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
85 percent leased. Wayne Kasbar of JGT Realty represented both buyer
Manhattan Management is also going into the corporate apartment
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
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.
Boulevard, North Brunswick 08902. James R. Chambers, chairman and
CEO. 732-745-1000; fax, 732-745-0026. Home page:
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
and was most recently group president of a market research firm,
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
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
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.
Commons, Princeton 08540. Raymond Kalpin, president. 609-924-6974;
This firm, which contracts housekeeping, engineering, and linen
for hospitals, moved from 71 Tamarack Circle to an office in
08540. Robert Gardner, corporate controller. 609-951-9400; fax,
Paxton Corp., which specializes in metal manufacturing for industry
and the military, moved from 101 Carnegie Center to 202 Carnegie
It is headquartered in Terre Haute, Indiana and was formerly known
as Shenango Furnace.
Suite 200, Princeton 08540. Kevin Hunter, branch manager.
fax, 609-520-0730. Home page: http://www.trilogyusa.com.
This pharmaceutical research consulting firm has moved from 101
Center, Suite 211, to 202 Carnegie Center. The phone and fax are the
Floor, Princeton 08536. Thomas Butt, vice president of product
609-750-1427; fax, 609-683-4822. Home page:
Wave Systems Corp. consolidated two locations, Wall Street and
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).
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
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,
Illinois. The new numbers are 630-739-6929; fax, 630-739-9893. The
firm imports fruits and vegetables from around the world (Chile,
Morocco, Italy) to wholesalers nationwide.
104, Lawrenceville. Frank Varela, manager. 609-620-8906; fax,
The processing center, opened two years ago, has closed here. The
retail office at Quakerbridge Business Park is open for business.
08648. Home page: http://www.gibsongreetings.com.
The regional sales office of the nation’s oldest greeting card
founded in 1850 by George Gibson, has closed (U.S. 1, October 21,
1998). The number for the corporate headquarters in Ohio is
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.
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.
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.
1, South, North Brunswick. Joan Salerno, executive director. Home
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.
Princeton 08540. Mickie Y. Maessner, president. 609-924-7989; fax,
Formerly located at Salem Court, this employment firm no longer has
a telephone listing in Princeton.
08540. Edward R. Cotton, chief executive officer. 609-452-1660; fax,
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.
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.
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.
systems analyst for AGC Sedgwick on Route 1 North.
at Princeton BMW and Lawrence Lincoln-Mercury on Route 1.
Unitarian Church on Cherry Hill Road on Sunday, January 30, at 3 p.m.
Saxon, 75, worked for American Cyanamid, translated technical
and wrote for U.S. 1 Newspaper.
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