Birthday Quest Genius Gala On its 50th Annual event at Liberty Science Center honors STEM greats. Page 8 anniversary, Quest Diagnostics shows how it’s preparing REAL ESTATE EB-5 Program for the future REPORT How sudden interest in Page 4 Our 20-page section takes decades-old program a look at development in could impact New Jersey ® Elizabeth and Trenton. developers. Bergeron Pullout Section column. Page 11 njbiz.com MAY 15, 2017 $2.00

SPOTLIGHT: ENERGY COTA to team

A look at how three energy entrepreneurs are continuing with IBM New Jersey’s reputation as ‘The Innovation State’ / Page 17 Watson New technology coming to cancer care program

BY ANJALEE KHEMLANI

How’s this for a diagnosis? The doctor walks in and says, “Well, I just consulted with every- one on the planet Earth over the last 30 years to see how they took care of people like you, and then I looked at a database that precisely looked at people who have exactly what you have, and are exactly like you, and this is what I have learned in the past five minutes, and this is why I am go- ing to recommend this treatment.” That, said Dr. Andrew Pecora, is what the new pilot program between COTA and IBM Watson is all about. “It was only dreamed about, it was only in science fiction movies and now it’s become reality,” said Pecora, found- er of COTA and chief innovation officer at Hackensack Meridian Health. The hospital system announced the pilot program at its annual event in New Brunswick last Wednesday eve- ning. It will be a collaboration of algo- rithms — the learning of IBM’s Watson artificial intelligence and the medical database of COTA. The implications are huge. And it will all begin with a pilot in New Jersey. See HACKENSACK on page 13

For address or name corrections, fax label to (732) 846-0421 INDEX Business Around the State.....2 Spotlight...... 17 Leaderboard...... 6 Lists...... 22 Grapevine...... 7 Deals Roundup...... 24 Opinion...... 15 Guest List...... 27 Subscribe to NJBIZ: call (866) 288-7699 NJBIZ delivers daily news and analysis of New Jersey’s important economic issues online at njbiz.com. Sign up for our daily e-mail alerts, read our blogs, write a letter to the editor and more. Energizing New Jersey HOW TO REACH US BUSINESS AROUND THE STATE

MAILING ADDRESS NJBIZ, 220 DAVIDSON AVE., SUITE 302 SOMERSET, NJ 08873 BRIEFS PHONE (732) 246-7677 Edison Properties unveils plan FAX: EDITORIAL (732) 846-0421 Prism taps C&W to FAX: ADVERTISING (732) 249-8952 market at Roche campus FAX: OPERATIONS (732) 846-0421 for downtown Newark property SUBSCRIPTIONS (866) 288-7699 Prism Capital Partners has REPRINTS For licensing, reprints, e-prints announced Cushman & Wake- and plaques, email reprints@journalmultimedia. dison Properties and members of its Got- field’s Robert Rudin, Bill Brown com. Authorization to photocopy articles for tesman family were joined by Newark May- and Josh Cohen will market the internal corporate or instructional use may be obtained from the Copyright Eor Ras Baraka last week at the unveiling of 116-acre former Hoffmann-La Clearance Center at (978) 750-8400. its redevelopment plan for the former Central Rail- Roche North American head- For photos, please see njbiz.com/photos road of New Jersey warehouse at 110 Edison Place quarters campus in Nutley and in the city. Clifton. ASSOCIATE PUBLISHER As part of the larger Mulberry Commons The team is currently mar- Thomas Hughes [email protected] project, Edison said, the plans include retail space keting two buildings, including BUSINESS OPERATIONS and the construction of loft and luxury office a 15-story, 300,000-square-foot DIRECTOR OF OPERATIONS space, as well as green space on the rooftop of the property and a 255,000-square- Christopher DeCellio [email protected] 456,000-square-foot warehouse. foot facility. A number of DIRECTOR OF PRODUCT DEVELOPMENT “It warms my heart to be able to leave here and development sites are also being Tom Bergeron [email protected] go to City Hall and say that we did this today, with offered as build-to-suit opportu- Officials enjoy the symbolic start of work on the Ironside Newark BUSINESS MANAGER your help, with (Jerry Gottesman’s) assistance,” project. - MARIO MARROQUIN nities at the campus. AnnMarie Karczmit [email protected] Baraka said. “That this is happening here in the Bloomfield-based Prism

ADVERTISING city of Newark and much more development will berry Commons, after a two-story atrium is creat- will rebrand the campus as ON3. SENIOR ACCOUNT EXECUTIVE happen as a result.” ed, allowing for access to the city’s park, for those “We are incredibly excited Penelope Spencer [email protected] The project, Ironside Newark, is one of the traveling on foot from Newark Penn Station.” to be involved in ON3, which is ACCOUNT EXECUTIVES components of the larger Mulberry Commons Edison Properties thanked the city for help- arguably the most robust project Susan Alexander [email protected] project at the foot of the Prudential Center. Edison ing — and providing a 30-year payment in lieu of in our region’s development Liz Dwyer [email protected] Properties’ executive vice president of develop- taxes, or PILOT, agreement — to make the $80 mil- pipeline,” Rudin said. Kirsten Rasky [email protected] ment, Michael Sommer, said the company will lion project possible. The ON3 campus was Damon Riccio [email protected] work alongside Newmark Grubb Knight Frank “Newark is undergoing a renaissance, and it purchased by Prism Capital’s Frank Scancarella [email protected] and JLL to market the spaces. is no coincidence,” Sommer said. “Every success- affiliate PB Nutclif I LLC last fall. Joanne White [email protected] “Ironside will ultimately be comprised of ful venture requires qualified leadership at the top, Prior to the sale, Hackensack Barry Young [email protected] seven floors, with a glass-enclosed penthouse of- whether we’re talking about a team, a company or, Meridian Health and Seton MARKETING MANAGER fice on the roof,” he said. “Both 360-degree views in this case, New Jersey’s largest city. The current Hall University committed to Ali Brush [email protected] of downtown Newark and Manhattan. Floors two leadership is certainly no exception. Several of the leasing at the campus, which will through seven will include loft-style offices with council members have been in office since the ini- be home to the two organiza- EDITORIAL exposed ceilings. The second floor and the first tial planning of this project. And with the mayor’s tions’ medical school. — Mario EDITOR floor will have park and street-level retail to serve leadership and diligence, we all find ourselves cel- Marroquin Tom Bergeron [email protected] this building and the downtown area. From the ebrating this great day in the history of the city.” — MANAGING EDITOR north, Ironside will serve as the entryway to Mul- Mario Marroquin Eric Strauss [email protected] JLL to market DEPUTY MANAGING EDITOR One Newark Center Anjalee Khemlani [email protected] Health Care A joint venture between an affiliate of the Praedium Group WEB EDITOR/SOCIAL MEDIA COORDINATOR Lupin opens manufacturing facility in Somerset and Mack-Cali Realty Corp. has Emily Bader [email protected] umbai-based pharmaceutical manufac- announced it selected JLL to STAFF WRITERS Meg Fry [email protected] turer Lupin recently hosted U.S. Rep. market One Newark Center in Food and Beverage/Women in Business/ Bonnie Watson Coleman and Indian the heart of Newark. Manufacturing/Retail M Consul General to the United States Riva Ganguly JLL will provide all services Andrew George [email protected] Das at the ribbon-cutting ceremony of its first U.S. for the 423,028-square-foot Class State House correspondent manufacturing facility, in Somerset. A space located on Raymond Brett Johnson [email protected] Spotlight “This expansion was a tenfold expansion in Boulevard just one block from Mario Marroquin [email protected] capacity at the Somerset site and was part of a plan Military Park and one block from Real Estate to meet the demand for affordable medicine in the Newark Penn Station. CHIEF PHOTOGRAPHER U.S.,” Vinita Gupta, CEO of Lupin, said. “We are as a “The transit-oriented desti- Aaron Houston [email protected] company are very committed to meet the need; es- nation is leveraging its unparal- RESEARCHER pecially today, there is a big need to bring affordable leled infrastructure to attract a Jessica Perry [email protected] medicines to the U.S. markets for patients, provid- Executives and officials cut the ribbon on Lupin’s Somerset tenant pool that’s broader than ers, government and other stakeholders.” manufacturing facility. - PHOTO COURTESY LUPIN traditional law firms and back-of- EVENTS The pharmaceutical firm will manufac- fice operations,” Thomas Walsh, EVENTS DIRECTOR ture generic and branded products out of its hold with our Somerset manufacturing facility,” Gup- managing director of JLL’s New Wendy Berg [email protected] 150,000-square-foot facility. The firm shipped its ta said. “We’ve been able to enter areas like controlled Jersey office, said. “It seems that EVENTS COORDINATOR first product from Somerset in January of this year. substances and women’s health specialty. And, most every week Newark has a ribbon- Anna Acquaviva [email protected] The firm has added 80 jobs to support its operations importantly, we’ve been able to bring a skilled team cutting for a multifamily develop- and expects to hire at least 50 more employees. of (research and development) and manufacturing ment or new retailer — Mario “We have gained a strong manufacturing foot- experts into our organization.” — Mario Marroquin Marroquin

