Russo Development and PGIM Real Estate Joint Venture Closes Former TD Bank Offices in Mahwah

Russo Development and PGIM plan to build a 200,000 SF Class A warehouse facility on the site of the former TD Bank headquarters at 1000 MacArthur Boulevard in Mower, New Jersey, with the logistics and distribution industry demanding more space in New Jersey. corresponded to

Russo Development COO Michael Pembroke said: “By demolishing obsolete office buildings and replacing them with modern flex/distribution facilities, we provide solutions that promote employment.

The new development will provide much-needed additional efficient distribution space to meet the growing demand for e-commerce in one of the state’s most densely populated areas. Surrounded by a dynamic highway network and close to New York City, 1000 MacArthur serves the needs of an area that has seen little new development in the last two decades.

“We are very pleased to be investing in our second project within the township of
Mahwah has successfully navigated the approval process for a municipal plan that is consistent with the needs of businesses committed to locating in the area,” continues Pembroke. “PGIM has been a very supportive partner throughout the process and we look forward to partnering with them on this first institutional joint venture in Class A industrial development.”

The existing office structure was completely demolished and the development team
We are in the process of completing the construction pad and setting up an underground detention center and will be pouring the foundation before moving to vertical construction in the coming weeks. The development schedule tracks a move-in date of Spring 2023.

Bill Waxman, Tom Tucci,
Christine Eberle and Jeff Volpi will represent the team in their efforts to secure credible long-term tenants.

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