Bloomberg-RDC 8 is a fully leased, purpose-built mission-critical data center that supports one of 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 (1) year and was delivered to the Tenant on budget and on-time in 2014.
The fifteen (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 an interior location away from major trucking thoroughfares. Russo recognized the site’s potential for 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 fifteen-year lease with the Tenant and navigated a complex negotiation between the project team ( Developer and Tenant) and Rockland County to receive tax incentives that ultimately assisted the Tenant in making this project work financially. With total project expenditures upwards of $900 million dollars, the Rockland IDA director said at the time that made this project the largest private-sector project in Rockland County history. Russo work tirelessly with the Tenant and the County to structure a mutually beneficial set of incentives that included substantial sales tax exceptions, payment in lieu of taxes (PILOT) and a partial mortgage recording tax exemption.
What resulted is a state of the art, ultra-energy-efficient, LEED Certified (the first NY data center 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 hypercritical, purpose-built facility is an excellent example of our team’s ability to work together with a municipality and a Fortune 100 Tenant to expertly plan, entitle, design, and develop.
For more information, please do not hesitate to call Russo Development at 201-487-5657 for additional details on how the project was initiated, developed, designed, built, and continues to flourish.