Two big Ns, Neiman Marcus and Nordstrom — retail stores that will quicken the pulse of the shop-till-you-drop-set — are slated for Quaker Bridge Mall — if the approvals go through, that is.
Simon Property Group and Kravco Simon Company, mall owners, are working with Lawrence Township to expand the mall by adding a 600,000 square feet to the current 1,100,000 feet. Target date for completion: spring, 2010.
SPG, a $42 billion firm traded on the New York Stock Exchange (SPG), claims to be the nation’s largest owner, developer, and manager of high quality retail real estate. Kravco Simon Company (formerly Kravco Company) is a 50-year-old firm based in Pennsylvania, that has 14 million square feet of commercial real estate located in Pennsylvania, New Jersey, Maine, and Florida. The mall’s current anchors are JCPenney, Lord & Taylor, Macy’s, and Sears.
The expansion was proposed last fall but the tenants were just announced. Dallas-based Neiman Marcus would take 90,000 square feet and Nordstrom would have 144,000 square feet, and deck parking would be added.
The press release quoted Richard S. Sokolov, president of SPG, in an obvious understatement: “This is a milestone event for Quaker Bridge Mall.”
To add these two prestigious stores would crown the intersection (Route 1 and Quakerbridge Road) as the leading retail center for Central New Jersey. Mercer Mall is just finishing its re-do across the street, and Nassau Park is finishing its buildout on the diagonal corner. It does not bode well for the 683-acre Wyeth tract, on the fourth corner, which has been dormant for four years.
The former American Cyanamid property, where livestock used to graze, has 886,000 square feet now and is zoned for as much as 1.5 million square feet of research, office, and manufacturing space. But to add houses or retail space would require a hard-to-get zoning change in West Windsor.
How it happened: When Wyeth packed up its research at this location, selling it to Germany-based BASF in 2000, it kept the then-valuable real estate. One of the nation’s premiere developers, the Rouse Corporation bought it at what was considered a bargain price — $35 million or about $53,600 per acre. Everything looked good. But when Rouse was sold to General Growth Properties, a national shopping center company, activity stopped. The value of the land plummeted, and it has been re-assessed, for tax purposes, as farmland.
— Barbara Fox
Quaker Bridge Mall, Route 1 and Quakerbridge Road, Lawrenceville 08648; 609-799-8177; fax, 609-275-6523. John D. Ferreira, general manager. Home page: quakerbridgemall.com
New Office Building For Roszel Road?
The West Windsor Planning Board is considering an application that would allow the construction of two three-story spec office buildings on Roszel Road totaling 100,500 square feet.
The application, submitted by RBA Associates, calls for the demolition of the current structure at 19 Roszel Road — a 10,500-square-foot, one-story building owned by Core Labs.
The board opened its hearing on the application — for preliminary and final major site plan approval — on May 17, and will continue the hearing on Wednesday May 31.
RBA is proposing the construction of a 62,500-square-foot building and a 32,000-square foot building. The site layout would be similar to the Commons at 7 and 9 Roszel Road, home to Tyco and Merrill Lynch.
According to Marvin Gardner, planning board chairman, the plan includes a large detention basin at the front of the 7.77-acre site. The basin will include a sculpture or other architectural feature “that would enhance the look of the area,” says Gardner.
The project is located in the township’s ROM-2 zone, which allows a maximum of 30 percent of the property to be developed. The site currently features 3.8 acres of wooded land, all but .77 acres of which would be removed.
The application requests six design waivers and two variances, the most significant of which involves the amount of parking on the site.
According to Gardner, township ordinances require a maximum of 335 parking stalls — 3.3 per 1,000 square feet of development. RMA is proposing 67 additional spaces. The spaces would be built in the wooded area on the site.
“We’re trying to preserve whatever woodland we can,” says Gardner. “We expressed serious concerns (about the additional parking) and raised the issue with the applicant.”
The additional parking would put the project of the township’s allowed maximum surface area coverage for that zone. Zoning allows for 50 percent of the site to be covered. The additional parking would add an additional 20,000 square feet of coverage, boosting the level to 57.3 percent.
Core Laboratories Refinery Systems (CLB), 19 Roszel Road, Princeton 08540-1224; 609-452-8600; fax, 609-520-1224. Home page: www.corelab.com
— Bill Sanservino
Princeton Regional Chamber of Commerce, 9 Vandeventer Avenue, Princeton 08542; 609-924-1776; fax, 609-924-5776. Joe Steiner, interim CEO. Home page: www.princetonchamber.org
After the departure of its CEO, Kristin Appelget, the Princeton Chamber has hired a part-time interim CEO, 58-year-old Joseph Steiner. A former radio broadcaster, Steiner has worked at chambers of commerce for 34 years, most recently as CEO of the Suburban Chambers of Commerce in Summit. He is also a part-time staff member at Downtown New Jersey.
