Corrections or additions?
Published in U.S. 1 Newspaper on January
19, 2000. All rights reserved.
Life in the Fast Lane: Commercial Real Estate
A real estate investment trust has quietly sold the
Hillier-designed building occupied by Berlitz International at 400
Alexander Road. Mack-Cali Realty (https://www.mack-cali.com) had bought
the property for $4.2 million in 1995 and sold it for $9.2 million
($129 per square foot). It declined to reveal the private buyer’s
name. Mack-Cali is headquartered in Cranford and also owns 5 Vaughn
Drive, Horizon Center, 103 Carnegie Center, and 3 Independence Way.
In another big transaction, Manhattan Management, a family-owned real
estate company based on Staten Island, increased its Princeton-area
holdings with the purchase of 100 Canal Pointe from Harry Brener,
who heads Brener Capital on State Road, and his brother Andrew J.
Brener, president of Coppermine Development Corporation, a division
of Harden Development Corporation.
The Breners had bought the building in 1995 for $6 million from a
group that included Alan Landis (builder of the Carnegie Center and
MarketFair) and Sidney Kuchin, then owner of Suburban Transit (U.S.
1, October 4, 1995).
On December 22 Manhattan Management bought the 65,519-foot building
for $7.6 million or about $116 per square foot. The official name
will be Office Center at MarketFair, says Elaine Berke of Manhattan
Management, and with market rates of $23 and $24 per foot, it is
nearly
85 percent leased. Wayne Kasbar of JGT Realty represented both buyer
and seller.
Manhattan Management is also going into the corporate apartment
business;
it has owned Lawrenceville Gardens for 20 years. It already owns the
three office buildings near the Princeton Junction train station at
Washington Square, which it purchased last year from the Dunbar Group.
Aegis Realty represented the seller and Wayne Kasbar represented the
buyer.
For the total of 57,000 feet in three buildings, the price was about
$5.6 million or $100 per foot. The Class B market is closer to $120
in Princeton, but only one building — the octagonal one —
is clearly Class B. Martin Marietta was the original tenant of the
octagonal building, designed by Hillier in 1986 and now occupied by
CyLogix, LGERCA, and MetaCreations. The tenant of the second building
is Morgan Mercedes, and Theradex occupies the former bank building.
NetGrocer Customer Service Center, 1112 CorporateBoulevard, North Brunswick 08902. James R. Chambers, chairman andCEO. 732-745-1000; fax, 732-745-0026. Home page:https://www.netgrocer.com.James R. Chambers is the new chairman and chief executive officerof this online grocery firm, replacing Fred Horowitz, who remainsas president. Chambers majored in civil engineering at PrincetonUniversityand was most recently group president of a market research firm,InformationResources Inc., where he focused on E-commerce efforts for packagedgoods. Netgrocer sells general merchandise and drug store items aswell as nonperishable groceries over the Internet (U.S. 1, November10, 1999).Top Of PageInsurance SalePrinceton Insurance Companies, 746 Alexander Road,Princeton 08543-6305. Donald E. Smith, president. 609-452-9404; fax,609-734-8461. Home page: https://www.pinsco.com.If the sale is approved, Princeton Insurance Companies will be soldto New York-based Medical Liability Mutual Insurance Co. for anundisclosedsum and will keep its name. The Princeton business offers MLMIC theopportunity to expand to be a multi-state company. Princeton InsuranceCompanies has sales operations in 15 states.MLMIC, a mutual insurance company, is second in the nation only tothe Minnesota-based St. Paul Companies in writing medical malpracticepolicies. Owned by physicians and headquartered on Park Avenue, itinsures more than 20,000 physicians, dentists, and healthcare workers,wrote $334 million in malpractice insurance policies in 1999, andhas $1.1 billion in cash reserves.Princeton Insurance Companies is privately owned by 76 hospitals andlast year wrote $123 million in medical malpractice policies and $61million in other policies, such as workers’ compensation. Of the 320employees, 270 on Alexander Road, none would be laid off.Princeton Insurance is known for its litigation management softwareprogram, Forensic Abstract, created by Toms River-based Dennis DeMay,which has resulted in a proprietary database that checks on virtuallyevery medical malpractice claim.Top Of PageCrosstown MovesHarry A. Stroh Associates, 122 Commons Way,MontgomeryCommons, Princeton 08540. Raymond Kalpin, president. 609-924-6974;fax, 609-683-5270.This firm, which contracts housekeeping, engineering, and linenservicesfor hospitals, moved from 71 Tamarack Circle to an office inMontgomeryCommons.Paxton Corp., 202 Carnegie Center, Suite 202,Princeton08540. Robert Gardner, corporate controller. 