#b#New in Town#/b#
Colliers International, 100 Overlook Center, Second Floor, Princeton 08540; 609-375-2057. Kevin Coleman, sales director.
After years as the largest member of the Colliers International family of commercial real estate firms, FirstService Williams has been fully acquired by Colliers and has opened an office in Princeton.
Attracted by the region’s life sciences, financial services, and university sectors, Colliers International (which is related to but separate from Colliers Houston, a commercial real estate firm with an office at 116 Village Boulevard), comes to Princeton to tap into a relatively healthy office market. Though vacancies average above 20 percent, the area office market is doing better than most commercial hubs in the state and has not suffered from overavailability.
In fact, signs of the office market bouncing back include a pair of leases that should put the first tenants into the long-dormant University Square office building on Alexander Road at Route 1. Last summer Japan-based Otsuka Pharmaceuticals signed a 67,531-square-foot lease for the entire top floor of the building to serve as its U.S. headquarters.
The company is expected to move its American headquarters from near Baltimore and its office at Overlook Drive in late spring. Meanwhile, Axis Insurance Company, which signed a 26,600-square-foot office lease on the second floor at the end of last year, is expected to move its offices from Maryland to University Square around the same time.
Kevin Coleman, who served two tears as a vice president at Commercial Property Network on Emmons Drive, will be Colliers’ sales director at Overlook Center. He will focus on tenant and landlord representation in the region.
PharmaNet (PDGI), 504 Carnegie Center, Princeton 08540-6242; 609-951-6800; fax, 609-514-0390. Jeffrey McMullen, president and CEO. Home page: www.pharmanet.com.
PharmaNet, which provides clinical development services for biotech companies, has named George McMillan as its new CFO.
McMillan joins PharmaNet from Ze-Gen, a Boston-based renewable energy company, where he served as CFO and COO. He earned his bachelor’s in economics from Stanford University and his J.D. and M.B.A. from Harvard.
He replaces John Hamill, who left the position in August.
#b#False Claim Settled#/b#
Sandoz Inc. (Eon Labs), 506 Carnegie Center, Suite 400, Princeton 08540; 609-627-8500; fax, 609-627-8682. Bernhard Hampl, president and CEO. Home page: www.us.sandoz.com.
Generic drug maker Eon Labs, a subsidiary of Sandoz, has agreed to pay the federal government $3.5 million related to false claims that a heart drug was eligible for Medicaid coverage.
According to the Justice Department, Eon claimed that its nitroglycerin sustained release capsules fell under Medicaid coverage, though the FDA had asked to withdraw the product from the market in 1999. The FDA had found no evidence that the pills were substantially effective and claims that the drug was removed from the eligibility list for reimbursement. The government claims that Eon failed to advise patients that the drug was ineligible in its annual reports through 2008.
Eon is a subsidiary of Sandoz, which in turn is a subsidiary of Switzerland-based Novartis.
RCP Management Company, 30 Wall Street, Princeton 08540; 609-683-7980; fax, 609-683-5495. Richard J. Fry & Mary Faith Radcliffe, principals. Home page: www.rcpmanagement.com.
RCP Management Company, a residential and commercial management firm on Wall Street, has been awarded the management contract for a luxury high rise building in New York City.
Fifty Franklin, a new 18-story tower features 71 apartments and modern amenities. Liz Commando, senior vice president for RCP Management, will head Fifty Franklin’s management team.
Princeton HealthCare System: University Medical Center at Princeton, 253 Witherspoon Street, Princeton 08540; 609-497-4000; fax, 609-497-4991. Barry S. Rabner, president and CEO. Home page: www.princetonhcs.org.
Crystal Ridge Partners, 17 Hulfish Street, Suite 200, Princeton 08542; 609-924-2088; fax, 609-924-5088. Donald Hofmann, managing partner. www.crystalridgepartners.com.
Donald Hofmann, managing partner of Crystal Ridge Partners, a private equity firm on Hulfish Street, has been named chairman of the Board of Trustees of Princeton HealthCare System. A resident of West Windsor, he will be the first non-Princeton resident ever to hold that seat.
Hofmann, who previously served as the board’s vice chairman and treasurer, will serve a three-year term set to include the opening of the new University Medical Center of Princeton at Plainsboro, by the end of nest year.
A graduate of Harvard Business School, Hofmann founded Crystal Ridge in 2004. Prior to that he was a senior partner of JP Morgan Partners. He has served on the PHCS board since 2002 and succeeds Edward Matthews as the board’s chairman. Hofmann and his wife, Joyce, have two sons.
Inverso Capital Management LLC, 993 Lenox Drive, Suite 200, Lawrenceville 08648; 609-844-7544. Peter L. Inverso CFP.
Investment firm Inverso Capital Management has moved from Gordon Avenue to Lenox Drive.