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2 May 15, 2017 NJBIZ www.njbiz.com BUSINESS AROUND THE STATE Hard Rock paid Changes atop Prudential Financial's retirement division $50M for Trump rudential Financial Inc. announced created significant busi- and individuals, including Taj, report says Pthat the CEO and president of its Pru- ness growth and innova- increased access to work- dential Retirement unit is herself retiring, tion, resulting in greater place benefit programs ard Rock International and named her replacement. retirement security for a and deeper engagement Hannounced plans to sink Christine Marcks is ending her career growing market,” Steve with participants.” $375 million into the former after 13 years with the Newark-based finan- Pelletier, chief operating The change in lead- Trump Taj Mahal hotel casino it cial services company, Pru said, including officer of Pru’s U.S. busi- ership is effective June 5, purchased earlier this year, and 10 years as CEO and president of the retire- nesses, said in a prepared Phil Waldeck will Christine Marcks Prudential said. no wonder it had the money: ment division. She will be succeeded by Phil statement. become CEO and is retiring after 13 Waldeck, who joined president of Pruden- years with Prudential Hard Rock bought the Atlantic Waldeck, head of Prudential Retirement’s “Phil is a passionate tial Retirement. Financial. Pru in April 2004 as part of City icon for a mere $50 million, investment and pension solutions business. advocate for retirement its acquisition of the Cig- according to a published report. “Under Chris’ leadership, Prudential security who will build on Prudential Retire- na retirement business, will be succeeded by The Associated Press said Retirement created a talent-centered, cus- ment’s impressive momentum to address Yanela Frias, Prudential Retirement’s head last week that Hard Rock ac- tomer-focused culture that has inspired and unmet financial needs for both institutions of structured settlements. — Eric Strauss quired the property from billion- aire Carl Icahn for essentially 4 cents on the dollar compared to the $1.2 billion construction NJPAC hires former New York Philharmonic executive price. Donald Trump, now president of the United States, he New Jersey Performing Arts Center has named thrives on sweeping change,” Schreiber said in a prepared built the casino in 1990, dub- Ta new senior vice president of development, it an- statement. “Lisa is bringing her considerable fundraising bing it the “Eighth Wonder of the nounced recently. skills home to New Jersey — by partnering with our team World.” NJPAC, located in Newark, said Lisa A. Mantone, a and our benefactors, she will enable NJPAC to reach a Icahn acquired the casino former executive with the New York Philharmonic, has greater level of visibility and support. She’s back where she when he bought Trump Enter- joined the organization effective immediately, following a belongs!” tainment Resorts out of bank- nationwide search. Mantone, a New Jersey resident who grew up in the ruptcy in 2016. Lisa A. Mantone, new She will report to NJPAC CEO and President John Sch- Garden State, had been senior vice president, institutional Hard Rock hopes to over- senior vice president reiber. advancement, for the philharmonic. In that role, she led of development for haul the casino in time for a sum- the New Jersey Per- “As Newark continues to evolve into a powerhouse development teams in reaching annual fundraising goals, mer 2018 reopening, it has said. forming Arts Center. city, and the diversity of our audiences likewise is mea- as well as helping to launch an endowment campaign. — — Eric Strauss sured by leaps, I’m delighted to have a new colleague who Eric Strauss

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www.njbiz.com NJBIZ May 15, 2017 3 — just like you have at restaurants.” In addition, parking is never a problem, because the re- tailers already have provided that. Even more, being convenient will help build the busi- ness — and keep people healthier, Rusckowski said. “What you find is that 20 percent of orders doctors fill in our space go unfulfilled, because it’s not convenient,” he said. “So we believe we can actually move the needle and provide good health care as well. So, multifaceted energy Quest around the brand.” A brand that has changed quite a bit since 1967. ••• For many, Quest Diagnostics is known as being one of for the two leading companies that provides blood draws and success drug-test screenings. But that wasn’t the case in April 1967 — a time with fewer standards and regulations — when the idea to pursue Company continues to modernize better pathology results was born. The company, then known as MetPath and based in as it begins its next 50 years New York City, wanted to provide better lab testing to area hospitals. It accomplished the feat using a variety of meth- ods. In fact, as one of the famous in-house stories goes, bathtubs in an apartment were used to stain Pap test slides for cervical cancer. At least, that’s the way Paul Brown remembers it. Brown, the company’s founder, was on hand a few weeks ago to celebrate the company’s 50th anniversary. He said he is overwhelmed by the growth of the com- pany. When Brown sold the company to Corning Glass Works in 1982, it had 3,600 employees in three countries and revenues of $110 million. Not bad, Brown said, for a company he started with $500 from his in-laws. Now, Quest has 43,000 employees, locations in 130 countries and a 200,000-square-foot "Laboratory of the Fu- ture" in Massachusetts. “The whole story is so exciting,” he said. The publicly traded company generated $7.5 billion in revenues in 2016, according to the company’s website. “I’d like to see it get to $10 billion in revenue next,” Brown said. Brown is convinced Quest can reach that goal by stay- ing nimble and updating its services to meet the demands of a changing health care industry. “I think what is nice about this is the company has changed with the program, but one thing I think is missing Quest Diagnostics CEO Steve Rusckowski - ANJALEE KHEMLANI is getting more in consumer marketing,” Brown said. “There are labs that are not getting the type of attention from the “Things are changing. BY ANJALEE KHEMLANI regulators, and perhaps more advertising to point out the differences might make a difference.” As consumers are Loaf of bread. Gallon of milk. And a blood draw. ••• Such a scenario is already the norm in parts of a coun- Rusckowski is bullish on the future, too. more important … try, thanks to a pilot program by Madison-based Quest Di- Since consumers are taking on a greater burden of their what is happening agnostics. own health care costs, Rusckowski said he feels they will be The company, which is moving to Secaucus in the fall looking for the best brand with the best quality at a price now is consumers are of this year, has 65 retail locations in other states and more they can afford. on the way. “Seventy percent of the next decision patients make is pushing back on CEO Steve Rusckowski said it’s just the latest example based off of laboratory data,” he said. “Small fraction of the their doctors.” of how a 50-year-old company known in New Jersey as sim- cost, big portion of the decision making. We have challeng- ply a place to go for a blood test is modernizing into a facility es in this country around the growing cost of health care. I – Steve Rusckowski that can serve a number of health-related issues. would argue … more information means better decisions. And do it with the type of convenience the modern With better diagnostics … you’re going to have better health consumer demands. care costs and better health care outcomes.” “Medical offices are not where retailers are,” he said. The existing options people have in the industry mean “Those retailers have already identified where consumers there is competition for who gets the customers through want to be, so what better way to provide access than to tag commercial insurers, Rusckowski said. along where retailers are? “It’s like restaurants … on a Zagat rating,” he said. “People come in, we sign them in electronically, they “Quest is a one-dollar sign. Least expensive. I would argue go out in the store to shop, we beep them when we are ready some of the best quality. Smaller labs will be two dollar

4 May 15, 2017 NJBIZ www.njbiz.com signs. More expensive, especially in areas try into six regions — each region divided that are harder to serve. We are mostly in into roughly 100 sales districts about $50 densely populated, metro areas. million to $100 million in size. “And the hospitals that compete with This allows the company to be both us make up one-third of the market … global and local simultaneously. they are three- to five-dollar signs. So, it’s “We are putting a lot of energy into be- a wide range.” coming the best consumer brand in what To reach consumers, Rusckowski said we do,” Rusckowski said. Employees listen to Quest is investing in its information tech- Even if that means working out of a presentation at Quest nology infrastructure and becoming more grocery store. Diagnostics’ 50th an- mobile-friendly. Email to: [email protected] niversary event. ••• On Twitter: @AnjKhem – ANJALEE KHEMLANI The business model for the next 50 years is interesting. As more health care providers look to provide lower-cost care, Rusckowski believes Quest is well-placed to be com- petitive since it is only 2 to 3 percent of a provider’s cost. Competitors, however, don’t always have to be rivals, Rusckowski said. So, while Quest is competing with hospitals for this revenue stream, it also is slowly making inroads to partner with some, too. NJBIZ has previously reported a part- nership with RWJBarnabas Health, as well as insurer United Healthcare through its data arm, Optum. “Things are changing,” Rusckowski said. “As consumers are more important … what is happening now is consumers are HONORS pushing back on their doctors.” CELEBRATING LEADERS OVER 60 Rather than just go where the doctor tells them to for lab tests, they will find other in-network labs with their insurer. And often times, the doctors have no idea the hospital bills are in the hundreds, Rusckowski said. “It’s a complicated industry, and very fragmented; we actually in the last five CALL FOR NOMINATIONS! years have changed the way we organized ourselves,” he said. That means centralizing administra- tive operations, but also dividing the coun- The inaugural ICON Honors awards will recognize New Jersey business leaders over the age of 60 for their notable success and demonstration of strong It’s in the genes leadership both within and outside of their chosen field. Winners will be Quest Diagnostics does more honored during an awards ceremony on August 23 and will be profiled in an than just blood draws. In fact, CEO Steve Rusckowski said the event publication inserted in NJBIZ. company is creating many new products, including one based on geneotyping, which can detail a person’s ancestry. “You know, 200 years ago, we NOMINATION DEADLINE: didn’t move very far, and so that’s where our ancestors are from,” he said. “We believe it Wednesday, June 7 helps in understanding your family health. Most of us have a general idea of what happened to our parents or siblings.” Visit www.njbiz.com/events to submit a nomination. People, however, do not always the clinical terminology for spe- cific conditions, Rusckowski said. Because of this, he said, genotyp- ing is a consumer-facing service Questions? Contact Anna Acquaviva at [email protected] that helps an individual’s care. Sponsorship opportunities available! Contact Tom Hughes at 732-246-5729.

www.njbiz.com NJBIZ May 15, 2017 5 LEADERBOARD Building a one-stop shop for future brides and grooms Wedding Establishment brings together DJs, decorators and more

BY MEG FRY

The average wedding in New Jer- sey costs nearly $50,000. “That boils down to almost $200 a minute,” Michael Hernan- dez said. With more than half of be- trothed couples — and especially millennials — paying for a wed- ding themselves, Hernandez, founder and CEO of The Wedding Establishment in Red Bank, said he has set out to change that. “We save clients money, time and stress,” he said. “People truly want the convenience of booking trusted services with established talent all in one place.” By housing under one roof the various creative services that today’s large-scale events typi- cally require, The Wedding Es- tablishment has been able to cut the average cost of even the most elaborate weddings in half. It’s no surprise then that, ac- cording to Hernandez, business is expected to double by the end of this year. Mike Hernandez, founder and CEO, The Wedding Establishment. - AARON HOUSTON “Since we opened (in Feb- Biz in brief ruary), any particular service is the right character, warmth and COMPANY NAME: The Wedding booked at least once a week, with The Karma Desk out, competitor or not, to invite cli- comfort level, is equally as im- Establishment ents to meet with them at the space the company sometimes plan- Michael Hernandez, founder and portant in the wedding industry,” HEADQUARTERS: Red Bank at no charge,” he said. ning two or three weddings at a CEO of The Wedding Establish- Hernandez said. “I’ve often in- FOUNDED: February 2017 time,” Hernandez said. ment in Red Bank, likes to be heavily This does, of course, help The Wed- terviewed, for example, photog- REVENUE: Business is expected to involved in the community. ding Establishment some, too. Hernandez is used to the raphers who were extremely tal- double by the end of this year hectic nature of the wedding in- “I also know what it is like to start a “If a photographer, for example, ented, but would not necessarily EMPLOYEES: 40 permalancers dustry. business,” he said. brings potential clients into our facil- work well with our client base.” ity, they will of course see everything He started his career by Hernandez therefore created The Hernandez therefore has else that we do, too,” Hernandez working for his father’s part- Karma Desk at his place of business taken a liking to “socially driven days, people are more often get- said. time DJ entertainment business, to encourage even competitors to hiring,” he said, sharing posts on ting married in barns and city “And some of the people who have Sounds to Go, in the 1990s. come work within the space. Facebook with trusted friends to lofts,” he said. “I would love to find utilized The Karma Desk thus far “I then walked out of college “The Karma Desk is basically for that find the right collaborators. the right place and partnership to have even decided to come work for DJ or that event planner just starting three credits short of graduating The Wedding Establishment instead.” “The Wedding Establishment be able to take such a venue and because I wanted to take Sounds is a place where one can work and reimagine it into a one-of-a-kind to Go and build it up from my par- do what they love without having to place in which we could offer all ents’ basement from a side gig into That is when Hernandez de- Indulge for décor, furniture and worry about the cost and minutia of our services.” full-time employment,” he said. cided to open The Wedding Es- event planning. of owning their own business,” he Additionally, Hernandez said Though he said he took on tens tablishment — completely self- Sofia + Abbie, a stationery said. “I’m hiring established talent people both in and out of state of thousands in credit card debt to funded and debt-free due to his and invitation designer, and The that I thought never would work already have approached him re- make that happen, the business be- success with Sounds to Go. Wedding Officiant, a team of with me because they simply don’t garding expansion plans for the came a profitable success. “We are now a collection wedding officiants, already were want to spend the time and money business model. “Then, I would constantly of event-based businesses in a full-fledged companies that de- to do their own thing anymore.” “We would love to open more notice people running all over 4,000-square-foot storefront in cided to join under The Wedding Within a year, Hernandez locations, or franchise The Wed- the state in order to get what they the center of Red Bank,” he said. Establishment’s umbrella. said he also would like to add a ding Establishment model,” he needed for their wedding,” Her- In addition to Sounds to Go The Wedding Establishment Brooklyn-inspired event space to said. “We are always seeking new nandez said. “Planning a wed- and a newly formed seven-piece now employs around 40 indepen- The Wedding Establishment’s of- talent, potential partners and in- ding became a second job for wedding band, Hernandez also dent contractors. fered services. vestors in that regard.” these people that they weren’t founded Love Happens for pho- “To find not only the talent, “As facilities continue to Email to: [email protected] being paid for.” tography and video services and but also the right people, with charge up to $300 per plate these On Twitter: @MegFry3

