acquisition of the former Hoffman-La Roche site at 50 Madison Road in Totowa, New Jersey. Russo Development anticipates building approximately 120,000 square feet of warehouse and office space on the six-acre site.

"While firmly entrenched in the Meadowlands area, Russo Development has been actively seeking sites in Northern and Western New Jersey in order to grow and expand our property portfolio throughout the state," said Ed Russo, president and CEO of Russo Development. "This acquisition is a great example of the company's plan to aggressively acquire redevelopment facilities and developable land in the region."

Omer Ahmed, vice president of acquisitions for Russo Development, added, "This site's location, size and approximate 18-month delivery time, coupled with its ideal location directly off I-80, make it an outstanding site for companies looking to expand their warehousing needs or for ones needing to relocate operations. We expect to begin redevelopment in the spring of 2007."

12.04.2006

HACKENSACK, N.J. (DECEMBER 4, 2006) - Russo Development is expanding its market penetration into Morris County New Jersey with the recent acquisition of a 45-acre land parcel in Rockaway, New Jersey. The Company, whose portfolio consists of mostly Class A, flex properties in Bergen County, is continuing to expand its presence in New Jersey.

"We are pleased to announce the acquisition of this well located land parcel in Rockaway," stated Omer Ahmed, vice president of acquisitions, Russo Development. "Russo Development is targeting new acquisitions, both land parcels and existing facilities, throughout the state, and this acquisition is an ideal entry into the desirable Morris County marketplace."

Cal East, a joint venture between LaSalle Investment Management and CALPERS (the California Public Employees' Retirement System), was the seller of this land parcel. Jeff Rosenberg of Grubb & Ellis represented Cal East in this transaction.

12.13.2006

MOONACHIE, N.J. (DECEMBER 13, 2006) - Russo Development, LLC recently completed a 34,253-square-foot lease at 115 Moonachie Avenue, a 168,800-square-foot warehouse and office facility in Moonachie, New Jersey on behalf of Recall Total Information Management, Inc.

Michael J. Pembroke, senior vice president ? leasing and marketing, Russo Development, represented the landlord, Jim Bob Taylor, principal, and Mitchell Katz, vice president, Trammell Crow Company, represented the tenant in this transaction.

"We are pleased to welcome Recall to 115 Moonachie Avenue," stated Michael Pembroke. "This transaction reflects the continued demand for high quality office and warehouse facilities located in prime locations like the Meadowlands."

115 Moonachie Avenue is a 168,8000-square-foot office/ware house building located in New Jersey's Meadowlands marketplace. This facility features eight exterior trucking docks and parking for up to 80 cars, lush landscaping and a corporate fa?ade that is the hallmark of all of Russo Development properties. 115 Moonachie Avenue is in close proximity to Exit 16 of the New Jersey Turnpike, as well ss the Lincoln Tunnel, Routes 3, 17 and 46 and Interstate 80.

Recall Total Information Management, Inc. is leasing 32,039 square feet of warehouse and 2,214 square feet of office space, where they plan to use the facility for general services associated with record storage and archiving, record management and document destruction.

11.16.2006

HACKENSACK, NJ (NOVEMBER 16, 2006) - Russo Development, a leading designer, builder, owner and manager of Class A office and industrial properties in northern New Jersey, has adopted a new business strategy which will help the company achieve its goal to aggressively grow its presence and marketshare in New Jersey, as well as within eastern Pennsylvania and New York.

Since 1969, Russo Development has had a strong reputation as a leading industrial building owner and developer in New Jersey. Russo's new acquisition criteria calls for the acquisition of vacant land, existing buildings suitable for complete or partial redevelopment, and existing flex industrial buildings in the industrial, retail, residential, office and mixed-use property sectors from 10 acres to 250+ acres.

Additionally, the company plans to expand its target markets from northern New Jersey to opportunistic areas in New Jersey, New York, Connecticut, Pennsylvania, Delaware and Maryland, with a strong focus on specific sub-markets such as central New Jersey, eastern Pennsylvania, and Orange, Rockland and Westchester counties in New York.

With the new strategy, Russo will also be looking for deals in the $3 million to $50 million range with a preferred deal structure of all cash transactions with a short due-diligence period for existing buildings and all-cash transactions with a short development approval period for vacant land.

Russo has additionally appointed Omer Ahmed, a seasoned executive, as its new vice president of acquisitions to oversee and implement this new acquisition program.

Prior to joining Russo Development, Mr. Ahmed spent seven years at Accenture, Inc., a global management consulting firm that specializes in delivering innovation and high-performance business solutions, where he was an executive in the management consulting division specifically focused on quantitative, qualitative, and technological optimization.

