New at NetGrocer

Insurance Sale

Crosstown Moves

Leaving Town

Out of Business

Deaths

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 (http://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.

Top Of Page
New at NetGrocer

NetGrocer Customer Service Center, 1112 Corporate

Boulevard, North Brunswick 08902. James R. Chambers, chairman and

CEO. 732-745-1000; fax, 732-745-0026. Home page:

http://www.netgrocer.com.

James R. Chambers is the new chairman and chief executive officer

of this online grocery firm, replacing Fred Horowitz, who remains

as president. Chambers majored in civil engineering at Princeton

University

and was most recently group president of a market research firm,

Information

Resources Inc., where he focused on E-commerce efforts for packaged

goods. Netgrocer sells general merchandise and drug store items as

well as nonperishable groceries over the Internet (U.S. 1, November

10, 1999).

Top Of Page
Insurance Sale

Princeton Insurance Companies, 746 Alexander Road,

Princeton 08543-6305. Donald E. Smith, president. 609-452-9404; fax,

609-734-8461. Home page: http://www.pinsco.com.

If the sale is approved, Princeton Insurance Companies will be sold

to New York-based Medical Liability Mutual Insurance Co. for an

undisclosed

sum and will keep its name. The Princeton business offers MLMIC the

opportunity to expand to be a multi-state company. Princeton Insurance

Companies has sales operations in 15 states.

MLMIC, a mutual insurance company, is second in the nation only to

the Minnesota-based St. Paul Companies in writing medical malpractice

policies. Owned by physicians and headquartered on Park Avenue, it

insures more than 20,000 physicians, dentists, and healthcare workers,

wrote $334 million in malpractice insurance policies in 1999, and

has $1.1 billion in cash reserves.

Princeton Insurance Companies is privately owned by 76 hospitals and

last year wrote $123 million in medical malpractice policies and $61

million in other policies, such as workers’ compensation. Of the 320

employees, 270 on Alexander Road, none would be laid off.

Princeton Insurance is known for its litigation management software

program, Forensic Abstract, created by Toms River-based Dennis DeMay,

which has resulted in a proprietary database that checks on virtually

every medical malpractice claim.

Top Of Page
Crosstown Moves

Harry A. Stroh Associates, 122 Commons Way,

Montgomery

Commons, Princeton 08540. Raymond Kalpin, president. 609-924-6974;

fax, 609-683-5270.

This firm, which contracts housekeeping, engineering, and linen

services

for hospitals, moved from 71 Tamarack Circle to an office in

Montgomery

Commons.

Paxton Corp., 202 Carnegie Center, Suite 202,

Princeton

08540. Robert Gardner, corporate controller. 609-951-9400; fax,

609-951-0048.

Paxton Corp., which specializes in metal manufacturing for industry

and the military, moved from 101 Carnegie Center to 202 Carnegie

Center.

It is headquartered in Terre Haute, Indiana and was formerly known

as Shenango Furnace.

Trilogy Consulting Corporation, 202 Carnegie

Center,

Suite 200, Princeton 08540. Kevin Hunter, branch manager.

609-520-0779;

fax, 609-520-0730. Home page: http://www.trilogyusa.com.

This pharmaceutical research consulting firm has moved from 101

Carnegie

Center, Suite 211, to 202 Carnegie Center. The phone and fax are the

same.

Wave Systems Corp. (WAVX), 101 Morgan Lane, Third

Floor, Princeton 08536. Thomas Butt, vice president of product

development.

609-750-1427; fax, 609-683-4822. Home page:

http://www.wavesys.com.

Wave Systems Corp. consolidated two locations, Wall Street and

Crescent

Avenue, to the Enterprise Business Center, where it doubled its space

to about 21,000 square feet. The firm is currently hiring software

and hardware engineers (U.S. 1, June 9, 1999).

Top Of Page
Leaving Town

American Cyanamid: CPC Technical Services, 3150

Brunswick 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 marketing

headquarters

in Parsippany.

Bacchus Associates, 2245 Route 130, Dayton 08810.

Eric Janke, president.

To be closer to its parent company, Fresh America, Bacchus Associates

has departed from 2245 Route 130 and moved to 501 Frontage Road,

Bolingbrook,

Illinois. The new numbers are 630-739-6929; fax, 630-739-9893. The

firm imports fruits and vegetables from around the world (Chile,

Spain,

Morocco, Italy) to wholesalers nationwide.

Countrywide Home Loans, 989 Lenox Drive, Suite

104, Lawrenceville. Frank Varela, manager. 609-620-8906; fax,

609-896-4676.

The processing center, opened two years ago, has closed here. The

retail office at Quakerbridge Business Park is open for business.

Gibson Greetings, 989 Lenox Drive, Lawrenceville

08648. Home page: http://www.gibsongreetings.com.

The regional sales office of the nation’s oldest greeting card

company,

founded in 1850 by George Gibson, has closed (U.S. 1, October 21,

1998). The number for the corporate headquarters in Ohio is

800-255-1251.

Bruce Graev & Associates, 186 Route 571, Building

3-A, Cranbury 08512. 609-799-0440; fax, 609-799-0621.

Bruce Graev has closed this marketing and financial services office

and no other telephone is listed.

Husky Injection Molding Systems Inc., 101 Carnegie

Center, Princeton. 609-514-0200; fax, 609-514-1080.

The sales office of this firm has moved from 101 Carnegie Center to

105 Terry Drive, Suite 119, Newtown, PA, 18940. The office will expand

into a technical center. The phone and fax numbers will remain the

same for now.

John Hancock Mutual Life Insurance Company, 17

Hulfish 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 Route

1, South, North Brunswick. Joan Salerno, executive director. Home

page: http://www.jolfcure.org.

After almost five years on Route 1 South, the mid-Jersey chapter of

the foundation is moving to 28 Kennedy Boulevard, Suite 180, East

Brunswick 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 has

a telephone listing in Princeton.

Top Of Page
Out of Business

AGC Sedgwick Inc., 4390 Route 1 North, Princeton

08540. Edward R. Cotton, chief executive officer. 609-452-1660; fax,

609-734-8469.

This firm closed its doors on November30 and has a mailing address

of Box 9121, Trenton 08650. It provided information management and

microcomputer systems and CD-ROMs for large data bases, software for

hospitals, and did composition and typesetting.

Elevage Inc., 506 Brunswick Pike, Lambertville

08530. Jeffrey D. Mershon, president. 609-397-2866; fax, 609-397-2866.

Home page: http://www.elevage.com.

Jeffrey Mershon has closed his management consulting business. He

worked on team building for high tech companies.

Top Of Page
Deaths

William H. Thompson, 66, on January 9. He was director

of dental services at New Jersey’s Department of Corrections and had

a 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 a

systems analyst for AGC Sedgwick on Route 1 North.

Katherine Tomlinson Maty, 60, on January 11. She had

worked

at Princeton BMW and Lawrence Lincoln-Mercury on Route 1.

A memorial service for Robert Saxon will be held at the

Unitarian Church on Cherry Hill Road on Sunday, January 30, at 3 p.m.

Saxon, 75, worked for American Cyanamid, translated technical

documents,

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.

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