6 May 15, 2017 NJBIZ www.njbiz.com Brown, who served as an assistant U.S. said she has a contract at Choose New Jer- fired James Comey as the head of the GRAPEVINE attorney for nearly two decades, certainly sey through next summer. And, given the FBI. has the experience needed to serve on the choice, she’d love to extend it. One insider said there’s “no chance” of bench. And, if she became a judge, she “She really loves that job,” an insider that happening. And it’s not just because of Bad optics for Kushners might eventually be eligible for long-term said. “And she really loves the business the perceived strain between Christie and a perks, such as a healthy pension. But she world.” lot of Trump’s inner circle. “The first thing you have to understand is would be unable to take any other jobs dur- Apparently, more than returning to the This one, the source said, is on Chris- that the Kushners did nothing wrong,” a ing her time on the bench. law. tie. source started, reacting to the recent flap In the private sector, she could work in “It’s safe to assume that Christie’s de- when Nicole Meyer held an event in China a number of capacities. Christie as head of FBI: No way tractors often point out he’s the least pop- where she appeared to be using her broth- But don’t expect Brown to be looking Gov. Chris Christie’s name has been ular governor in the country,” the insider er, Jared Kushner, and his father-in-law, anytime soon, though. Another insider floated as a possible replacement for the said. President Donald Trump, in an effort to promise EB-5 visas to the U.S. for financial backing of Kushner Cos. projects. Of course, the phrase “nothing wrong” depends on the question, another source responded. “Is it wrong, or, rather, illegal, to trade visas for contributions?” the person asked. “It’s not. In fact, it’s been going on for years. All real estate companies take advantage of the practice. This isn’t unusual at all.” It’s just unseemly. And the latest effort to do so (in a somewhat public setting of a hotel ballroom in China) by someone con- nected to the President of the United States (“They should know better, or, at least, understand the optics,” a source said) was wrong. “Normally, this is done in a small of- fice, in a bank meeting room, somewhere where there are not a lot of people,” another source said. “It’s an ugly side of the game, but it’s part of the game. The biggest play- ers, in fact, have offices of people overseas just to handle these deals.” That tidbit should not be ignored. A source said the fact the event was held in such an open public event, meant to attract a lot of potential investors, spoke volumes for the operation, the person said. “It means they do not have an opera- tion set up over there,” the person said. “So they must not use this as much as others in the industry.” Brown passes on bench Don’t look for any secret reasons behind why Michele Brown removed herself from consideration to be a Superior Court judge. One insider said it was just a business deci- sion. The insider said the reasons were pret- ty straightforward: She really likes the busi- ness world — and she can make a lot more money. “Do you know how valuable Michele Brown would be in the private sector if she ever chose to go that way?” one source asked. “Between her time at Choose (New Jersey) and the (Economic Development Authority), can you think of anyone who has more knowledge and more connec- tions?” Those connections, the source said, go beyond the Garden State. “She has been on a lot of overseas mis- sions,” the source said. www.njbiz.com NJBIZ May 15, 2017 7 ‘Hidden Figures’ inspiration among honorees at LSC’s Genius Gala NASA pioneer’s daughter offers moving tribute; SpotMini robot also lauded

BY ANJALEE KHEMLANI

The inspiration behind the hit biopic “Hid- den Figures,” Katherine Coleman Goble Johnson, was one of the four honorees of the Genius Gala 6.0 at the Liberty Science Center earlier this month. The annual event recognizes some of the greatest science minds, and this year’s event was attended by 700 of the area’s “Who’s Who” of the science, technology, fi- nance and innovation industries. The black-tie event raised $2.7 million to support the Center in Jersey City, which has grown attendance by 224,000 to more than 650,000 in four years — making it the fastest-growing museum in the country, according to LSC CEO and President Paul Hoffman. Johnson was unable to attend the event, but her daughter, Joylette Hylick, ac- cepted the award on her behalf in an emo- tional speech. “I’ll to try and do this without cry- ing,” she said. “I saw this facility. I just wish my mother were 40 years younger. You Joylette Hylick, daughter of “Hidden Figures” subject Katherine Johnson, accepts the Genius Award on behalf of her mother from CEO and President of Liberty Science wouldn’t be able to get her out of here. She Center Paul Hoffman and presenter John Urschel, author of Urschel-Zikatanov Theorem, during Genius Gala 6.0 at Liberty Science Center in Jersey City. - PHOTOS BY DAVE KOTINSKY/GETTY IMAGES FOR LIBERTY SCIENCE CENTER loves experiments, she loves teaching and she would always say, ‘What did you learn today, Joylette?’” “I just wish my Hylick said she has asked her mother if she realized how important her role at mother were 40 NASA in the 1960s was. Her mother re- years younger. You mains humble, despite the recent fame from the movie. wouldn’t be able to “My mother is an ordinary, extraor- dinary person,” she said. “To say that she get her out of here. didn’t feel segregation, I’d say that bril- She loves liance trumps segregation.” In stark contrast, the next award win- experiments, she ner of the evening was a robot. Specifically, SpotMini from Boston Dynamics, which loves teaching and was honored along with the company’s she would always founder and CEO, Marc Raibert. The canine-like robot, SpotMini, say, ‘What did you walked onto the stage to receive its award, engaging the audience along the way. learn today, Next up was Raibert, who said he was Award recipient SpotMini, Boston Dynamics Marc Raibert’s dog-like robot, comes up on stage during the event raised in New Jersey, and told the crowd to receive an award. Joylette?’” that, while the Liberty Science Center – Joylette Hylick wasn’t around when he was younger, the Kurzweil, a New Yorker, was inspired to Other entertainers of the evening in- Boston Museum of Science was and served get into the computer field when his uncle, cluded New Jersey pizza-tossing “Pizza as his inspiration. an employee of Bell Labs, introduced him Boys” Nicholas and Michael Testa, ages 12 When asked by Hoffman when robots to computer science. and 10, respectively, from Jersey City, and like SpotMini will become a part of our ev- The presenters of each award were Marco Tempest, a cyber-illusionist. eryday lives, Raibert said he couldn’t pre- some of New Jersey’s highest-profile in- “It was truly an honor to bestow these dict. dividuals, including Olympic gold medal brilliant men, women — and, for the first The final honoree of the evening was wrestler Helen Maroulis, a Jersey City resi- time, a robot — with the 2017 Genius Ray Kurzweil, director of engineering at dent, and “Cake Boss” star Buddy Valastro, Award,” Hoffman said. Google and co-founder and chancellor of who uncovered a robot cake after present- Email to: [email protected] Singularity University. ing the award to Raibert. On Twitter: @AnjKhem

8 May 15, 2017 NJBIZ www.njbiz.com 28th Annual NJAA Conference & Expo May 23rd – May 25th ATLANTIC CITY CONVENTION CENTER AND THE WATER CLUB AT THE BORGATA

3 DAYS. 23 SESSIONS. 1,600 ATTENDEES. OVER 200 EXHIBITORS.

Get a look inside Learn how industry Find out why The ultimate the operations of leaders multifamily housing industry showcase the biggest differentiate is the fastest for New Jersey’s multifamily owners, themselves from growing industry apartment industry developers and the followers. in New Jersey. professionals. managers in the state.