Ed Russo, president and COO of Russo Development, commented, "Russo is perfectly positioned to implement this new acquisition strategy, and with the help of Omer and our entire team, we plan to make this new vision a reality. We will continue to aggressively pursue new land and existing facility opportunities to ensure a constant pipeline exists in order to meet the market demand for build-to-suit space."

11.15.2006

HACKENSACK, NJ (NOVEMBER 15, 2006) - Russo Development, a leading designer, builder, owner and manager of Class A office and industrial properties in northern New Jersey, announced that Lawrence Russo, Jr., chairman and CEO, and Russo Development were recently honored by the Northern New Jersey Council of the Boy Scouts of America with the 2006 Construction ? Real Estate Good Scout Award.

Russo Development was chosen for the Construction?Real Estate Good Scout Award for its dedication to the community and various contributions to The Boy Scouts of America. Edward Russo, president and COO of Russo Development, currently serves as an executive board member for the Northern New Jersey council and has been an active fundraiser during the past few years.

"It is a great honor to be to be saluted by the Northern New Jersey Boy Scouts of America," stated Lawrence Russo, Jr. "The Boy Scouts is an outstanding organization which provides valuable leadership and life-lessons for our youths. At Russo Development, we feel that successful businesses have a responsibility to give back to the community by helping it flourish and prosper. Being involved with the Boy Scouts has allowed us to achieve that objective. We look forward to working together for many more years."

The reception honoring Lawrence Russo, Jr. and Russo Development was held on November 9, 2006, at the Meadowlands Sheraton in East Rutherford, New Jersey. Over $80,000 was raised from the reception with all proceeds going directly to the "At Risk" youth program called Scout Reach, as well as the other programs of the Boy Scouts of America, where more than 37,000 young people are afforded the character building opportunities that scouting provides.

11.08.2006

HACKENSACK, NJ (NOVEMBER 8, 2006) - Russo Development has announced the appointment of Omer Ahmed as vice president of acquisitions. In his new role, Ahmed is responsible for leading the company's new property and land acquisition initiative. This position is essential for Russo to meet its strategic goal of increasing its presence in northern New Jersey, as well as expanding its target market to opportunistic areas in New Jersey, New York, Connecticut, Pennsylvania, Delaware and Maryland.

"Omer will be integral in helping Russo Development strengthen its portfolio in New Jersey," stated Ed Russo, president and COO, Russo Development, "by identifying, developing and managing a variety of properties with a special emphasis on underutilized, blighted, and environmentally-challenged sites."

Prior to joining Russo Development, Ahmed spent seven years at Accenture, Inc., serving as an executive in the management consulting division, specializing in quantitative, qualitative and technological optimization.

Ahmed is a member of the National Association of Office and Industrial Properties (NAIOP) and the Urban Land Institute (ULI). He earned his bachelor's degree with honors from Lafayette College in economics and business.

05.29.2006

CARLSTADT, NJ, May 29, 2006 - Russo Development, LLC recently signed a long-term lease for 27,117 square feet with Marble Systems at 620 Washington Avenue in Carlstadt, New Jersey. Marble Systems is the nation's largest resource company for natural stone products.

Andrew Somple, SIOR, senior vice president, NAI James E. Hanson, represented Marble systems in this transaction.

"We are pleased to have signed this lease with Marble Systems and welcome them to 620 Washington Avenue," commented Michael Pembroke, Russo Development's Senior Vice President of Leasing and Marketing. "This transaction not only reflects the desirability of the Meadowlands industrial marketplace, but Russo Development's consistent ability to produce some of the highest-quality warehousing and distribution solutions in prime locations."

620 Washington Avenue is a 44,282 square-foot, stand-alone office/warehouse building located in New Jersey's Meadowlands marketplace. The Class A facility also offers 5,988 square feet of office space.

Russo Development is currently embarked on a significant capital improvement program at 620 Washington Avenue, which will include the installation of a new EPDM roofing system, new mechanical equipment, new loading dock equipment, new warehouse lighting and new office finishes. This facility features six exterior truck docks, and 44 car parking spaces with lush landscaping and a corporate fa?ade that is the hallmark of all Russo properties. 620 Washington Avenue is in close proximity to Exit 16 on the New Jersey Turnpike, Lincoln Tunnel and Routes 3 and 17, as well as I-80.

05.04.2006

HACKENSACK, NJ, May 4, 2006 - Russo Development has announced the appointment of Barbara E. Heitzman as vice president of property management. In this new role, Ms. Heitzman will be responsible for managing Russo's 2.5 million square-foot portfolio of industrial properties in northern New Jersey. Additionally, Barbara will oversee day-to-day property operations, direct construction management, facilitate marketing/leasing programs and develop and implement tenant retention programs.

"Barbara brings over 25 years of proven commercial real estate experience to Russo Development and is a true expert in her field," stated Michael Pembroke, senior vice president of leasing and marketing. "Barbara's appointment reflects the continued growth of Russo Development, and our ability to attract and retain the highest caliber professionals in the industry. Her extensive experience and proven expertise in property management will be a tremendous asset to our company and tenants."