An interim CEO is something new for the chamber. The last time — and only time — that the CEO slot was empty, the board did not resort to that. “We’ve got a lot more going on now,” says Karen Jezierny, chairman of the chamber board and director of public affairs at Princeton University.
Jezierny heads the search committee, and Larry Krampf of the Princeton Communications Group is vice chair. “We have lots of phenomenal candidates,” she says, “and we expect to have a CEO by the end of June.”
Two biopharmaceutical companies — Pharmasset and Amicus Therapeutics — filed SEC applications this month for initial public offerings (IPOs). Pharmasset, which just moved here from Atlanta, Georgia, aims to use nucleoside chemistry to find and market oral drugs for viral infections. Amicus Therapeutics, which was founded in Princeton in 2002, uses “pharmacological chaperones” to find oral drugs for rare genetic disorders such as Fabry, Gaucher, or Pompe’s disease. Amicus hopes to raise more than $86 milllion, and Pharmasset did not give a target number.
Pharmasset employs nucleoside analogs to inhibit the natural enzymes required for viral replication. Serial entrepreneur Raymond Schinazi, a pioneer in AIDS research at Emory University, had hatched Pharmasset in 1998 on his credit card and then came up with $40 million in venture capital funding. He co-developed one of the earliest AIDS “cocktails” and founded Boston-based Idenix Pharmaceuticals Inc. (IDIX).
Pharmasset’s therapy for hepatitis B, Clevudine, is expected to enter Phase III clinical trials by the end of this year. Racivir, which is for HIV, is in Phase II trials, and a therapy for hepatitis C (developed in partnership with Hoffman-LaRoche) could enter Phase I trials early in 2007. Another of Pharmasset’s partners has withdrawn its support for a fourth drug, Reverset, intended for HIV patients, and Pharmasset is evaluating its options.
Last summer Pharmasset moved to 30,000 square feet at the Princeton Forrestal Center. It has a grant worth up to $1.7 million from the New Jersey Economic Development Authority’s Business Employment Incentive Program grant, based on growth to 65 staff members. It has 34 employees now and is hiring.
For Pharmasset, Banc of America Securities and UBS INvestment Bank will be joint book-running managers and JMP Securities will be co manager.
Amicus focuses on small-molecule, oral pharmacological products to help treat human genetic disease that can be caused by the misfolding and loss of a particular protein. As “pharmacological chaperones,” the products from Amicus “rescue” those proteins by binding to them and helping them function normally.
Its target diseases are rare: Only about 10,000 people worldwide suffer from Fabry disease.
John Crowley, the Amicus CEO, is a 1989 graduate of Georgetown with a law degree from Notre Dame and a Harvard MBA. He helped to found Novazyme, dedicated to finding a therapy for Pompe’s disease, a rare form of muscular dystrophy that affects two of his three children. When that company was sold, it moved to Oklahoma, and he came to Amicus last year. The firm has 52 employees in 32,000 square feet on two floors at Cedar Brook Corporate Center.
For the Amicus IPO, Morgan Stanley will act as sole book-runner and lead manager, with Goldman, Sachs working as joint lead manager and Pacific Growth Equities as co-manager.
— Barbara Fox
Pharmasset Inc., 303-A College Road, Suite A, Princeton 08540. P. Schaefer Price, president and CEO. 609-613-4125; fax, 609-613-4150. www.pharmasset.com
Amicus Therapeutics, 6 Cedar Brook Drive, Cedar Brook Corporate Center, Cranbury 08512; 609-662-2000; fax, 609-662-2001. John F. Crowley. www.amicustherapeutics.com
Baldwin Unlimited Sales and Service, 1627 Reed Road, Trenton 08628; 609-737-8348; fax, 609-737-0062. Brad Baldwin, president.
Baldwin Unlimited Sales and Service is the new name for a rejuvenation and expansion of the former Baldwin Tractor, a family business. The family also owned Baldwin Drilling, which is now out of business.
Donna Baldwin, secretary-treasurer, describes the company’s products: “We sell zero-turning radius mowers, weed wackers, hedgers, and trimmers to landscapers and homeowners.” She adds that the company does repairs and service on “everything except TVs,” including items as diverse as lawnmowers, cars, weed wackers, chain saws, and blenders.
Baldwin Unlimited was founded in 1952. The company’s current incarnation began two years ago when Baldwin and her husband started to rebuild her father-in-law’s business.
Eckley Logistics Systems LLC, 92 North Main Street, Windsor Industrial Park, Suite 18A, Windsor 08561; 609-443-2800; fax, 609-443-5400. Keith Eckley. www.eckleylogistics.com
Eckley Logistics, which offers logistics, critical parts delivery, and barcoding and inventory control purchased Eastern Contract Carrier in February.