Register at www.njaa.com N.J. Future: Suburban demographics don’t match popular opinion

BY MARIO MARROQUIN

New Jersey Future’s director of research, Tim Evans, recently presented a demo- graphic analysis of the state’s suburban population at the Kislak Real Estate Insti- tute at Monmouth University. His analysis showed the current distri- bution of millennials, Gen-Xers and early boomers, in an attempt to give real estate developers a glimpse of where an unmet demand for housing may exist in the com- # of smart-growth metrics ing years. scoring well “A couple of years ago, I was commis- sioned to do a report about older people and what kind of places they live in, and, are they living in places where they are able to get around when they can’t drive anymore?” Evans said. “To do that, I set out to create a kind of a typology of New Jer- sey.” The researcher’s typology was based on net activity density, presence of a mixed-use center, local road density and access to public transportation. Evans then compared the distribution of the typology given to how the percentage of the popu- lation in a given area compares to the rest # of smart-growth metrics # of smart-growth metrics of the state — also known as the location scoring well scoring well quotient. “Hoboken, for 22- to 34-year-olds, has the highest location quotient in the state by far,” He said. “The percent of its residents IMAGES COURTESY TIM EVANS/NEW JERSEY FUTURE that are between 22 and 34 years old (is) 45.4 percent, compared to only 16.4 per- centrations of young people when it was To further that point, Evans present- cent statewide, to give you a location quo- Gen X. ed a survey showing 71 percent of 50- to “Although it is true tient of 2.77 percent. Another way of saying “Where has Gen X gone? Now, we’re 64-year-olds and 87 percent of those over that is, the Millennials are 177.4 percent not quite so in love with the walkable ur- 65 who participated in the survey who said that Generation X more common in Hoboken than they are banism. Now, we’re slightly overrepre- they would seek to stay in their current statewide.” sented in the car-needing places, but the community as they aged. has suburbanized Evans’ research found Hoboken, East baby boomers, when they were ahead of us “This is going to be a problem if they as we’ve gotten Newark, Hightstown, Jersey City, Harrison in that age range, they didn’t like compact, think they’re going to stay there, because and Palisades Park to be the areas with the walkable urbanism, either, and they were mostly you’re talking about single-family older, we haven’t highest location quotients for millennials more overrepresented. detached housing out there,” He said. “If in the state. “Although it is true that Generation X you already have good bones, if you’re gone to the same “If you look at the net activity density has suburbanized as we’ve gotten older, we one of those places that score well on my first, the higher you are in that category, haven’t gone to the same kinds of suburbs metrics, and it’s not just cities, it’s a lot of kinds of suburbs as the higher location quotient is for the 22- as the generation that preceded us. That older suburbs, you can add to and diversify to 34-year-olds,” he said. “The more cen- might go well for the millennials as they’re the housing stock so that you have hous- the generation that ter-like places, the more millennials like it, aging, too.” ing that millennials can afford to move to, preceded us. That and the same thing with local road density According to his research, the idea of and for the baby boomers who do decide — the more walkable your street network walkable urbanism tends to be seen less fa- to downsize, you can accommodate them. might go well for is, the more it’s going to attract millenni- vorably with age, with millennials showing For real estate developer, Evans said als. The places that score well in all those the highest desire, followed by Generation stranded suburban assets may present an the millennials as metrics, millennials are 25 percent more X, and baby boomers showing the least in- opportunity to accommodate millennials prevalent in those places than statewide.” terest in it. and downsizing baby boomers, too. they’re aging, too.” And based on the same metrics, Ev- Evans also found that the idea of re- “You can try to create a brand-new - Tim Evans ans’ research found that Gen X, 35- to tirees seeking to downsize and move into town center, which a few places in New Jer- 48-year-olds, are the ones who were most a walkable urban area seems to disagree sey like Robbinsville or Plainsboro (have), enthralled with the idea of walkable urban- with his data, with the large majority of the or you can try to take something from the ism back in 2000, when they represented Gen-Xers and older living in car-depend- car-oriented suburban era like a shop- the same 22- to 34-year-old age group. ing suburbs, where single-family detached ping mall and try to retrofit it or one of the “We were disproportionately concen- housing is most prevalent. stranded assets office park, try to turn it trated in places that scored well in all three “People like to repeat that retirees are go- into a new center.” metrics back then,” he said. “The denser ing to downsize and move to the city, I’ll be- Email to: [email protected] and more compact places had higher con- lieve that when I see it in the data,” Evans said. On Twitter: @Mars3Vega

10 May 15, 2017 NJBIZ www.njbiz.com nomic Redevelopment & Growth) incentive program at the state level is out of funds, the courts are amping up affordable housing mandates and federal tax credit programs such as low income housing tax credits will be less desirable to investors if the proposed Trump tax cuts narrow the spread between taxable and tax-exempt bonds.” Zangari said he generally has steered his clients away from the program through the years for two reasons: first, the potential for fraud and abuse, since the people bro- kering these baskets of funds are unregu- EB-5Changes may be coming to the decades-old lated; and, second, other sources of cheap EB-5 visa program. And they could be coming money have been readily available without John Hanson speaks out the fraud and abuse risk. just when N.J. developers need it the most Those days, he fears, may be coming to in favor of EB-5 program an end. BY TOM BERGERON “The irony if this program were to end Jon Hanson is the chairman of the Hamp- ed Zangari vividly remembers the is that, while EB-5 has been successful, its shire Cos. and universally regarded among reaction of investors and developers What is the EB-5 program? most needed days are ahead. With inter- his colleagues as the most respected and Twhen he first started explaining the From the United States Citizenship and Im- est rates starting to tick up, that’s when this most influential person in the real estate EB-5 program. migration Services website (usics.gov): program will really delivered on its poten- industry. “The entire devel- “The Immigration and Nationality Act (INA) ​​ tial. Already, it has become an increasingly Hanson has been so bothered by the wave of opment community makes visas available to ​qualified​ foreign ​ common layer of the redevelopment capital news about the EB-5 visa program that he knows about this money nationals​ who will contribute to the economic stack as developers struggle to tackle the felt he needed to speak out. source by now,” he said. growth of the United States by investing in U.S. unique added costs of brownfield remedia- “Because the Kushners are involved, and “But in the early days, businesses and creating jobs​ for U.S. workers. ​ tion, deck parking and affordable housing because of their relationship to President as we would go through Congress created th​is ​employment​-​based fifth ​ set asides that didn’t exist in the greenfield (Donald) Trump, the optics are bad,” he preference immigrant visa category ​(EB-5) the litany of what dol- development of past decades.” said. “I think that’s an unfair characteriza- to benefit the U.S. economy by providing an lars were available from An elixir that’s no longer a backroom tion of the program.” Tom Bergeron incentive for foreign capital investment that where and we would creates or preserves U.S. jobs.​ secret. The program, which has existed since 1990, explain the EB-5 program — essentially, for- Zangari suspects many members of allows foreign investors to obtain visas for “The​ INA established a threshold investment eign investment in exchange for the investor Congress, like the general public, were sur- investing large sums of money (close to $1 amount of $1,000,000 ​U.S.​ dollars per​ inves- million) in U.S. projects. and his or her family receiving visas to come tor. ​To​ encourage investment in new enter- prised this program exists — and has existed into the U.S. — the reaction of clients, with- prises located in areas that would most benefit for decades. Hanson said his company has used EB-5 out exception, was, in a word, incredulous. from employment creation, the INA ​also ​sets Of course, Washington today is more money. And he feels such investments are “That’s still the visceral reaction of the aside at​ least 3,000​ of the approximately​ ​ about perception than policy. Zangari feels key to growing the economy in New Jersey average person outside of developers — 10,000 EB-5 visas​ annually for​ qualified​ that could be a problem for EB-5. and elsewhere. ‘What? You mean someone can buy their immigrants ​who invest ​in new commercial Zangari thinks some changes, not elim- The only thing that matters, he said, is the way into the country, not go through the enterprises that will create employment ​in t​ar​ - ination of the program, are coming because jobs the program helps produce. Without usual lawful channels, but literally write a geted ​e​mployment ​a​reas​ (TEA), which ​include​s ​ of the backlash that followed the Kushner this capital, he said, jobs potentially could check and come in?’ ” rural areas and areas with​ high​ unemployment.​ ​ presentation, the overall anti-immigration be lost. Yes, they can. The minimum​ amount​ for investing in a TEA​ ​ fervor brewing around Congress and the “Let me give you an example,” he said. “At is currently set at $500,000 ​U.S. dollars per​ In fact, investors around the world have fact that the program has been the subject of the present time, there’s a feeling among investor​.​” been able to do since the program was put some instances of fraud and abuse. the regulators that we are getting over- into place during the Bush administration. “You’re likely to see changes to EB-5. heated on apartments. There will be reaction to that, and some lenders will reduce the The first Bush administration. Sills Cummis & Gross, after the China event And change for this program would be a percentage that they will loan. The EB-5 program was created in 1990, took place. good thing,” he said. meaning developers in New Jersey and Zangari, one of the top real estate ex- “My hope is that Congress doesn’t “This type of capital can fill a niche. This around the world have been using it for perts in the state, always gives a straightfor- eliminate the program, but, instead, puts is low-cost equity. It fills a need in many projects, especially if the market tightens. nearly three decades. ward response. He said he isn’t concerned more institutional controls on it that, can- The end result is developers could be hurt It just became an overnight sensa- about the politics of the episode. Just the didly, will not only save EB-5, but make the or they could have projects that do not get tion when , the sister of perception. program useable for more conservative de- Nicole Meyer Jared built.” Kushner, openly pitched the program at a And, more so, how it could impact New velopers who were leery about ever wading Hanson fears any adjustments to the pro- meeting with potential investors at a Ritz- Jersey development moving forward. into an unregulated loan pool of individual gram will have consequences. Carlton in Beijing. “It would be a shame if a relatively investors speaking a different language and Those opposed to President Donald cheap source of investment were taken away residing halfway around the globe.” “Without things like EB-5 money, a lot of the projects don’t get done,” he said. “So, some Trump, Kushner’s father-in-law, quickly from developers at a time when rates are Of course, doing so would be looking will say, so be it, so a developer does not called it corruption at its core and the ulti- starting to creep back up and other sources past the obvious pay-to-play perception. It’s make a lot of money. Just remember: Every mate pay-to-play scandal. of investment beginning to tighten up,” he a hurdle many will have to overcome — just project that’s built, think of the jobs that Zangari laughed at the idea. said. “If Congress were to eliminate the EB-5 as they did in the early days of the program. come with it. That’s what you have to relate: “Not only is the investment-for-visa fea- program now, of all times in the real estate “That was the typical reaction of in- Jobs is what it’s all about.” ture commonly known in developer circles,” market cycle, it would be even tougher for vestors and developers back then,” Zangari Hanson has been a regular in the NJBIZ Real he said, “it’s the essence of the EB-5 pro- redevelopers to make their projects pencil- said. “Now, it’s the typical reaction of ordi- Estate Power list since it started in 2010, gram.” out,” he said. nary Americans who are suddenly learning finishing in the Top Ten each year. I reached out to Zangari, the co-chair of “As it is, the state Legislature is look- about this program. And the mood between He is the only person to earn the No. 1 spot the real estate department and member of ing to tighten up the issuance of (payments now and then has changed vastly due to the twice. the executive committee of Newark-based in lieu of taxes) at the local level, the (Eco- overheated topic of immigration.” www.njbiz.com NJBIZ May 15, 2017 11 Cooper’s stake in AmeriHealth comes under fire at Assembly hearing