Prior to joining Russo, Barbara Heitzman was senior vice president of asset management for Alexander Summer LLC in Paramus, New Jersey, (now CRESA Partners) where she managed a 2.5-million-square-foot portfolio of owner-managed and third-party fee managed industrial, commercial and mixed-use properties located in northern New Jersey. She is a member of BOMA New Jersey and previously served as president of BOMA Westchester. She also attained her RPA designation and has her New York Salesperson license. She currently resides in Pomona, New York.

04.17.2006

HACKENSACK, NJ, APRIL 17, 2006 - Russo Development LLC has announced the appointment of Jerry Del Fierro, R.A., as project architect. In this capacity, Mr. Del Fierro will join the Company's talented team of in-house architects to spearhead the design of all of its new construction projects.

Jerry Del Fierro has over 11 years of experience working for prestigious architects including Michael Graves & Associates and Cesar Pelli & Associates. In his previous role as project architect with Perkins & Will in New York City, he managed the design and production of multi-level projects. Jerry is an expert in designing complex healthcare facilities, monumental civic buildings and award-winning commercial/high-rise buildings, as well as a myriad of other building types.

"Jerry brings an extensive architectural background to Russo Development and we are excited to welcome him to our team," stated Michael Pembroke, senior vice president of leasing and marketing. "His expertise in implementing the highest quality projects will be an asset to our rapidly growing organization. Jerry's design skills, coupled with his extraordinary professionalism, will be a direct benefit to our tenants as we continue to develop Class A buildings throughout the state."

Jerry Del Fierro holds degrees in architecture and art/art history from Rice University in Houston, Texas. In addition, he serves on The James Monroe Condominium Board of Directors in Jersey City, New Jersey. He currently resides in Jersey City, New Jersey.

02.22.2006

HACKENSACK, NJ, FEBRUARY 22, 2006 Coming off the heels of a very successful year in 2005, Russo Development, LLC has plans to continue its aggressive growth in the marketplace in the New Year. The Company is targeting new acquisitions throughout the state, and significantly expanding its geographical market penetration. In addition, Russo is actively hiring new personnel to complement its talented team of professionals at the company.

We are looking forward to a very exciting 2006, commented Michael Pembroke, senior vice president of leasing and marketing. This year we plan to aggressively expand outside of our traditional marketplace in northern New Jersey to broaden our pipeline in order to meet the growing market demand for build-to-suit space. At Russo Development, we are well positioned to increase our presence and our portfolio throughout the state.

In 2005, Russo recorded one of the largest industrial leases signed in Northern New Jersey during the last several years, with the H.D. Smith lease for 211,000 square feet of office/warehouse space in Phase I of Saw Mill Park in Kearny, New Jersey. Russo Development has the ability to build up to an additional 275,000 square feet on the remaining 16 acres at the site.

Additionally in 2005, Russo maintained an extraordinary low vacancy rate of less than one percent throughout its entire portfolio. Over the past two years Russo's vacancy rate has remained at less than two percent. These figures demonstrate the long-term relationships that Russo maintains with all of its tenants, in addition to its commitment to maintaining the highest standards of quality and integrity.

Additionally, this past year, Russo Development continued development of Brookline Corporate Center, a new flex/industrial park in Mahwah, New Jersey. This new campus is Russo's latest development endeavor in northern New Jersey, and when completed, Brookline Corporate Center will span a total of 315,790 square feet within two Class A industrial buildings at 1600 and 1700 MacArthur Boulevard.

01.01.2006

HACKENSACK, NJ, JANUARY 23, 2006 - Russo Development has announced the appointment of Jon Warbeck as construction project manager. Mr. Warbeck joins Russo Development with 20 years of experience in the real estate industry. In this new role, his responsibilities will include managing various aspects of the Company's construction projects including establishing project objectives and policies, monitoring construction and financial activities, preparing estimates and maintaining the safe and efficient completion of all construction.

"Jon brings a keen knowledge of construction and land development to Russo Development," stated Michael Pembroke, senior vice president of leasing and marketing. "His passion and commitment to quality construction and development will be a significant assets to our company. Jon's appointment continues Russo Development's aggressive hiring which reflects the growth of our industrial development pipeline in New Jersey."

Prior to joining Russo, Jon Warbeck was president of Design Building and Development in Riverdale, New Jersey, where he completed construction and approvals for several land development deals including a five-lot sub division in Montville and The Wayne Medical Building. His certifications include OSHA, Hazmat Operational, Emergency Medical Technician, and State of New Jersey firefighter. Jon is a graduate of New Jersey Institute of Technology and currently resides in Lincoln Park, New Jersey.