AMB closes on 50-acre Jersey City site.

AMB Property Corporation, a leading global developer and owner of industrial real estate, announced it has expanded its presence in the New Jersey Port market with the closing of approximately 50 acres of land along Routes 1 and 9 in Jersey City, N.J.

AMB plans to commence development of an 878,000 s/f, cross-docked distribution center in the second half of 2008. The facility, named AMB Pulaski Distribution Center, will be built to LEED[TM] Silver Standard. The U.S. Green Building Council's Leadership in Energy and Environmental Design (LEED[TM]) system is the nationally accepted benchmark for high performance green buildings.

AMB acquired this site, part of a former landfill, from the Roman Catholic Archdiocese of Newark and since 2005 has been working with the archdiocese, as well as the Jersey City council, planning board and redevelopment agency, Waste Management of New Jersey, the NJDEP and USEPA on all approvals to allow construction of this redevelopment

Once completed, the distribution center will serve as a cap over the landfill. Waste Management will cap the adjacent 26 acres of the site to prepare it for future use.

"The landfill has been abandoned for more than 30 years, but with the addition of AMB Pulaski Distribution Center, the area stands to gain up to 500 jobs and up to $1 million in tax ratables for the city. AMB is extremely gratified with the tremendous support and leadership of countless local, statewide and federal agencies that came together to ensure the site of this former landfill will be redeveloped into a source of pride, jobs and tax ratables for the local Jersey City community," said Bo Farkas, vice president of development for AMB's East Region. "The outstanding leadership of Jersey City Mayor Jerramiah Healy, whose vision and commitment inspired all parties to work together, has been instrumental to our development plans for this landmark distribution facility."

Jersey City Mayor Jerramiah T. Healy added, "We are pleased that AMB is one step closer to opening their new warehouse in Jersey City. Once up and running, this facility will bring hundreds of new jobs to Jersey City residents and will add more than $I million a year in taxes to city coffers. This is land that before did not produce taxes or jobs for the city."

As of Dec. 31, 2007, AMB's portfolio in Northern New Jersey/New York totaled approximately 12.7 million square feet of operating and under development facilities.