BY ANJALEE KHEMLANI benefits from special tax breaks and re- ceives taxpayer money, is looking to in- AmeriHealth talks about its health Cooper University Health Care came vest in a for-profit, Badolato said it is not. AmeriHealth New Jersey’s fiscal health was questioned at an Assembly bud- under fire at a recent state Assembly “It is not a consideration when we get hearing this week, prompted by recent reports of losses. budget hearing for its 20 percent stake in decided that Cooper satisfied statutory Mike Munoz, market president for the insurer, said the company has seen the for-profit AmeriHealth New Jersey and regulatory requirements,” he said. growth overall. insurance company in Cranbury. In response to a follow-up question “Our consumer membership is nearly 10 times what it was before the imple- Assemblyman John McKeon (D- from Assemblyman Troy Singleton (D- mentation of the Affordable Care Act. That kind of growth requires a business to be Madison) asked Department of Health Moorestown), Badolato added the only nimble in order to adjust to the new normal. We knew we needed to rethink the way Commissioner Cathleen Bennett if concern DOBI has is if the acquiring we engaged our customers, and that new strategy resulted in numerous advance- it was appropriate for a not-for-profit party is able to exert control responsibly. ments in how we deliver health insurance to the people of New Jersey,” Munoz said. health system to invest in a “failing” in- Specifically, if the acquiring party Munoz added that AmeriHealth: surance company like AmeriHealth. has money to see the acquisition through Pioneered tiered health plans for consumers in the state. During the first Recent reports have shown the in- and sustain it, as well as expertise to pro- Open Enrollment period under the ACA, it had 11,500 consumers enrolled in surer has lost as much as $46 million vide management services. one of these plans. Today, it has more than 75,000 consumers enrolled in a tiered in 2015 and $26 million in 2016. Mean- When asked if legislation is needed health plan. while, Cooper, whose board of trustees to address similar circumstances, Ba- Now has the capability to text members who opt in. It currently sends approxi- chairman is George Norcross, has fun- dolato simply replied that he would be mately 135,000 text messages a month — giving neled a total of about $13.5 million into happy to implement whatever regula- members valuable information in a way they AmeriHealth, McKeon said. tions come from the Legislature. want to receive it. He also highlighted that Cooper pre- A similar instance of hospitals in- Implemented a robust tele- viously received $21 million in charity volved in health insurance previously sales strategy, making more care dollars, is slated to receive $13 mil- occurred in the state, according to Sin- than 222,500 outbound lion this year and has received $40 mil- gleton, who brought up the now-subsid- calls over the past three lion in EDA tax credits (over a 10-year iary of Cigna, QualCare. years to consumer mem- period). QualCare was formed by and owned bers to help them with open “Should the New Jersey taxpayer be by 14 nonprofit hospitals in the state, enrollment. funding for-profits? That’s what’s hap- and its board of directors, which was pening here,” McKeon said. dissolved when Cigna purchased it, in- “Even if that answer was yes, should it cluded current hospital executives. interests in for profit partnerships and be put in a failing insurance company, as The hospitals used it as a third-party joint ventures to boost revenues to carry “Throughout the opposed to all the other missions … for im- claim administrator and a self-insurance out their important missions to care for proving the quality of health, God knows, tool. QualCare’s network was also used by New Jersey residents. So why is Cooper state, our hospitals for people in the general Camden area?” Oscar Health when it entered the New Jer- being questioned and singled out? Why Bennett replied that she was not famil- sey market. now? In 2013, Cooper acquired a minority have become part iar with the insurance company and that Following the hearing, Singleton position in AmeriHealth. Today, Cooper’s of larger systems hospitals have changed the way they op- told NJBIZ his line of questioning was to effective ownership interest in Ameri- erate over the years, and have contributed establish that there was, in fact, a prec- Health is less than 1 percent,” Rubino said. and networks as $2.1 billion annually in community benefit. edent in the state of hospitals owning an AmeriHealth spokesperson Jill Ro- “I know our health systems are no insurance company. man said the losses the provider saw they look at new longer just hospitals alone,” Bennett “Obviously it is clear we had prec- were not unique. said. “Throughout the state, our hospi- edent in the state, most recently with the “Last year proved challenging for ways to deliver tals have become part of larger systems QualCare situation where our non-profit carriers across the nation,” Roman said. care and do it in a and networks as they look at new ways hospitals were (owners) as opposed to “There were several contributing fac- to deliver care and do it in a way that ad- the Cooper perspective having a minor tors that affected us directly. Pharmacy way that addresses dresses things like cost and things like stake in the company,” he said. spend has definitely had an impact, as access and things like quality.” Cooper spokesman Thomas Rubino prescription drug costs continue to rise things like cost and As for whether it is appropriate or reiterated the statement by Badolato that due to specialty and high-cost name not, Bennett said there should be a poli- the hospital invested in AmeriHealth af- brand drugs. Challenges with Special things like access cy discussion around it. ter a public hearing and approval pro- Enrollment Period enrollees and claims and things like “At the moment, I am not in a position cess through DOBI. associated with out-of-network services to give you my opinion on that,” she said. “One might wonder why Cooper have also had adverse effects. With chal- quality.” McKeon posed similar questions to is being singled out given the fact that lenges come opportunities to improve Department of Banking and Insurance 16 non-profit hospitals, most located and we are excited about the momen- - Cathleen Bennett Commissioner Richard Badolato, who in North Jersey, invested in the health tum we are seeing in 2017. repeatedly stated that there were no reg- insurance company Qualcare, before “Cooper University Health Care ac- Health Republic of New Jersey. ulations barring such a transaction, and it was sold to Cigna,” Rubino said. “Ad- quired a minority stake in our company The insurer received all the silver that DOBI was not in charge of regulat- ditionally, most, if not all of those non- in 2013, when we collaborated to offer plan policyholders that HRNJ had. Silver ing the hospitals. profit hospitals, received charity care a co-branded product that continues to plans are the most popular, with roughly DOBI officials also stressed that and other state funding, as has Cooper. be very popular among our consumer 71 percent of enrollees in a silver plan McKeon referring to AmeriHealth’s fi- We don’t recall the investments by those customers today. AmeriHealth New Jer- nationally, according to the Centers for nances negatively was not something hospitals in Qualcare being questioned.” sey serves more than 270,000 members Medicare and Medicaid Services. it could opine on, as such an opinion Rubino also mirrored Bennett’s across the state.” How this affects the company’s fi- could move markets. comments about the changing land- AmeriHealth is also waiting to see nances is yet to be determined. When asked if any consideration is scape of hospital operations. the results of gaining policyholders from Email to: [email protected] given to the fact that a nonprofit, which “Scores of non-profit hospitals have the liquidation of the failed health co-op, On Twitter: @AnjKhem

12 May 15, 2017 NJBIZ www.njbiz.com HACKENSACK “We’re going to have CONTINUED FROM PAGE 1 immediate access to the Pecora, who said he is really excited about the new program, explained why it is entire world’s databases so innovative. through Watson, and the “How much information can a doctor have immediate access to from their memo- precision of what COTA ries and Googling something, to make the best choice of care for their individual pa- brings to the table.” tient? It’s limited by the knowledge and skill – Dr. Andrew Pecora of the physician. It works. We do quite well. But, now, we’re going to have immediate ac- cess to the entire world’s databases through Watson, and the precision of what COTA Data analytics, precision analytics, machine brings to the table,” Pecora said. learning and then eventually artificial intel- COTA is able to analyze the patients ligence to guide care “in a way we can’t even and their treatments, figuring out what has Andrew Pecora, left, chief innovations officer and vice president of cancer services, John Theurer Cancer Center, imagine today. It will absolutely deliver on worked best in the past, and allows doctors and Robert Garrett, president and CEO, Hackensack University Medical Center. - AARON HOUSTON the promise of improving clinical outcomes to apply similar treatment models to similar and reducing the cost of care.” patients in the area of oncology, he said. ue accessing the data to treat patients. COTA and Watson currently partner For this program to succeed, they must Right now, the collaborative effort, It is the first-of-its-kind partnership and with some of the same health systems, but find that decisions that would not have oth- which has an undisclosed price tag attached, helps HMH increase its footprint in the space the idea sprouted when Horizon Blue Cross erwise been made by a doctor were made af- will focus on cancer patients. of innovation, where it has recently made sig- Blue Shield of New Jersey suggested the two ter consulting the combined tech databases, Five hundred, to be exact, with a time- nificant investment and intends to grow as a meet. while improving clinical outcomes and low- line of roughly four months to test the use of business arm. Horizon has two executives sitting on the ering cost of care, he said. COTA and Watson to treat. HMH co-CEO Robert Garrett said the COTA board: Allen Karp and Minalkumar Pecora said he and his team are pretty In that time, experts from Watson and pilot is not exclusive to the health system. Patel. confident the results will be in their favor. COTA will be at Hackensack Meridian Health, “Ultimately, what we want to do with this From that initial discussion, the idea Garrett added, “This certainly has the op- working closely with nurses and doctors to partnership, is share this” with other health has been developed and a letter of intent was portunity to go not only national, but global.” create a user-friendly platform that meets the systems in the country and, eventually, the signed last Tuesday. Email to: [email protected] needs of the medical professionals to contin- world, Garrett said. Pecora said the focus is on marrying Big On Twitter: @AnjKhem

www.njbiz.com NJBIZ May 15, 2017 13 WHEN Tuesday, June 20, 2017

2017 TIME 8am-10:30am Presented by: LOCATION The Palace at Somerset Park

Join us for the 2017 Healthcare Heroes awards breakfast and ceremony. During the awards ceremony, finalists will be recognized for their heroic actions and the winner in each category will be revealed! Reserve your seats at www.njbiz.com/events Questions? Contact Anna Acquaviva at [email protected] or (732) 246-5713. Congratulations to the 2017 Healthcare Hero Finalists!*

