BLOOMBERG SIGNS LEASE FOR NEW BUILD-TO-SUIT DATA CENTER
The global data, news and analytics firm signs an agreement with Russo Development and Sentinel Data Centers to build a 131,805 square foot data center in Rockland County, NY
ORANGETOWN, NY – May 23, 2013 – (RealEstateRama) — Bloomberg L.P. has signed a lease for a new 131,805 square foot build-to-suit data center facility in Orangetown, NY. The single-tenant turnkey data center is being developed by a joint venture partnership of Russo Development and Sentinel Data Centers, which will retain ownership of the property.
“We are very pleased to welcome Bloomberg to Orangetown,” said Andy Stewart, Supervisor for the Town of Orangetown. “Bloomberg’s decision to locate here shows that Orangetown is back on track and able to work effectively with investors to meet our community’s needs for appropriate commercial development, jobs and a solid tax base.”
Yesterday the Rockland County Industrial Development Agency endorsed Orangetown’s resolution to provide the project with a partial tax abatement package. Bloomberg L.P.’s lease agreement is conditional upon final authorization by the County Executive.
“Bloomberg conducted a long and extensive search to find a location that meets all requirements for our latest data center, and this site in Orangetown checks all the boxes for us,” said Vladimir Kliatchko, Global Head of Research and Development at Bloomberg. “We have partnered with an experienced data center developer in Russo/Sentinel and we are confident they will deliver a first-class facility.”
Harriet Cornell, Chairwoman of the Rockland County Legislature and board member of the Rockland Economic Development Corporation, applauded the announcement. “This is wonderful news for our County and exactly the kind of global firm which is perfect for Orangetown. Bloomberg L.P. looked at over 100 sites in New York and New Jersey before choosing this one. That tells you loud and clear that Orangetown is a prime location for data center development. Congratulations, Orangetown.”
The facility, which will consist of a single-story raised floor environment and infrastructure to provide in excess of 7MW of critical capacity, is planned to come online in the middle of 2014. The property was purchased by Russo Development in 2009 and was pad-ready for vertical construction prior to lease signing.
Having previously partnered on a multi-tenant data center in Somerset, NJ, this project is the second joint venture between Russo Development and Sentinel Data Centers.
“We are pleased to have the opportunity to provide an optimal environment for Bloomberg’s innovative technologies,” said Edward Russo, President and COO of Russo Development. “This site provides ideal access to Manhattan, robust power sources, multiple telecommunication carriers, and opportunities for state and local tax incentives. Additionally the town of Orangetown, led by Supervisor Andy Stewart, has been a great partner throughout this process. The Town stands behind its commitment to economic growth.”
“We are thrilled to be again working with our friends at Russo Development on this fantastic project” adds Josh Rabina, Co-President of Sentinel Data Centers. “The Bloomberg critical facilities team is truly top notch, and we look forward to delivering them a world class turn-key facility in Orangetown.”
Michael J. Pembroke, Senior Vice President of Leasing and Marketing for Russo Development, represented the ownership in the lease.
About Russo Development
Russo Development is one of the most experienced developers of mission critical facilities in the New York Metropolitan Area, which has built and continues to own over 2 million square feet of data center space for clients such as Credit Suisse, NYSE Euronext, JP Morgan Chase, and SunGard Availability Services among others. During its forty (40) year history, it has completed over sixty (60) build-to-suit projects in northern New Jersey. Russo is a fully-integrated real estate and construction firm with in-house site planning, architecture, civil engineering, construction management, general contracting, site excavation, and property management capabilities. 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.
About Sentinel Data Centers
Sentinel Data Centers is a leading owner, developer and operator of multitenant and build-to-suit data centers for large-footprint users. Founded in 2001, Sentinel was an early pioneer in the “wholesale” data center business. Since its inception, Sentinel has developed more than 1.5 million square feet and 120 megawatts of best-in-class data center solutions for a diversity of Fortune 500 enterprises across multiple industries, including financial services, healthcare, technology and biotechnology. Sentinel strives to stay at the forefront of evolving best practices for data center design, development and operation and maintains a flexible and transparent business model that is grounded in customer service.
For more information, please visit www.sentineldatacenters.com.