609-951-9400; fax,609-951-0048.Paxton Corp., which specializes in metal manufacturing for industryand the military, moved from 101 Carnegie Center to 202 CarnegieCenter.It is headquartered in Terre Haute, Indiana and was formerly knownas Shenango Furnace.Trilogy Consulting Corporation, 202 CarnegieCenter,Suite 200, Princeton 08540. Kevin Hunter, branch manager.609-520-0779;fax, 609-520-0730. Home page: https://www.trilogyusa.com.This pharmaceutical research consulting firm has moved from 101CarnegieCenter, Suite 211, to 202 Carnegie Center. The phone and fax are thesame.Wave Systems Corp. (WAVX), 101 Morgan Lane, ThirdFloor, Princeton 08536. Thomas Butt, vice president of productdevelopment.609-750-1427; fax, 609-683-4822. Home page:https://www.wavesys.com.Wave Systems Corp. consolidated two locations, Wall Street andCrescentAvenue, to the Enterprise Business Center, where it doubled its spaceto about 21,000 square feet. The firm is currently hiring softwareand hardware engineers (U.S. 1, June 9, 1999).Top Of PageLeaving TownAmerican Cyanamid: CPC Technical Services, 3150Brunswick Pike, Crossroads Corporate Center, Suite 320, Princeton.609-799-0400; fax, 609-275-9685.This small purchasing department for American Cyanamid has closed,and most of the employees have relocated to the global marketingheadquartersin Parsippany.Bacchus Associates, 2245 Route 130, Dayton 08810.Eric Janke, president.To be closer to its parent company, Fresh America, Bacchus Associateshas departed from 2245 Route 130 and moved to 501 Frontage Road,Bolingbrook,Illinois. The new numbers are 630-739-6929; fax, 630-739-9893. Thefirm imports fruits and vegetables from around the world (Chile,Spain,Morocco, Italy) to wholesalers nationwide.Countrywide Home Loans, 989 Lenox Drive, Suite104, Lawrenceville. Frank Varela, manager. 609-620-8906; fax,609-896-4676.The processing center, opened two years ago, has closed here. Theretail office at Quakerbridge Business Park is open for business.Gibson Greetings, 989 Lenox Drive, Lawrenceville08648. Home page: https://www.gibsongreetings.com.The regional sales office of the nation’s oldest greeting cardcompany,founded in 1850 by George Gibson, has closed (U.S. 1, October 21,1998). The number for the corporate headquarters in Ohio is800-255-1251.Bruce Graev & Associates, 186 Route 571, Building3-A, Cranbury 08512. 609-799-0440; fax, 609-799-0621.Bruce Graev has closed this marketing and financial services officeand no other telephone is listed.Husky Injection Molding Systems Inc., 101 CarnegieCenter, Princeton. 609-514-0200; fax, 609-514-1080.The sales office of this firm has moved from 101 Carnegie Center to105 Terry Drive, Suite 119, Newtown, PA, 18940. The office will expandinto a technical center. The phone and fax numbers will remain thesame for now.John Hancock Mutual Life Insurance Company, 17Hulfish Street, Princeton. Stanley A. Brodka, regional vice president.609-497-0744; fax, 609-497-1457.The regional office of this insurance firm has closed.Juvenile Diabetes Foundation-Mid Jersey, 2865 Route1, South, North Brunswick. Joan Salerno, executive director. Homepage: https://www.jolfcure.org.After almost five years on Route 1 South, the mid-Jersey chapter ofthe foundation is moving to 28 Kennedy Boulevard, Suite 180, EastBrunswick 08816. The new telephone is 732-296-7191.Mickie Maessner Personnel Services, Salem Court,Princeton 08540. Mickie Y. Maessner, president. 609-924-7989; fax,609-924-5906.Formerly located at Salem Court, this employment firm no longer hasa telephone listing in Princeton.Top Of PageOut of BusinessAGC Sedgwick Inc., 4390 Route 1 North, Princeton08540. Edward R. Cotton, chief executive officer. 609-452-1660; fax,609-734-8469.This firm closed its doors on November30 and has a mailing addressof Box 9121, Trenton 08650. It provided information management andmicrocomputer systems and CD-ROMs for large data bases, software forhospitals, and did composition and typesetting.Elevage Inc., 506 Brunswick Pike, Lambertville08530. Jeffrey D. Mershon, president. 609-397-2866; fax, 609-397-2866.Home page: https://www.elevage.com.Jeffrey Mershon has closed his management consulting business. Heworked on team building for high tech companies.Top Of PageDeathsWilliam H. Thompson, 66, on January 9. He was directorof dental services at New Jersey’s Department of Corrections and hada private dental practice. He was married to Anne M. Thompson, a U.S.district court judge.John Patrick Hayden, 67, on January 11. He had been asystems analyst for AGC Sedgwick on Route 1 North.Katherine Tomlinson Maty, 60, on January 11. She hadworkedat Princeton BMW and Lawrence Lincoln-Mercury on Route 1.A memorial service for Robert Saxon will be held at theUnitarian Church on Cherry Hill Road on Sunday, January 30, at 3 p.m.Saxon, 75, worked for American Cyanamid, translated technicaldocuments,and wrote for U.S. 1 Newspaper.Corrections or additions?This page is published by PrincetonInfo.com— the web site for U.S. 1 Newspaper in Princeton, New Jersey.