Education Hero- Individual John Halperin Rashmi Kaura Robert Orozovich Olubunmi Afonja Atlantic Health System Atlantic Medical Group, Atlantic Health System Holy Name Medical Center Bayer Prakash Rao Mario Leitao, Jr. Chadwin Sandifer Jody Beach NJ Sharing Network Memorial Sloan Kettering Cancer Center Basking Fairleigh Dickinson University School of Pharmacy Inspira Health Network Melissa Smith Ridge & Health Sciences Andre Goy Children’s Specialized Hospital Shyan Sun Roslyn Schwartzberg Hackensack Meridian Health Innovation Hero – Organization Saint Barnabas Medical Center Trinitas Regional Medical Center Chris Kirk Bayer Public Health Hero Workplace Wellness Hero Atlantic Health System Capital Health Kyung Hee Choi Affinity Federal Credit Union Michele Samarya-Timm Inspira Health Network Holy Name Medical Center Domestic Abuse and Sexual Assault Crisis Somerset County Department of Health Labor First, LLC Alana Cueto Center of Warren County Samantha Singh Princeton House Behavioral Health Eastern International College, Jersey College Inserra Supermarkets Saint Barnabas Medical Center-RWJ Barnabas St. Joseph’s Regional Medical Center George Kimmerle Onsite Innovations Health Kimmerle Group T&M Associates Nurse of the Year Barbara Mintz Transwestern Education Hero – Organization Ludovina Archeval RWJBarnabas Health Alzheimer’s New Jersey e Holy Redeemer Home Car Ashok Patel Healthier Somerset Cate Collyer-See Holy Name Medical Center’s Healthcare Indian Health Camp Atlantic Health System of New Jersey Careers Discovery Program Joanne Porter Newark Beth Israel Medical Center James Proodian AtlantiCare HealthCare Natural Healthcare The Center for Korean Health and Jennifer Sheets Center Wellness-Englewood Hospital and BAYADA Home Health Care Gwendolyn Medical Center Desiree Sokoli Rippey Hospital of the Year Memorial Sloan Kettering Cancer Center Atlantic Health Morristown Medical Center Ann Welenofsky Volunteer Saint Barnabas Medical Center Summit Medical Group/Summit Medical Group Southern Ocean Medical Center MD Anderson Cancer Center of the Year Gail Fiske Individual Innovation Hero- Physician of the Year Inspira Health Thomas Bartiromo Christopher Bolich Network Holy Redeemer Visiting Nurses and Hospice of New Jersey Innovation Institute Beatriz Garcia Thomas M. Birch, M.D. Atlantic & Mercer Counties Hackensack Meridian John Chovanes Holy Name Medical Center Health Mary Ann Boccolini Cooper University Health Care Suraj Kaufman Jan Huston (posthumous) Samaritan Healthcare & Hospice Sneaker Room Hackensack Meridian Health

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Sponsorship Opportunities Available! Contact Tom Hughes at 732-246-5729 / [email protected] OPINION OUR POINT OF VIEW When courts can’t agree, let’s hope science prevails

arlier this month, a jury in St. Louis awarded a ovarian cancer and baby powder, and most major health record $110.5 million to a woman who claimed The safety of Johnson & Johnson’s organizations say talc is harmless. EJohnson & Johnson Baby Powder, which she had All of this, of course, is yet another reminder in our used for more than 40 years, caused her ovarian cancer. powder is one of the larger overly litigious society that courtrooms (and newspaper Other St. Louis juries have awarded a total of $197 million mass-tort claims in the courts. editorials, for that matter) are lousy places to resolve con- to plaintiffs making similar claims. flicting scientific claims. Late last year, however, a New Jersey Superior Court Talc cases in New Jersey, where some 200 such lawsuits judge threw out two similar cases on summary judgment, cases it has lost. have been filed, have been granted Multi-County Litigation ruling before a full trial even began that the plaintiffs’ In some product-liability cases, the science is clear. At status. That’s a sensible attempt to make courts more effec- medical experts lacked the required credibility. Judge Nel- this point, for example, there is no dispute about whether tive in examining safety claims by bringing the cases before son Johnson, of Atlantic County, said the experts present- asbestos causes mesothelioma, a rare and virulent form of one judge. And Johnson certainly tried. His opinion noted ed shallow “made-for-litigation” testimony. lung cancer. It does. Talc litigation (which sometimes also that he had read every epidemiological study cited by the The safety of Johnson & Johnson’s powder — in par- includes the claim that the talc in powder is contaminated plaintiffs. But he concluded that the plaintiffs’ experts failed ticular, the talc used in the popular product — is one of with asbestos) is not as clear-cut. to demonstrate “that the data or information used were the larger mass-tort claims currently in the courts. New The plaintiffs in the St. Louis lawsuits say case stud- soundly and reliably generated and are of a type reasonably Brunswick-based Johnson & Johnson is facing approxi- ies show that women who regularly use talc on their geni- relied upon by comparable experts.” mately 2,000 state and federal lawsuits filed by plaintiffs tal area face up to a 40 percent higher risk of developing So who’s right? We sure don’t know. Neither do the who say the talc-based powder, which the company has ovarian cancer. The International Agency for Research on courts. Ultimately, this matter will turn — must turn — on sold since 1894, caused their cancer. The company con- Cancer classifies the genital use of talc as “possibly carci- what happens in laboratories, not courtrooms. Until then, tends the product is safe and has routinely appealed the nogenic.” But other research has shown no link between it may be best to keep your powder dry.

TRIPLE PLAY QUICK HITS THREE THOUGHTS FROM A TOP LEADER IN THE STATE: APRIL SHOWERS BRING MAY … DEVELOPMENT? There was a plethora of happy occasions for the region’s real estate industry, with projects unveiled (in Newark and Paramus), ribbons cut (in Somerset), Christine Rowe is a regional manager for Robert Half International businesses moving into bigger digs (in Princeton and Whippany) and leasing and marketing kicking into gear (at the former Roche building and, again, based in New Jersey. Rowe oversees all of Robert Half’s professional ser- in Newark). vices lines of business and has been with the company for more than Our take: When a major New Jersey sector is heating up with the weather, that can only mean good things for the state this spring. And it feels like major 20 years. properties are popping up like spring flowers this year. We asked Christine about how job seekers THE NINTH WONDER: THAT DEAL Donald Trump’s popularity may be at a peak in some circles, but the casino that used to bear his name, the Trump Taj Mahal, can buck the traditional methods of the job made news for just how little it was worth: $50 million, which was what Hard Rock International paid Carl Icahn for the shuttered Atlantic City casino. The price tag when Trump built it in 1990: $1.2 billion. search and go the “hidden” route to find their Our take: Icahn’s gamble to buy Trump Entertainment Resorts — long separated from the man who became president — cer- dream job. tainly didn’t pay off. He said he lost $350 million on the Taj, even before getting mere pennies on the dollar, and the Trump Plaza still hasn’t reopened. Cut out the middle man: If you are interested in working for a PULLING UP A CHAIR company, go directly to the source. Although it seems untra- Rutgers University recently announced that, for the first time, a woman will hold an endowed chair at the Business School. Pro- 1ditional, many companies appreciate the initiative and effort fessor Simi Kedia, the Albert Gamper Jr. Chair in Business, is an expert on corporate governance and corporate fraud. For those knowing that you researched the company beforehand. who don’t know higher ed, an endowed chair is a very prestigious position. Our take: This appointment seems to reflect, among other things, the growing importance of women’s perspective on the busi- Call in the reinforcements: ness world and the recognition that they, too, can be experts on the subject. Finding roles and getting 2advice from recruiters is extremely helpful. They often FACE TIME: TAKING A BEATING have their ear to the ground and know the market very well and Gov. Chris Christie wasn’t involved with the first gubernatorial debates held last week, but he was there in the positions that exist. Also, spirit — as Public Enemy No. 1. Candidates from both parties, including Lt. Gov. Kim Guadagno, took aim at let your contacts know you’re the unpopular sitting governor throughout the evening, whether establishing some distance from his policies searching for a job. It is possible or flat-out criticizing them. they could be a referral.

Go social: Net- QUOTE MARKS working is the best 3way to make con- “This is a great time for the people in Newark. It’s a great time for the nections. Attend events and use social media people around the city of Newark.” — Mayor Ras Baraka, at a ceremony unveiling strategically to find out developer Edison Properties’ plan for the former Central Railroad of New Jersey what is out there and how some of your con- warehouse in the city. nections can help you out during your search.

www.njbiz.com NJBIZ May 15, 2017 15 CALL FOR NOMINATIONS!

NJBIZ is looking for successful leaders under the age of 40 who are making a splash in the New Jersey business community.

Nomination Deadline: Friday, June 23, 2017 Visit www.njbiz.com/events Questions? Contact Anna Acquaviva at [email protected]

Sponsorship Opportunities Available! For information contact Tom Hughes at 732-246-5729 or [email protected] SPOTLIGHTEnergy “Look out to California, and also Hawaii, and you’ll see an experiment in how do you keep a grid running effectively while introducing renewables all the time.” – Ralph LaRossa, PSE&G President ENERGY ECONOMICS PSE&G’s LaRossa says company is constantly evaluating its energy sources / Page 21

Ralph LaRossa, president and COO, Public Service Enterprise Group. - AARON HOUSTON

www.njbiz.com NJBIZ May 15, 2017 17 SPOTLIGHT ENERGY POWER PLAYERS Three N.J. entrepreneurs are trying to shake up the energy industry in their own way

BY BRETT JOHNSON

In the last days of the steam locomotive rum- bling through the Garden State, New Jersey was an epicenter for groundbreaking inventors. It was the first and still is one of the few states to have its own hall of fame for inven- tors, no doubt due to it being home to some of the nation’s most obvious inductees, such as Thomas Edison and Albert Einstein. It’s a history that is trotted out regularly. And, too often, it arrives with the subtle implication that Garden State inventors are as much a historical novelty as the horse and buggy. But, particularly in the energy sector, the legacy of local inventors still means business today. Here’s a look at three who are doing some potentially groundbreaking and game- changing work: ••• Mark MacCracken CEO, CALMAC Fair Lawn The history of prolific innovators carries on at a company such as CALMAC, which was founded 70 years ago by local inventor Cal MacCracken, an inaugural New Jersey Hall of Fame inductee alongside the likes of Edison and Einstein. MacCracken was even urged to originally start his business by Theodore Edi- son, the son of Thomas Edison himself. Mark MacCracken, CEO One of the many testimonials that could of CALMAC, which makes be given of how ahead of his time MacCracken makes ice banks that are was is that he featured in black-and-white TV are used for air condition- in the ‘50s, talking about solar energy for a ing large buildings in a more environmentally program about what the turn of the century friendly way. would be like. - AARON HOUSTON His Englewood-based company is still operating, under the leadership of his son, Mark MacCracken. Of his late father’s 250- some inventions (a list of some odd, yet very buildings with air conditioning during the day. list of customers in more than 60 countries. widespread products such as that rolling “I think (of it like this): You wouldn’t wait Google, McDonald’s and Goldman Sachs are hot dog cooking device found in just about until people were in the door for a party to just a few of the well-known companies that any ballpark or gas station), CALMAC today make ice cubes for drinks, and for air condi- have incorporated CALMAC’s energy solution. focuses on his early innovation in the area of tioning you need the equivalent of 300 pounds At Goldman Sachs’ New York headquar- thermal energy storage. of ice per person — so, why should a system ters, for instance, they’re making 1.8 million Years of research and development went act like it didn’t know you were coming and pounds of ice overnight using the company’s into CALMAC’s IceBank Energy Storage start using electricity on peak hours at high technology in preparation for the miserable system. It makes ice at night, outside of the rates?” MacCracken said. heat of summer. expensive hours of peak grid electricity, to cool The storied business has a prestigious The growth of CALMAC, which brings

