The building at 1001 Spruce Office Center, the office component of Capitol Plaza in Ewing, now has rooftop solar panels. Levin Management Corporation, a North Plainfield-based commercial real estate services firm, installed the panels to increase efficiency and reduce annual utility costs by supplementing the building’s electric power with a clean, alternative energy source.
Robert Carson, Levin’s executive vice president, said the project generates solar renewable energy credits (SRECs), which are financial incentives based on the amount of electricity a solar energy system produces. In New Jersey an SREC is issued once a solar facility has generated 1,000 kilowatt hours through metered production.
SRECs then can be sold on the SREC market, providing the system owner a reliable source of revenue to help offset the cost of installation.
“In the few short months since this project has been up and running the results have exceeded our expectations,” Carson said. “Along with the tremendous environmental benefits, we are now starting to monetize our investment by selling SRECs produced by the system’s electrical output. It’s a great example of why this project made financial sense in addition to being environmentally responsible, and is a positive investment in the shopping center’s future. Based on this experience at Capitol Plaza, we are exploring additional solar opportunities throughout our portfolio.”
Vanguard Energy Partners of Branchburg designed, installed, and is operating the Capitol Plaza system. The system comprises 1,066 solar panels, each of which produces 325 watts of power. “Simply put, it’s tantamount to having a giant lightbulb on the roof that will generate an estimated 420,000 kilowatt hours of solar electricity in the first year alone,” according to Alex Rivera, Vanguard’s senior vice president of project development and originations.
For comparison, a lightbulb turned on for about a day will use one kilowatt hour of electricity, so the new solar system could power about 1,150 lightbulbs continuously for a year.
#b#New in Town#/b#
Ardea Partners LLC, 32 Nassau Street, Suite 300, Princeton 08542. 914-393-1225. Christopher A. Cole, CEO.
A prominent former investment banker for Goldman Sachs has started his own firm on Nassau Street. According to a report by Bloomberg News, Ardea Partners LLC specializes in advising companies on mergers and acquisitions.
Cole was formerly co-chairman of investment banking at Goldman Sachs Group and retired in 2015. He is a trustee of Princeton University. A 1981 alumnus, he is married to Barbara Griffin Cole, chair of the board at the Princeton Day School.
Reached by phone, a representative of Ardea Partners said the company was not talking to the media. Bloomberg’s story, citing anonymous sources, said other Goldman employees had been approached to work there.
Cole is only the latest veteran banker to leave a large institution in order to start his own private equity firm. In December, 2015, Carlos Oyarbide, managing director and COO of Morgan Stanley in China left to set up his own $500 million firm. In September a group of Merrill Lynch financial advisors left to start their own financial investment firm in Florida. In 2014 a slew of executives at big banks left their jobs to start companies. Citigroup, Macquarie, RBS, and UBS all lost top executives this way.
Bloomberg quoted Jeanne Branthover, an executive recruiter at DHR International, as saying the trend of executives starting their own companies was driven by entrepreneurial-minded people no longer being satisfied at big firms. “They’re going to have an opportunity to make an impact quicker, decisions are going to be made faster, and the upside financially can be much larger.”
Trinity Partners, 202 Carnegie Center, Suite 105, Princeton 08540. 781-577-6300. www.trinitypartners.com.
Trinity Partners, a life science consulting company, has opened an office in Carnegie Center. Founder John Corcoran is a consultant with 20 years of experience in the pharmaceutical and biotech industry. He has a history degree from Harvard, and a master’s in city planning from the John F. Kennedy School at Harvard.
Trinity does work in corporate strategy, licensing and acquisitions, market analytics, brand and launch planning, research, and other functions.
Yashi Consulting, 12 Roszel Road, Suite B-204, Princeton 08540. Thirumalendra Reddy Bujala, Owner. www.yashiconsulting.com.
The consulting company has opened an office on Roszel Road. It specializes in IT product development for the life sciences industry. Founder and chairman Thirumalendra Reddy Bujala has been a consultant since 1996. The company has worked for the U.S. defense department, Vistex, Bloomerg, and other organizations.
Altus GTS, 50 Millstone Road, Building 200, Suite 160, East Windsor 08520. 888-813-9429. John Meehan, branch manager. www.trustaltus.com.
Altus GTS, an accounts receivables management firm, has opened an office on Millstone Road. Altus is owned by its senior management team in partnership with New Spring Capital, Evergreen Industry, and Spring Capital Partners, which recently purchased it from its French parent company, Natixis.
#b#New Distribution Center at Exit 8#/b#
Another distribution facility is being constructed at Exit 8, as officials have broken ground on the Gateway Twin Rivers project at 159 Milford Road in East Windsor, across from Conair Corp.
The facility, built by developers Trammell Crow and marketed by CBRE, will place warehousing with modern industrial features on a 28-acre lot near the New Jersey Turnpike.
East Windsor Mayor Janice Mironov said the project was a sign of East Windsor’s value as a strategic location.
“The development of this facility comes at a critical time for the New Jersey industrial market as the rapid growth of e-commerce continues to amplify demand for top-quality product within the state. 159 Milford Road meets all of the requirements of today’s industrial user, through both its next-generation features and transit-oriented location with direct access to key consumer markets,” said CBRE executive vice president Mindy Lissner.
