The Eagle Group is selling two 48,000-foot office buildings at the corner of Alexander Road and Canal Pointe Boulevard. Behringer Harvard, an investment company based in Dallas, Texas, is under contract to buy 600 and 619 Alexander, and the deal might have closed as this edition was going to press.
Last February Princeton University signed a contract to buy the same properties but decided that the two buildings did not have enough vacant space to meet its needs.
Behringer Harvard has publicly registered non-traded real estate investment trusts and partnerships. Behringer Harvard’s REIT I fund purchased Woodcrest Corporate Center in Cherry Hill earlier this year.
“The buyers are well capitalized and experienced real estate owners. While the buildings have been continually upgraded, new ownership can only be a benefit to the property,” says Bill Barish of Commercial Property Network. His firm leases the buildings for the Eagle Group, based on State Street in Trenton and owned by Sidney L. Hofing. Members of the Eagle Group have an ownership interest in the buildings. Both the owners and the prospective buyers declined comment.
The Eagle Group, 928 West State Street, Trenton 08618; 609-392-0092; fax, 609-393-7257.
The Computer Associates building on Orchard Road is being marketed again. This time, however, there are strong indications that the 275 employees on Orchard Road may find themselves moving by next summer.
Based on Long Island, the computer software supplier promises to remain committed to New Jersey and is reportedly considering locations in the Princeton South market — close to I-95, either in the area of Franklin Corner Road or the former Bloomberg property in Ewing.
“CA is constantly evaluating its cost structure to ensure it is making the most effective investment decisions,” says a CA representative. “CA is exploring the consolidation of offices in New Jersey and throughout the world as one of many options. CA continues to have a large presence in the state with more than 400 employees.”
JER Herring Orchard LLC, based in Northern Virginia, bought the property from CA, and one of the partners is Jamie Herring, former vice president for real estate for RCN, the telecommunications company that filed for Chapter 11 bankruptcy in 2004 and subsequently moved to Virginia. A Princeton native, Herring is a graduate of Johns Hopkins, Class of 1986, with an MBA from Columbia, and he has worked for Jones Lang LaSalle.
Herring had been in charge of creating RCN’s corporate campus, a $110 million project on 55 acres on the former Union Camp site on Princeton Pike (U.S. 1, December 6, 2000). But after the ground had been cleared — sparing an historic tree, RCN’s stock cratered, and the project was shelved. Later the property was sold to Bristol-Myers Squibb. In addition to the Orchard Road property, Herring’s partnership also bought the land under the Wachovia Bank building at 370 Scotch Road.
Jonathan Meisel of Jones Lang LaSalle is repositioning the 238,000 square-foot 70-acre property on Orchard Road, upgrading the lobby and common areas, and building a grand new entrance. Priced at $24 per square foot plus tenant electric, it has a softball field, tennis courts, a full-service cafeteria, a 32-kilowatt emergency generator, and two distinct electrical feeds via separate substations.
Meisel says that though the space is divisible to 5,000 square feet, the whole building is available for a single tenant. If and when he finds a single tenant, CA would need to move, but until then presumably CA will get to stay until then. In addition to CA’s 100,000 square feet, Blessing White has nearly 20,000 square feet.
CA (Computer Associates), Route 206 and Orchard Road, Box 8, Princeton 08543-0008; 908-874-9000; fax, 908-874-7307. Thomas Appel, properties manager. Home page: www.ca.com
SiMX Corporation, 196 Princeton-Hightstown Road, Suite 12, Princeton Junction 08550; 609-750-9345; fax, 609-750-9349. Vladimir Bernstein, software engineer. www.simx.com
In May SiMX corporation moved its headquarters from 510 Route 130 in East Windsor to Princeton Junction. SiMX provides software services and products, including web development, reporting, and text data conversion (U.S 1, September 24, 2003).
One of the co-founders, Vlad Bernstein, had been an engineer with the Central Heat Energy Institute in Moscow. Working on energy power plants, he had an idea for software that nearly anyone could use for complex tasks. Yet he believed he would have little chance of developing and marketing such a product in Russia, so he emigrated to the United States, along with Andrei Afanassenkov. Bernstein’s wife, Olga, is the accountant, and their son, Nikita, is an employee.
“We have released two products, Report Manager and Text Converter, which facilitate extraction of data from text files and loading them into a database or a text file. For instance, you could use it to upload a product listing to a product comparison site such as Froogle,” says Nikita Bernstein.