18 May 15, 2017 NJBIZ www.njbiz.com SPOTLIGHT ENERGY

in annual revenues in the $12 million to $15 million range, isn’t something MacCracken expects to cool off, given trends in the energy industry. “This marketplace is ripe for expan- sion,” he said. “A big driver is going to be the renewable energy movement and the focus on reducing carbon emissions and how (our company’s solution) fits into that.” ••• Michael Strizki Chairman, Hydrogen House Project Hopewell Some Jerseyans look even further into the future of energy, calling back to the state’s revolutionizing inventors. Michael Strizki, a longtime engineer with a knack for inventing, believes the clean energy source of tomorrow will be hydrogen fuel cells that operate completely off the grid. He pioneered North America’s first-ever example of a home powered exclusively by hydrogen energy as well as solar power right here in the state: Strizki’s own residence in Ray Saluccio, CEO SolarCure and CEO, EarthSure Renewable Energy Corp. - SUBMITTED PHOTO Hopewell. Unfortunately, the technology behind his People such as inventor Ray Saluccio. Hydrogen House Project is currently prohibi- At least that’s the latest approach by tively expensive, which is why one of the other Saluccio, who was a finalist several years ago initial examples of Strizki’s hydrogen houses for Ernst & Young Entrepreneur of the Year is sequestered on a private island owned by for his EarthSure Renewable Energy Corp. Johnny Depp. The company aims to lower electric con- “But it’s going to get cheaper and better, sumption by using the power generated from just like anything that changed mankind,” air-conditioning systems and turning it into he said. “Look, we’ve gone from a period of renewable energy with a patented technology. computers taking up rooms and not being With his latest venture, Soldier On Bat- accessible to everyone having iPhones in their teries, Saluccio designed a battery for fleet pockets that have more power than the first six vehicles that he’s decided to package together computers together did. with a promotional opportunity. He offers to “This is the new way in the energy in- exclusive clients a social media campaign that dustry. Any business stuck on older energy highlights how their choice of his battery busi- sources is going to be as dead as the dinosaurs ness would “re-energize veterans” by forward- they’re mining.” ing some proceeds to nonprofits such as the Strizki, an eccentric man whose public Wounded Warrior Project. image falls between fast-talker and visionary, “Industries have to buy millions of dol- has no patience for anyone who thinks his lars’ worth of batteries, so why not buy one Michael Strizki, Chairman, Hydrogen House Project ideas are too far-flung. - SUBMITTED PHOTO that you can leverage to help your brand,” he “I’ve been called everything from a said. pioneer to the village idiot,” he said. “But, is Amazon’s move to acquire a portion of New Like anyone who thinks big, he’s a small it crazy to think a substance that makes up 80 York-based Plug Power, a hydrogen fuel cell player up against majors. He already is en- percent of every molecule in the universe is company, even after tech industry figurehead countering pushback in his attempt to break going to be what we’re using?” Elon Musk mocked the technology as “fool into the around $10 billion battery industry. Regardless of how it’s perceived, Strizki is cells.” He said major automobile companies Simply put, searching for a battery manufac- committed to exploring a future with solar- are also adopting the technology. turer to private label his product in the United hydrogen powered houses. He’s also inter- “What we’re starting to see is big innova- States has led him to a dead end. ested in hydrogen fuel cell vehicles, which he tions in the energy (sector),” he said. “It’s (like Although it’s a problem seeming particu- was involved in developing models of in his the) evolution from Blockbuster and Netflix.” lar to his startup, Saluccio views the challenges former position in the New Jersey Department ••• he’s facing as emblematic of a potentially less- of Transportation’s Office of Research and than inviting culture in U.S. enterprise for in- Technology. Ray Saluccio novators — a phenomenon that runs contrary Strizki is also working in a leadership CEO SolarCure; to New Jersey’s inspired history. position at Flemington-based Genmounts CEO, EarthSure Renewable Energy Corp. “It’s not good,” he said. “We have to make Solar Racking, a public company that sells a Woodbridge sure that we’re still encouraging innovation at product used in the installation of solar panels. New Jersey has its share of local inventors home, because that’s what made our state and In the meantime, Strizki believes he’s in the energy sector who have turned to the our country what it is.” already seeing evidence of a hydrogen fuel cell marketing side of business to short-circuit the Email to: [email protected] transition in the energy industry. He points to conventional. On Twitter: @ReporterBrett

www.njbiz.com NJBIZ May 15, 2017 19 SPOTLIGHT ENERGY SHINING A LIGHT Perper has become evangelist for LED lighting, joining growing energy efficiency sector

BY BRETT JOHNSON

It was when Jon Perper was running a bowling alley that a lightbulb went off. … And off, and off again. To keep his Cherry Hill bowling alley’s lanes lit up, Perper had to change out flickering, near-dead lighting fixtures what seemed like every other day. “The lighting was one of my top expenses in that business,” Perper said. “So, I began experimenting for my own purposes; I started using a lot of LED lighting. When I realized how long- lasting it was and how much it could reduce my energy costs, I thought it was something that needs to be brought to other businesses.” Perper went on to found ZledLighting, a Cherry Hill busi- ness that manufactures LED lighting fixtures. In doing so, he joined a commercial segment that operates under the rubric of energy efficiency — an area of business that’s now known to be the largest piece of New Jersey’s energy sector in terms of labor. The percent of people working in this area within the sec- tor is nearly 80 percent, according to Barbara Blumenthal, a research coordinator for ReThink Energy NJ. Incidentally, Blumenthal said that the local dominance of energy-efficiency-related businesses was only recently deter- mined, because the sector had not been broken down in a way that tracked that category’s workforce totals until last year. In Perper’s growing business, which right now employs 10 people, the former bowling boss combines wholesale energy- efficient lighting supply with an additional eco-friendly focus on the recycling of old lighting during retrofitting projects. “With innovations in lighting technology, old days of changing lightbulbs every six months are gone,” he said. “But when we do change out old lighting fixtures, we have to do something with them, because they don’t just disappear.” Jon Perper, founder, Perper positively glows with excitement about the energy- It’s not a meager figure, and it’s more than enough to convince many ZledLighting, holding efficient products his company makes. And he’s able to charge other peo- to replace less energy-efficient lighting fixtures. his Magnilumin MRK ple up about it, too, by shining a light on the advances in the technology “In the nation, there are still something like 2.3 billion fluorescent Flourescent LED that are being made all the time. lighting tubes,” Perper said, citing U.S. Green Building Council figures. Retrofit Kit. - AARON “I hate to say that we’ve found the perfect light, because I’m sure “When I hear that, I see such a huge amount of energy that could be HOUSTON they’ll find something else more efficient one day,” he said. “For now, the s av e d .” quality level and the systems made to support them are far superior to So, when you ask him what his goal is for the next five years, he’ll tell where it started.” you it’s to lower that figure. The constant improvements are also making large LED lighting retro- But there’s a good chance he won’t be doing it alone, given that busi- fitting projects not just viable, but an obvious choice for many businesses, nesses focused on energy efficiency have such a widespread Garden State he said. Perper boasts potential energy savings of more than half today. presence. “For example, the Comcast building in Philadelphia reduced energy “There’s a lot being invested into energy efficiency here,” Blumenthal consumption by about 70 percent with this lighting,” he said. “Of course, said. “And now that we’re accurately capturing just how many jobs there the return on investment does get better with the size of the project and are (in this area), there’s no doubt it could help businesses, investors and the usage of wattage in the building’s lighting system.” elected officials understand what this sector’s economic impact on the Around 30 percent of electrical consumption for a business is lighting, state is.” Perper said. The 70 percent energy reduction that Comcast’s headquarters Email to: [email protected] saw is about what the LED lighting technology peaks at, he added. On Twitter: @ReporterBrett

20 May 15, 2017 NJBIZ www.njbiz.com SPOTLIGHT ENERGY SHIFTING ENERGY The upcoming closure of two local coal plants does not signal an end to using the resource to power New Jersey

BY BRETT JOHNSON

f there’s a takeaway from Public Ser- vice Enterprise Group’s recent plan to Ishutter two coal plants, it’s that no one can control the ever-shifting economics of energy generation. Even as President Donald Trump talks about ending what he’s referred to as a war on the coal industry, Hudson Generation Station in Jersey City and Mercer Generation Sta- tion in Hamilton are big coal operations that PSEG hasn’t suddenly had a change of heart about — they’re still slated to be shut down entirely by June after plans were set to do so late last year. An official at Public Service Electric & Gas, the regulated utility arm of the organiza- Ralph LaRossa, president and COO, Public Service Enterprise Group. - AARON HOUSTON tion, said the pressures that these plants have long faced from other energy sources are just utility’s officials claim that, if a Sandy-like too much. What’s in store meet our energy demands when we most need it,” storm were to occur today, about 231,000 Bluhm said. “What you’re seeing, power genera- The sun needs to be up for solar energy, just as customers that experienced flooded sub- tion side, is that the price of coal and the ef- the wind needs to blow for another green energy Under a recently introduced bill, S3064, the stations and switching stations during ficiency of those plants are not competitive source. state’s Board of Public Utilities would do an that event would not lose power this time analysis along those lines in partnership with the with low-cost natural gas generators,” PSE&G But a utility’s grid demands doesn’t always coop- around. Laboratory for Energy Smart Systems at Rutgers President and Chief Operating Officer Ralph erate with the elements, which is why legislation Although low natural gas cost has had University. LaRossa said. has been introduced to study possible ways to its benefits, PSEG still advocates for diversity Given that, PSEG could not justify the harness power and keep it on hand for when it’s The bill, which has been approved by the Senate among its energy generation fleet and in the Environment and Energy Committee, would also significant investment required to keep oper- needed through energy storage. larger PJM pool that PSE&G is in. have the utility board put potential benefits and ating the Hudson Generation Station and the Sara Bluhm, the New Jersey Business & Indus- Renewable energy has a role in deepen- associated costs into numbers, with a particular try Association’s vice president for environment Mercer Generation Station, plants that were eye to how it could impact the state’s rate payers. ing the local energy portfolio, which consists first opened in the ’60s. The plants, which and energy affairs, said that, as utilities steadily almost entirely of nuclear and natural gas Bluhm said that’s where her business-focused each have a capacity of just over 600 mega- move away from traditional energy sources such now. organization’s support comes in. watts, have only infrequently been called on as coal, which can be burned for energy whenever, “From a renewables standpoint, we energy storage could allow finicky renewable “Business is the largest consumer in energy, so to run. need to figure out how they play in low cost energy to still offset peak loads. we have an interest in this as a big rate payer,” And, although it’s part of a definite shift of natural gas and how we ramp that up but she said. in energy generation, the shuttering of the “As we keep expanding and strengthening our in a cost-conscious way for the consumer,” grid, as well as implementing renewables and “It’s about keeping our energy affordable for plants doesn’t mark the end of coal energy LaRossa said. diversifying the generation of energy, we’ll need business while also keeping a more diverse energy being used locally. To keep in step with developing trends to look at energy storage a way of helping us portfolio.” “What we in New Jersey need to be in energy generation and distribution, the aware of is that states like Pennsylvania con- Garden State organization is staring west. tinue to use coal to supply energy to the grid, natural gas and how that’s impacted the and the ability to keep bills flat, we can make “Look out to California, and also Ha- and we’re going to see some of that energy activities that all utilities are involved in,” those investments, which are important for waii, and you’ll see an experiment in how as part of PJM,” LaRossa explained. LaRossa said. “There has been a much lower customers,” he said. do you keep a grid running effectively while PJM is a regional organization that co- cost of commodities on the gas side, which PSE&G is about a billion dollars into its introducing renewables all the time — it’s a ordinates the movement of energy across translates to the lower cost for customers.” $1.2 billion Energy Strong initiative, a mul- Petri dish for that out there,” LaRossa said. utilities in about a dozen states. But its port- LaRossa added that this trend has tiyear program to strengthen the state’s grid “And we’re moving in that direction, too. folio, like any other energy-focused organi- opened up opportunities for utilities such as in the event of another natural disaster like What you see there is what you’ll start seeing zation, is not exempt from industry trends. PSE&G. Superstorm Sandy. more of in New Jersey.” “The thing that remains at the forefront, “It has allowed us to invest in infrastruc- Because of the $370 million of infra- Email to: [email protected] the theme across the nation, is the cost of ture because, with commodity prices down structure investments already in place, the On Twitter: @ReporterBrett www.njbiz.com NJBIZ May 15, 2017 21 NEW JERSEY'S TOP Utilities and Energy Providers For full list, visit www.njbiz.com/lists Ranked by the number of New Jersey customers billed in 2016 By Jessica Perry NEW JERSEY’S TOP Lists Utilities and Energy Providers Ranked by: The number of New Jersey customers billed in 2016. BY JESSICA PERRY FOR FULL LIST, VISIT NJBIZ.COM/LISTS

