MAHWAH, NJ-There may be little prospect of major new spec office development in the current market in New Jersey, but if you mix in a big dose of flex and industrial space, it might just work. And Russo Development LLC is doing just that. The Hackensack-based company has all of its approvals in place and is set to start construction of the first building in its 315,790-sf Brookline Corporate Center on MacArthur Boulevard here.

The two-building business complex will provide a combination of flex and industrial space, according to Mike Pembroke, vice president of leasing and marketing for Russo Development. For occupancy, the company is targeting a range of users, everything from office, to research and development, high-tech, distribution and light manufacturing.

Russo has also signed up the Schultz Organization/TCN Worldwide of Woodbridge as exclusive leasing agent for the first building, which is expected to be under construction shortly. That first building will be the smaller of the two, totaling some 82,350 sf. The larger 233,440-sf building will follow, based on market demand, according to Pembroke.

And he’s optimistic about the prospects for the initial building: “We expect it to be fully leased prior to completion.” Located at 1600 and 1700 MacArthur Blvd., the two buildings will be available in their entirety, or they can be divisible to 11,000 sf, according to Pembroke. Both will include 32-foot ceiling heights and state-of-the-art systems, including telecom. The site itself is located near the junction of Interstates 78 and 287 and Route 17 here.

Russo has established a speculative development track record in Northern New Jersey, managing to carry that program through the market’s recent softness in the Garden State. The company has also been aggressively acquiring new value-added redevelopment opportunities and developable land throughout the region.

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