#b#New Tenants Fill Princeton Place#/b#
Horizon Blue Cross, Janssen Research and Development, and Cenlar have all leased space at Princeton Place at Merrill Lynch Drive and Scotch Road in Hopewell, bringing the 207,000-square-foot former Merrill Lynch campus to 95 percent leased.
American Real Estate Partners said Horizon took the largest space at 140,000 square feet. Janssen’s lease represented an expansion beyond its Bear Tavern Road headquarters. Phil Lipper and Roby Bull of Jones Lang LaSalle represented Horizon in the deal, while Ed DaCosta of CBRE represented Janssen. Cenlar was represented by Steve Tolkach of Newmark Grubb Knight Frank.
Princeton Place at Hopewell consists of two office buildings and an amenity building with a cafe, fitness center, covered parking and a shared conference facility. There is also a 1.5-mile jogging trail, various sports facilities, and other amenities.
Cushman & Wakefield’s Paul Giannone, Todd Elfand, and Kevin Carton have headed the Edison-based marketing team for Princeton Place at Hopewell since mid-2014, when an affiliate of American Real Estate Partners purchased the property. The ownership has since completed a major renovation there, formalizing its transformation to a multi-tenant property.
“This property offers an amenity package and state-of-the-art infrastructure that rivals anything in this market,” Carton said. “This has been key in attracting household-name tenants who, after evaluating regional build-to-suit opportunities, recognize they can take advantage of these attributes at a lower cost point than new construction.”
New Day Underwriting Managers, 2465 Kuser Road, Suite 202, Hamilton 08690. 609-298-3516. Jeffrey S. Lejfer, president and CEO. www.newdayunderwriting.com.
New Day Underwriting Managers has hired Jesilyn Ippolito as a consultant. The company is an intermediary of environmental and construction-related professional liability insurance coverages.
Ippolito has been in the insurance industry for 20 years and has worked for Security Indemnity Insurance Co., HSBC/HFC, Patriot National Inc./RCA Insurance.
She is a graduate of Paterson University in Wayne.
Simeon J. Rochonchou CPA, 2121 Route 33, Lexington Square, Hamilton Square 08690. 609-581-5541, www.sjraccounting.com.
The accountant has moved from Kuser Road to Route 33.
NXLevel Solutions, 201 S. Main Street, Suite 100, Lambertville 08530. 609-483-6900. Pete Sandford, executive vice president. www.nxlevelsolutions.com.
The training software company has moved to Lambertville from Hamilton Avenue in Hopewell. The phone number has changed.
Princeton Capital Management Inc., 17 Hulfish Street, Suite 220, Princeton 08542. 609-924-6867. Hugh Fitzpatrick, president. www.pcminvest.com.
Princeton Capital Management, an investment management company, has moved to a different office on Hulfish Street. The new location is smaller because more of its staff now work from home.
The Boehm Showroom, 25 Princess Diana Lane, Ewing 08638. 609-396-2200. Robert Arace, showroom manager. www.theboehmshowroom.com.
An article in the October 26 issue of U.S. 1 about the change in ownership and re-opening of the Boehm Showroom gave outdated contact information for the porcelain gallery. Updated contact information is above.
Also, showroom manager Robert Arace noted that when the showroom was closed and its owners were evicted in 2014, the company was owned by Sharon and George Parker, who were not the original owners.
Allegra Princeton, 6 Corporate Drive, Cranbury 08512. 609-799-3279. David Kovacs, CEO. www.seibelgroup.com.
The Seibel Group, a graphic design and printing company, has been purchased by Allegra, a marketing, print, and mail company based on Corporate Drive. The deal was announced in April, and now Seibel has closed its Alexander Road office and consolidated at Allegra’s location.
Allegra is a locally owned and operated member of Alliance Franchise Brands network, a group that includes 600 marketing and visual communications companies.
CSI Tax Group, 379 Princeton-Hightstown Road, East Windsor 08520. 609-371-1990. Peter J. Greco, owner. csigroupllp.com.
The tax preparation group 1-800-Tax-Laws has changed its name to CSI Tax Group. All other contact information is the same. They have offices in New York and New Jersey.
Archer, Attorneys at Law, 101 Carnegie Center, Suite 300, Princeton 08540. 609-580-3700. Neal L. Schonhaut, managing attorney. www.archerlaw.com.
The law firm formerly known as Archer & Greiner has changed its name to Archer. In addition to its office in Princeton, the firm has lawyers in Haddonfield, Hackensack, Red Bank, and Flemington, as well as in Philadelphia, New York, and Wilmington.
Frank J. Fay III, 53, on October 20. He was a manager at John Wood BMW/Porsche, and of Volkswagen in Princeton.
Webster H. Grimm, 96, on October 29. He was the owner of Webster H. Grimm Insurance agency in Hamilton for 55 years.
Robert G. Hall Jr., 68, on October 20. He was director of planning and development in South Brunswick and also worked as a planner in Hamilton Township. In his retirement, he was a consultant for RGH Planning and Pennoni Associates.
John R. Knapsack, 81, on October 23. He and his partners founded Trenton Oil Company and he worked there until retiring in 2010.
John Lehet, 81, on October 22. An accountant, Lehet worked for Johnson & Johnson as a department manager and later worked for Magic Marker Company in Bordentown as a controller. He owned and managed John J. Lehet Properties for the last 44 years.