The Eagle Group is selling two 48,000-foot office buildings at the
corner of Alexander Road and Canal Pointe Boulevard. Behringer
Harvard, an investment company based in Dallas, Texas, is under
contract to buy 600 and 619 Alexander, and the deal might have closed
as this edition was going to press.
Last February Princeton University signed a contract to buy the same
properties but decided that the two buildings did not have enough
vacant space to meet its needs.
Behringer Harvard has publicly registered non-traded real estate
investment trusts and partnerships. Behringer Harvard’s REIT I fund
purchased Woodcrest Corporate Center in Cherry Hill earlier this year.
“The buyers are well capitalized and experienced real estate owners.
While the buildings have been continually upgraded, new ownership can
only be a benefit to the property,” says Bill Barish of Commercial
Property Network. His firm leases the buildings for the Eagle Group,
based on State Street in Trenton and owned by Sidney L. Hofing.
Members of the Eagle Group have an ownership interest in the
buildings. Both the owners and the prospective buyers declined
comment.
The Eagle Group, 928 West State Street, Trenton 08618; 609-392-0092;
fax, 609-393-7257.
Computer Associates Relocating?
The Computer Associates building on Orchard Road is being marketed
again. This time, however, there are strong indications that the 275
employees on Orchard Road may find themselves moving by next summer.
Based on Long Island, the computer software supplier promises to
remain committed to New Jersey and is reportedly considering locations
in the Princeton South market – close to I-95, either in the area of
Franklin Corner Road or the former Bloomberg property in Ewing.
“CA is constantly evaluating its cost structure to ensure it is making
the most effective investment decisions,” says a CA representative.
“CA is exploring the consolidation of offices in New Jersey and
throughout the world as one of many options. CA continues to have a
large presence in the state with more than 400 employees.”
JER Herring Orchard LLC, based in Northern Virginia, bought the
property from CA, and one of the partners is Jamie Herring, former
vice president for real estate for RCN, the telecommunications company
that filed for Chapter 11 bankruptcy in 2004 and subsequently moved to
Virginia. A Princeton native, Herring is a graduate of Johns Hopkins,
Class of 1986, with an MBA from Columbia, and he has worked for Jones
Lang LaSalle.
Herring had been in charge of creating RCN’s corporate campus, a $110
million project on 55 acres on the former Union Camp site on Princeton
Pike (U.S. 1, December 6, 2000). But after the ground had been cleared
– sparing an historic tree, RCN’s stock cratered, and the project was
shelved. Later the property was sold to Bristol-Myers Squibb. In
addition to the Orchard Road property, Herring’s partnership also
bought the land under the Wachovia Bank building at 370 Scotch Road.
Jonathan Meisel of Jones Lang LaSalle is repositioning the 238,000
square-foot 70-acre property on Orchard Road, upgrading the lobby and
common areas, and building a grand new entrance. Priced at $24 per
square foot plus tenant electric, it has a softball field, tennis
courts, a full-service cafeteria, a 32-kilowatt emergency generator,
and two distinct electrical feeds via separate substations.
Meisel says that though the space is divisible to 5,000 square feet,
the whole building is available for a single tenant. If and when he
finds a single tenant, CA would need to move, but until then
presumably CA will get to stay until then. In addition to CA’s 100,000
square feet, Blessing White has nearly 20,000 square feet.
CA (Computer Associates), Route 206 and Orchard Road, Box 8, Princeton
08543-0008; 908-874-9000; fax, 908-874-7307. Thomas Appel, properties
manager. Home page: www.ca.com
SimX Expands
SiMX Corporation, 196 Princeton-Hightstown Road, Suite 12, Princeton
Junction 08550; 609-750-9345; fax, 609-750-9349. Vladimir Bernstein,
software engineer. www.simx.com
In May SiMX corporation moved its headquarters from 510 Route 130 in
East Windsor to Princeton Junction. SiMX provides software services
and products, including web development, reporting, and text data
conversion (U.S 1, September 24, 2003).
One of the co-founders, Vlad Bernstein, had been an engineer with the
Central Heat Energy Institute in Moscow. Working on energy power
plants, he had an idea for software that nearly anyone could use for
complex tasks. Yet he believed he would have little chance of
developing and marketing such a product in Russia, so he emigrated to
the United States, along with Andrei Afanassenkov. Bernstein’s wife,
Olga, is the accountant, and their son, Nikita, is an employee.
“We have released two products, Report Manager and Text Converter,
which facilitate extraction of data from text files and loading them
into a database or a text file. For instance, you could use it to
upload a product listing to a product comparison site such as
Froogle,” says Nikita Bernstein.
