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No. 7: Ed Russo

Commercial Real Estate Power 50

Edward Russo

As president and chief executive officer of Russo Development, Russo is regarded by his peers as a top developer in all of the asset classes in which he and his firm are involved. Whether data centers, industrial, multifamily or mixed-use, Russo is known to deliver high-quality projects throughout Northern New Jersey. He has transformed the business his father founded in 1969 into one of the state’s most active development companies.

Russo has carved his own path, too. While his family developed industrial projects, he and his firm have delivered 3,000 residential units in Harrison, Union, Garfield and Kearny. Projects completed under his tenure include over 2 million square feet of mission critical space for clients includ-ing JP Morgan Chase, NYSE Euronext, Credit Suisse, and Bloomberg. He has also overseen the development of built-to-suit industrial facilities for clients including the Pepsi Bottling Group, Macy’s, and HD Smith.

Most recently, Russo was selected to develop the 718-acre Kingsland Meadowlands site spanning Lyndhurst, Rutherford and North Arlington. Plans include up to six buildings with the ability to deliver a single building totaling more than 1,200,000 square feet in an industrial/warehouse sub-market that is nearly fully occupied and rarely offers floorplates of more than 250,000 square feet.

In addition, the firm is working on the latest addition to a residential portfolio focusing on the conversion of former industrial sites into residential communities. The former site of The Record at 150 River St. in Hackensack is Russo Development’s first opportunity zone investment. The part-nership among Russo Development, The Hampshire Cos. and the Borg Family’s Fourth Edition Inc. will redevelop the 19.78-acre site into 650 apart-ments and 18,000 square feet of retail. (The Borg family once owned The Record.)

Russo has served on the Foundation board of Hackensack University Medical Center and is an active member of business trade organizations in-cluding NAIOP, ULI, the Meadowlands Chamber of Commerce, New Jersey Builders Association and the New Jersey Chamber of Commerce.

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