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Published in U.S. 1 Newspaper on July 26, 2000. All rights
Big at University Square: Reckson
Princeton’s biggest current construction project, a
316,000-foot five-story granite building at University Square, is
expected to break ground by the end of August. The Reckson Associates
Realty Corp. building will face Route 1 but be accessible from
"It’s the best location and best construction of any product in
the marketplace in last 10 years," vows Jeffrey Schotz of the
Short Hills office of Reckson, a real estate investment trust (REIT)
(E-mail: email@example.com). Trading on the New York Stock Exchange
as RA, it is based in Melville,
Long Island, and owns 23 office buildings with 2.5 million square
feet in New Jersey. "This is the only new construction we
at this time, other than pre-lease opportunities. We feel that this
product and marketplace is the right combination."
Most of the current construction in this area, Schotz points out,
is for smaller requirements. For instance, the Commons (developed
by SJP Properties for 7/9 Roszel Road with lead tenant Merrill Lynch)
has a similar amount of space — 300,000 feet — but it is
between a three-story and a five-story building.
All of the parking will be on grade — none in garages — and
the access will be from Alexander Road. There will be a fitness
center, cafeteria, teleconferencing facilities, and all of the
technology requirements. Current University Square tenants, such as
Princeton Softech, Deloitte & Touche, and Therics, are a short walk
away from the new construction and will be invited to use these
This speculative development is a joint project with Matrix
which retains an interest in the three current buildings as well as
in the land, and Reckson as general partner and managing partner.
Reckson’s staff of 25 architects, plus those from the Cannon Group,
did the drawings.
Thanks to a design with one long swooping curve plus triangular
this building will have no fewer than 12 corner offices per floor.
Nearly 2,000 job cuts were announced at Merrill Lynch
on Tuesday, July 18, and they were made across the board — senior
and junior people. But the deepest cuts were among technology
professionals and headquarters support staff. No jobs will be lost
among brokers or those working in retail brokerages, and construction
on the new Hopewell campus has not been affected. The layoffs are
supposed to save $150 million.
"The Hopewell campus remains on the same schedule with the first
wave of employees slated to move in this fall," says Merrill Lynch
spokesperson Joe Cohen. "The job reallocation that is under way
is fairly narrow and we expect to have, at the end of year 2000,
the same number or more employees in New Jersey that we had at the
start of the year." The company has from 3,800 to 4,000 employees
in Central Jersey (www.merrill-lynch.ml.com).
Cohen says Merrill Lynch plans to cut a total of 1,800 jobs, many
at the Scudders Mill Road headquarters and at various sites on College
Road, but also from offices in Somerset, Denver, and Jacksonville.
Of that number, only 900 are supposed to be direct layoff. Some 500
will be through attrition, and 400 by dismissing contract and
consultant positions. "The firm is continuing to grow. In areas
other than where jobs
are being cut, there is hiring underway," says Cohen.
Why the company would cut back on IT workers when everyone else is
hiring for IT skills can be explained, says the head of a company
that supplies computer technology workers to Merrill Lynch, by Merrill
Lynch’s haste to move to online trading. Much work had to be done
in a short time, and when the basics were completed, programs
Finally the brokers said their customers didn’t need any more bells
and whistles, such as fancy financial planning alternatives, they
just needed to do trades quickly and inexpensively.
So on the one hand, IT workers are no longer needed. On the other
hand, technology has made some jobs obsolete, so administrative
are also being cut.
"Merrill is cutting at the time nobody else is," says one
insider, who attributes the cuts to a "new broom sweeps clean"
strategy employed by E. Stanley O’Neal, the new president of the
client group. Ironically, Merrill Lynch has just posted a quarterly
earnings gain of 34 percent and planned a 2-for-1 stock split
"Some senior level people who have been around a long time are
in shock," says the vendor. "They want people like us to sell
commitment and loyalty, and then they lay off 2,000 people."
Building 1B, Lawrenceville 08648. David W. Carroll. 609-896-4222;
fax, 609-896-9023. Home page: www.pmclaw.com.
Parker McCay & Criscuolo, headquartered in Marlton, has supplanted
Carroll, Weiss & Josephson, a Lawrenceville firm which handled
law and labor negotiations. The merger has made Parker McCay one of
New Jersey’s largest resources for school district legal
and one of the largest law firms in central New Jersey, with more
than 60 attorneys.
Parker McCay has represented a variety of school districts throughout
the firm’s 85-year history. This is the second merger for the law
firm in the past year. In August it merged with Barron & Gillespie,
a prominent firm in Moorestown. In addition to school district
Parker McCay focuses on public finance, corporate law, and municipal
representation. The firm also represents clients on public finance,
banking, real estate, land use, healthcare, creditors’ rights, and
employment issues. It also has another branch office in Cherry Hill.
Road, Trenton 08619. Dennis M. Marconi, partner. 609-584-1444;
Dennis M. Marconi has joined the law office of Mario L. Barnaba. The
new firm, known as Barnaba & Marconi LLP, also has an office at 1040
North Kings Highway in Cherry Hill. The firm does certified civil
trial work — personal injury, municipal court, and also real
Suite C-11, Princeton 08540. 609-924-4080; fax, 609-924-4123.
Vaurio has opened an office at Princeton Professional Park.
Due to an editing error, the July 19 story on New Jersey Analytical
Laboratories had two incorrect acronyms. NJAL is the name of the
company, and an additive found in gasoline is known as MTBE, or methyl
a head operating room nurse at St. Francis Medical Center.
manager at Town and Country Animal Hospital in Rocky Hill.
custodian at the West Windsor-Plainsboro Regional Schools, South
House Motel/Coach & Four Restaurant in Hightstown and was a consultant
for Schroeder Architects.
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