Hansoft Inc., 3551 Quakerbridge Road, Hamilton 08619; 609-587-2808; fax, 609-945-7386. Randeep Singh, operations manager. www.hansoftinc.com
Hansoft Inc., a software consulting firm, moved from an 800-foot rental at 3371 Route 1 South and purchased a 3,000-foot space at 3551 Quakerbridge Road.
The company specializes in application engineering, network integration, system valuation, and quality insurance for clients nationwide, in financial, pharmaceutical and ADP companies. Operations manager Randeep Singh cites Apple Computers as one of its customers. Founded in 2000, Hansoft has grown from 35 to 105 employees in the last year.
Gambro Inc., 151 Herrod Boulevard, Dayton 08810; 609-655-9125; fax, 609-655-5076. Terry Carlen, manager.
In March the pharmaceutical distribution firm expanded from South Brunswick Industrial Park at Route 130 and Melrich Road to Herrod Boulevard in Dayton. It has grown from 20 to 25 employees. Formerly known as Cobe Laboratories, it distributes medical products from a Denver-based firm.
New in Town
Cordis, a Johnson & Johnson Company, 7 Deer Park Drive, Suite H, Monmouth Junction 08852. Ronald A. Rehrig, senior scientist. 908-412-5510. Home page: www.cordis.com
Cordis’s R & D facility in Warren recently opened a nine-person office at Deer Park Drive to do analytic method development, according to senior scientist Ronald A. Rehrig.
Cordis Corporation, purchased by Johnson & Johnson in 1995 company, has pioneered less invasive treatments for vascular disease, including the Cypher Sirolimus-eluting coronary stent. It is the second stent company at this technology park. Also here is X-Cell Medical.
For-Am Insurance Brokerage Firm Inc., 50 Princeton-Hightstown Road, Suite N, Princeton Junction 08550; 609-897-0788; fax, 212-334-9711. Richard Leung, vice president. Home page: www.for-am.com
For-Am Insurance Brokerage Firm Inc. recently opened an office in Princeton Junction. This full service insurance firm has been in business for 10 years, and its headquarters are in New York.
Business in West Windsor is conducted mostly in English but the Manhattan office works with native speakers of Vietnamese and Chinese.
The company focuses on contractors liability insurance, bonds, home-based and small business insurance, auto, and homeowners insurance as well as professional liability and E&O coverage.
The CEO is Lily Lee, and her husband, Richard Leung, is the vice president; they live in West Windsor and have a school-aged daughter. “We are networking in the area to be sure that our clients are insured properly,” says Leung.
C 3 Strategies, 15 West Front Street, Fourth Floor, Trenton 08608; 609-396-0700; fax, 609-291-0691. Richard Ambrosino Jr., managing partner. Home page: www.C3strategies.net
C 3 Strategies, which does public relations, communications, and marketing, moved last year from 35 West State Street to West Front Street.
FLS Logistics, 2643 Whitehorse-Hamilton Square Road, Suite A, Hamilton Square 08690; 609-586-8636. Brian J. Haney, partner.
FLS Logistics moved from 315 Lowell Avenue in Trenton to Hamilton Square. The company provides training and other consulting services to businesses.
Friends Limousine Service Inc., 461 Southern Street, Trenton 08638; 609-396-2660; fax, 609-396-2664. Greg DiLodovico, president. Home page: www.FriendsLimo.com
Friends Limousine Service moved from 1681 Quakerbridge Road in Hamilton to Southern Street in Trenton earlier this spring. Phone and fax are new.
Donna Lee Pennington, Esq., 370 Village Road East, Princeton Junction 08550; 609-275-5355; fax, 609-799-5648.
Donna Lee Pennington, an attorney in residential real estate, wills and trusts and estate planning, has moved her office from 186 Princeton Hightstown Road to Village Road East. Her telephone numbers have not changed.
First Financial Princeton, 100 Overlook, Second Floor, Princeton 08540; 609-375-2380. Jason C. Weigand, senior partner.
Jason Wiegand closed his office at Lawrence Commons, where the firm occupied 3,000 square feet, and moved to Regus at Princeton Overlook. He had started the firm there five years ago. Phone and fax are new.
The firm offers asset management, financial and business planning, with a focus on executives and business owners.
Modern Equipment Rentals, 909 Route 130, East Windsor 08520; 609-448-1199; fax, 609-587-6544. Al Pagliaro, branch manager. Home page: www.moderngroup.com
The Mercerville branch of Modern Equipment Rental closed in January; construction equipment can be leased from the Hightstown branch. Headquartered in Bristol, Pennsylvania, the firm has 15 regional offices, including three more in New Jersey.
