TOTOWA, NJ-Russo Development has reached the steel-up phase of its 50 Madison Rd. warehouse/flex building here. The Hackensack-based company had started initial construction in late 2007 after picking up a $10.8-million construction loan from Principal Global Investors. Russo bought the 6.5-acre former Hoffman-La Roche site earlier in 2007 and quickly rolled out plans for the spec project.

And Russo has hired CB Richard Ellis to find tenants for the 126,160-sf asset. Specifically, the firm’s Thomas Mallaney, first vice president and senior associate Carrie Brown are handling the assignment. The building is currently listed as divisible to 10,227 sf, with the asking rent “negotiable.”

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