“We are still doing a lot of custom development, and out of this
development came these packages that we are bringing to market,” he
says. Among the clients are a major insurance company, financial,
pharmaceutical service firm, and FlashBid.com
J&J’s Pfizer Deal
Johnson & Johnson (JNJ), One Johnson & Johnson Plaza, New Brunswick
08903; 732-524-0400; fax, 732-214-0332. William C. Weldon, chairman &
CEO. Home page: www.jnj.com
Johnson & Johnson has said it will pay $16.6 billion for Pfizer’s
household consumer brands, including Sudafed cold medicine and Visine
eyedrops. J&J bid against GlaxoSmithKline, and according to the Wall
Street Journal, Glaxo could still emerge with another bid.
The move is seen as J&J’s continuing attempt to diversify beyond
prescription drugs. It will fold Pfizer’s division, which had $3.9
billion in sales last year, into its own consumer products line. J&J
has 11,000 employees in central New Jersey. The Pfizer division is
based in Morris Plains and has 1,700 workers.
Management Moves
Prosperity New Jersey, 20 West State Street, Box 820, Trenton
08625-0828; 609-984-4924; fax, 609-984-4920. Adam Pechter, president
and CEO. Home page: www.state.nj.us/prosperity
Adam M. Pechter, named CEO of Prosperity New Jersey by former governor
James McGreevey, hung on through the interim administration until
Governor Jon Corzine took over. Now Pechter has resigned, effective
July 7.
Corzine has not named a replacement head for the three-person
public/private agency that operates under the aegis of the commerce
and economic growth commission. Given the state’s budget crunch, the
future of this agency is in question.
NeoStrata Company Inc., 307 College Road East, Princeton 08540;
609-520-0715; fax, 609-520-0849. Richard H. Wildnauer, president. Home
page: www.NeoStrata.com
Mark D. Steele has been appointed as the first CEO of the 18-year-old,
58-person NeoStrata; Richard Wildnauer remains as president. The
company licenses its patents on alpha-hydroxy acid formulations and
has its own line of skin care products.
Steele majored in marketing and biology at the University of
Connecticut, Class of 1981, and has an MBA from Syracuse. He has
worked for Pfizer and Warner-Lambert and had founded a consulting
firm, Pharma Technology Group.
Journal Register Co. (JRC), 50 West State Street, 12th Floor, Trenton
08608-1298; 609-396-2200; fax, 609-396-2292. Robert M. Jelenic,
chairman and CEO. Home page: www.journalregister.com
After 20 years with the Journal Register, Jean B. Clifton has resigned
as the president and chief operating officer but will receive $2.81
million, which amounts to three years base salary. The company
publishes the Trentonian and two dozen other daily newspapers plus
more than 300 non-daily publications.
Expansions
HealthAtoZ.com, 50 Millstone Road, Windsor Corporate Park, Building
200, First Floor, Suite 160, East Windsor 08520; 609-426-6990; fax,
609-426-6991. Raj Lakhanpal MD FACEP, president. Home page:
www.healthatoz.com
Medical Network Inc. (which does business as HealthAtoZ.com) is
expanding for the fourth time. On June 23 it moved from 1100 Cornwall
Road to Windsor Corporate Park, the same office park as CareGain, with
which it is coordinating services.
HealthAtoZ, a population health management firm, offers customized
Web-based solutions and consulting for hospitals and integrated
delivery networks, health plans, pharmacy benefit managers, employer
groups, and E-pharmacy sites. It focuses on free, personalized health
management programs and medical information.
Its interactive tools include the E-Health Dashboard, a personal page
that tailors the individual delivery of health information, tools and
features according to a profile generated by personal interests and a
health risk appraisal. It also has a private online personal health
record where users can store vital medical information for emergencies
and schedule E-mail reminders about refilling prescriptions,
recommended immunization schedules and check-ups for every family
member.
CareGain, recently acquired by Fiserv, has software that integrates
consumer-directed healthcare accounts. It also incorporates
HealthAtoZ’s health management services.
Deaths
Richard J. Harrison, 62, on June 18 in Sarasota, Florida. He had been
a real estate agent with Doolan Realty in Ewing.
Dennis Treude Jr., 32, on June 21, from injuries sustained when his
lift truck tipped over at a construction site. He worked for Hatzel &
Beuhler, electrical contractors.
John P. Russo Sr., 88, on June 21. He founded the Lawrenceville Home
Improvement Center, currently operated by his sons and grandsons.
