This active Data Center is a fully leased, purpose-built mission critical data center for one the world’s leading financial communications and information firms. The $840 million-dollar project was designed and built to the tenant’s exact specifications and acts as one of the most important real estate assets in their portfolio and the lifeblood of their business. The project was completed in just over one year and was delivered to the Tenant on budget and on-time in 2014.
The 15 acre, virgin site, within the Orangeburg Corporate Park, was acquired from Verizon Wireless in 2009 and originally zoned for Light Industrial/Office use. The site sat in a secondary market that had been home to large corporations but struggled due to the heavy tax burden and a location away from major trucking thoroughfare. Russo recognized the site’s potential for an alternative use from the beginning. Upon acquiring the site, Russo Development worked tirelessly with the Town of Orangetown to obtain zoning board approval for data center use.
Russo Development along with our joint-venture partner negotiated a 15-year lease with the Tenant and navigated a complex negotiation between the Tenant and Rockland County to receive sales tax incentives that ultimately assisted the Tenant in making this project work financially.
What resulted is a state of the art, ultra-energy efficient, LEED Certified (the first to receive that designation) data center and a driver of a new market segment to the area and enhancement of value to the Township. This project is an excellent example of Russo Development’s ability to work together with a municipality and a tenant to expertly plan, entitle, design and develop.