Stone’s Throw Inc., Box 531, Cranbury 08512; 609-395-0650. Deanne Napurano, partner, creative director. Home page: www.stonesthrowaway.com
The advertising agency moved in April from its office at 13 North Main Street to a home-based location. The box number continues to serve as the mailing address. The company plans, writes, and designs brochures, advertisements, direct mail and identity programs.
Carpediem Capital Ltd., 116 Village Boulevard, Suite 200, Princeton Forrestal Village, Princeton 08540; 609-409-4330; fax, 609-409-4334. Wayne J. Nixon, managing principal and president. www.carpediemcapital.com
Carpediem Capital moved from 1,275 feet at 7 Centre Drive in Monroe to Princeton Forrestal Village. An investment banking firm, it consults on capital buyouts and divestitures to mid-size companies.
Ameriquest Mortgage Company, 700 Alexander Park, Suite 301, Princeton 08540; 609-919-9001; fax, 609-919-1571. Home page: www.ameriquest.net
ACC Capital Holdings, a national financial services company based in Orange, California, has closed the Ameriquest Mortgage Company at 700 Alexander Park in Princeton along with retail mortgage subsidiaries under both the Ameriquest and Town and Country Credit names.
The company laid off approximately 3,800 associates and closed 229 regional branch offices, according to a May 2 press release, which also points to “centralization of the branch networks into its existing regional production centers and the consolidation of corporate functions.”
King Pharmaceuticals (KG), 400 Crossing Boulevard, Bridgewater 08540; 908-429-6000. Steve Andrzejewski, chief commercial officer. Home page: www.kingpharm.com
The pharmaceutical firm moved in April from 26,400 feet on the fifth floor of 7 Roszel Road, Princeton Commons to 70,000 square feet in Bridgewater, where it sells its cardiovascular, neuroscience, and acute-care products and has 120 employees.
Based in Bristol, Tennessee, King Pharmaceuticals opened a Princeton office in 2004, and it has established an alliance with Palatin at Cedar Brook Corporate Center for a therapy for erectile dysfunction.
Cardinal Management, Box 115, Cranbury 08512-0115; 732-282-1908; fax, 609-987-0721. Bill Williams, president.
Bill Williams has retired and moved his pharmaceutical and biotech consulting practice to the Jersey Shore.
Crest Engineering, 100 Rike Drive, Englishtown 07726; 609-448-5550; fax, 609-448-2157. Peter W. Strong, president.
Crest Engineering moved from Hightstown to Englishtown. It does land surveying and civil engineering.
Aspen Technology Inc. (AZPN), 41 University Drive, Suite 100A, Newtown PA 18940; 215-867-4160; fax, 215-867-4165. Peter Caro, sales director. Home page: www.aspentech.com
Aspen Technology moved from 1000 Lenox Drive to Newtown, Pennsylvania. Its lease was up, and with 15 of the 22 staffers working from home, it was able to consolidate into a smaller space.
Aspen Technology applies process engineering know-how to modeling the manufacturing and supply chain processes of process industries, such as life sciences, specialty chemical, and air separation companies. The company provides software applications used by these industries. Headquartered in Cambridge, Massachusetts, it has offices in Maryland, Texas, and Washington State.
Brivea LLC, 108 Stanhope Street, Princeton Forrestal Village, Princeton 08540; www.brivea.com
Brivea, a market research and business intelligence company, maintains a website, but directory assistance no longer has a listing for it and E-mails have not been returned.
Celldex Therapeutics Inc., 222 Cameron Drive, Suite 400, Phillipsburg 08865; 908-454-7120. Robert Burns. www.celldexus.com
Celldex Therapeutics, a biotechnology company focused on the discovery, development, and commercialization of novel immunotherapeutics, has moved to Phillipsburg. It has a pipeline of clinical and preclinical product candidates using human monoclonal antibodies for the treatment of cancer, infectious diseases, and immune system disorders.
It has an agreement with Medarex, based on State Road, to develop therapeutics to access Medarex’s human monoclonal antibody technology.
Johnson Controls Inc., 450 Raritan Center Parkway, Suite A, Edison 08837; 732-225-6700; fax, 732-225-6755. Kevin Goodwin, branch manager. www.johnsoncontrols.com
Johnson Controls, which designs, makes, and operates climate control systems, closed its office at 80 Stults Road in Dayton. Calls are being taken at the Edison office.
Based in Milwaukee, Wisconsin, it is a division of a century-old firm that also has plastics, automotive, and battery divisions.
Marcia A. Owens, 67, on May 19. She was a senior associate at Hillier International. A service will be Thursday, May 25, at 10 a.m. in Orland’s Ewing Memorial Chapel.
Robert N. Dunn MD, 63, on May 21. He had been chief of orthopedic surgery at University Medical Center of Princeton. A service will be Thursday, May 25, at 1:30 p.m. in Princeton University Chapel.