“We are still doing a lot of custom development, and out of this development came these packages that we are bringing to market,” he says. Among the clients are a major insurance company, financial, pharmaceutical service firm, and FlashBid.com
J&J’s Pfizer Deal
Johnson & Johnson (JNJ), One Johnson & Johnson Plaza, New Brunswick 08903; 732-524-0400; fax, 732-214-0332. William C. Weldon, chairman & CEO. Home page: www.jnj.com
Johnson & Johnson has said it will pay $16.6 billion for Pfizer’s household consumer brands, including Sudafed cold medicine and Visine eyedrops. J&J bid against GlaxoSmithKline, and according to the Wall Street Journal, Glaxo could still emerge with another bid.
The move is seen as J&J’s continuing attempt to diversify beyond prescription drugs. It will fold Pfizer’s division, which had $3.9 billion in sales last year, into its own consumer products line. J&J has 11,000 employees in central New Jersey. The Pfizer division is based in Morris Plains and has 1,700 workers.
Prosperity New Jersey, 20 West State Street, Box 820, Trenton 08625-0828; 609-984-4924; fax, 609-984-4920. Adam Pechter, president and CEO. Home page: www.state.nj.us/prosperity
Adam M. Pechter, named CEO of Prosperity New Jersey by former governor James McGreevey, hung on through the interim administration until Governor Jon Corzine took over. Now Pechter has resigned, effective July 7.
Corzine has not named a replacement head for the three-person public/private agency that operates under the aegis of the commerce and economic growth commission. Given the state’s budget crunch, the future of this agency is in question.
NeoStrata Company Inc., 307 College Road East, Princeton 08540; 609-520-0715; fax, 609-520-0849. Richard H. Wildnauer, president. Home page: www.NeoStrata.com
Mark D. Steele has been appointed as the first CEO of the 18-year-old, 58-person NeoStrata; Richard Wildnauer remains as president. The company licenses its patents on alpha-hydroxy acid formulations and has its own line of skin care products.
Steele majored in marketing and biology at the University of Connecticut, Class of 1981, and has an MBA from Syracuse. He has worked for Pfizer and Warner-Lambert and had founded a consulting firm, Pharma Technology Group.
Journal Register Co. (JRC), 50 West State Street, 12th Floor, Trenton 08608-1298; 609-396-2200; fax, 609-396-2292. Robert M. Jelenic, chairman and CEO. Home page: www.journalregister.com
After 20 years with the Journal Register, Jean B. Clifton has resigned as the president and chief operating officer but will receive $2.81 million, which amounts to three years base salary. The company publishes the Trentonian and two dozen other daily newspapers plus more than 300 non-daily publications.
HealthAtoZ.com, 50 Millstone Road, Windsor Corporate Park, Building 200, First Floor, Suite 160, East Windsor 08520; 609-426-6990; fax, 609-426-6991. Raj Lakhanpal MD FACEP, president. Home page: www.healthatoz.com
Medical Network Inc. (which does business as HealthAtoZ.com) is expanding for the fourth time. On June 23 it moved from 1100 Cornwall Road to Windsor Corporate Park, the same office park as CareGain, with which it is coordinating services.
HealthAtoZ, a population health management firm, offers customized Web-based solutions and consulting for hospitals and integrated delivery networks, health plans, pharmacy benefit managers, employer groups, and E-pharmacy sites. It focuses on free, personalized health management programs and medical information.
Its interactive tools include the E-Health Dashboard, a personal page that tailors the individual delivery of health information, tools and features according to a profile generated by personal interests and a health risk appraisal. It also has a private online personal health record where users can store vital medical information for emergencies and schedule E-mail reminders about refilling prescriptions, recommended immunization schedules and check-ups for every family member.
CareGain, recently acquired by Fiserv, has software that integrates consumer-directed healthcare accounts. It also incorporates HealthAtoZ’s health management services.
Richard J. Harrison, 62, on June 18 in Sarasota, Florida. He had been a real estate agent with Doolan Realty in Ewing.
Dennis Treude Jr., 32, on June 21, from injuries sustained when his lift truck tipped over at a construction site. He worked for Hatzel & Beuhler, electrical contractors.
John P. Russo Sr., 88, on June 21. He founded the Lawrenceville Home Improvement Center, currently operated by his sons and grandsons