COMPANY ADDRESS SERVING: WEBSITE PHONE | FAX CUSTOMERS RANK | PREV. YEAR EST. TOLL FREE SENIOR EXECUTIVE(S) COUNTIES CUSTOMERS BILLED 1 | 1 Public Service Electric & Gas 80 Park Plaza Ralph Izzo, Ralph LaRossa Commercial, residential and industrial 2,528,277 www.pseg.com P.O. Box 1171 Bergen, Burlington, Camden, Essex, Gloucester, Hudson, 1903 Newark, 07102 Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, (973) 430-7000 | NA Passaic, Somerset and Union NA

2 | 2 Jersey Central Power & Light 300 Madison Ave. James Fakult Commercial, residential and industrial 1,117,075 www.firstenergycorp.com P.O. Box 1911 Burlington, Essex, Hunterdon, Mercer, Middlesex, Monmouth, 1925 Morristown, 07962-1911 Morris, Ocean, Passaic, Somerset, Sussex, Union and Warren (973) 401-8200 | (330) 315-8941 (800) 662-3115

3 | 4 Atlantic City Electric 5100 Harding Hwy. Vince Maione NA 547,000 www.atlanticcityelectric.com Mays Landing, 08330 Atlantic, Burlington, Camden, Cape May, Cumberland, 1886 (609) 625-5567 | NA Gloucester, Ocean and Salem (800) 642-3780

4 | 5 South Jersey Gas 1 S. Jersey Plaza David Robbins Jr. Commercial, residential and industrial 375,000 www.southjerseygas.com Folsom, 08037 Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester 1910 (609) 561-9000 | NA and Salem (888) 766-9900

5 | 6 SUEZ 461 From Road Eric Gernath Commercial, residential and industrial 335,000 www.suez-na.com Paramus, 07652 Bergen, Hudson, Mercer, Middlesex, Monmouth, Ocean, Passaic, 1869 (201) 767-9300 | (201) 767-6746 Sussex and Union (800) 422-5987

6 | NR Middlesex Water Co. 1500 Ronson Road Dennis W. Doll, Bruce O'Connor, Commercial, residential and industrial 63,000 www.middlesexwater.com Iselin, 08830 Richard M. Risoldi, Bernadette M. Sohler Middlesex, Monmouth and Union 1897 (732) 634-1500 | (732) 638-7515 (800) 549-3802

7 | 8 Vineland Municipal Utilities 640 E. Wood St. John Lillie, Joseph A. Isabella Commercial, residential and industrial 29,106 www.vinelandmunicipalutilities.org P.O. Box 1508 Cumberland 1899 Vineland, 08362-1508 (856) 794-4000 | (856) 405-4622 NA

8 | NR Willingboro Municipal Utilities Authority 433 John F. Kennedy Way Andrew Weber Commercial, residential and industrial 12,850 www.wmua.info Willingboro, 08046-2119 Burlington NA (609) 877-2900 | (609) 835-4645 NA

9 | NR Hackettstown Municipal 424 Hurley Drive Kathleen Corcoran Commercial, residential and industrial 6,650 Utilities Authority P.O. Box 450 Morris and Warren www.hmua.com Hackettstown, 07840 1965 (908) 852-3622 | (908) 852-2681 NA

10 | 10 Borough of Buena 616 Central Ave. Alan Zorzi Commercial, residential and industrial 1,494 Municipal Utilities Authority P. O. Box 696 Atlantic www.buenaboroughmua.com Minotola, 08341-0696 1963 (856) 697-1784 | (856) 697-1434 NA

11 | NR Sprague Operating Resources 2 Industrial Way W., Suite 300 NA Commercial and industrial 1 www.spragueenergy.com Eatontown, 07724 All 1870 (800) 828-9427 | NA 1 (855)-466-2842

Source: The companies. NA: Not Available. NR: Not Ranked. There is no charge to be included in NJBIZ lists. We assume that information provided by representatives is accurate and truthful. We are not responsible for the omission of organizations that do not respond to our requests for information. Information received after press deadline cannot be included. If you wish to be included in future lists visit www.njbiz.com/lists and click on "Complete Survey" or, e-mail [email protected]. The list, or any parts of them, cannot be reproduced without written permission from NJBIZ. For more information on NJBIZ, please call visit www.njbiz.com.

22 May 15, 2017 NJBIZ www.njbiz.com NJBIZnjbiz EXECUTIVEEXECUTIVE MOVESMOVES AnnounceAnnounce youryour newnew hireshires oror promotionspromotions toto thethe eliteelite audienceaudience ofof NJBIZNJBIZ inin printprint andand online!online!

JEFF FEAGLES AmboyRobert E. Bank Hornberger names Sylvia Rapoport tions within our own community which vice president DR. MAXIMILIANO SORBELLINI Robert E. Hornberger, of Nazareth, ENGLEWOOD HOSPITAL AND MEDICAL CENTERCommercial real estate firm Savills Studley recently announcedmeans so themuch addition to us,” of she former said. New York Pennsylvania,Sylvia Rapoport was named was vice recently president named Giants punter and Super Bowl winner Jeff Feagles to the firm’s Hackensack office. vice president, marketingand commercial manager, re- for Dr. Maximiliano Sorbellini was named“Savills director Studley is obviouslyof urologic a large commercial firm,”Dewberry Feagles announcessaid. “I want to the work promotion more with Amboy Bank, accordinglationship to an manager announce - oncology and associate medicaltenants director and industrial of The fields. Lefcourt I knew Family this is what I wantedof Scott to do Bleekerwhen I retired from football, so ment by George E. Scharpf,in Fulton bankBank ofCEO and Cancer Treatment and Wellnessthis Center has been at an Englewood easy transition Hospital for me.” Dewberry, a privately held profes- president. New Jersey’s com- and Medical Center. Feagles will focus on representation in both industrialsional and services office marketsfirm, is in Northpleased Jersey. to an- Rapoport, whomercial joined banking Amboy Bank He joins Savills Studley with more than 10 years of experiencenounce thatin real Scott estate, Bleeker including has helpingbeen pro to- department.in 2007, has In this over 15 About him develop the commercial division at Keller Williams Villagemoted Square to associate Realty. in the firm’s Bloomfield A board-certified urologist with expertise in bladder, prostate and kidney cancer and complex position,years heof will business “In real estate and in football, Jeff has developedoffice. a reputation of excellence,” Gregg Najarian, be responsible for urologic conditions, Dr. Sorbellini performs minimallysenior vice invasive president procedures and branchfocused manageron tissue at Savills Studley, said. “His competitiveness, focus and marketing experi- With more than 25 years of experi- developing and managing commercial sparing and organ function preservation. As assistantdedication medical have director made himof Englewood an outstanding Hospital’s broker and we are thrilled to have him join the firm.” ence. In her role as cancer center, he will help facilitate the growth and development of clinical services. ence in the surveying industry, Bleeker’s relationships throughout the northern Feagles began his career in real estate in the residential market, but has since moved to vice president, mar- extensive expertise includes land, bound- region of New Jersey. industrial and commercial spaces. keting manager, she luxury real market through superior Valerie Montecalvo receives “I got into real estate in 2000,” he said. “I was doing residential real estate in the offseasonary while and I was topographic playing football. surveys; About geodetic three market knowledge, effective use of digi- Community Honoree Award Hornberger comes to Fultonmanages Bank the of bank’s and a half, four years ago, I started doing commercial real estate while I was working for Kellercontrol Williams.” networks; robotic total stations; tal online marketing and social media to Valerie Montecalvo, CEO and pres- New Jersey from PNC Bank,in-house where heagency Feagles began working in residential while playing with the Seattle Seahawks. John L Scottland Real development; Estate was the site first planning real estate and firm en - promote listings, and dedicated represen- ident of the Bayshore Family of Compa- held the position of businessand isbanker. responsible he was a part of. gineering; stormwater and grading de- nies located in Woodbridge Township, for advertising, public relations, commu- tation “Afterthat servesI moved his from clients Seattle well. to New He Jersey,is I went to work for Marron Gildea & Donohue.” sign;Feagles drainage said. “After construction; that, I signed and with local Keller and was among four “Community Honorees” nicationsHornberger and holds the a Bachelorbank’s ofmarketing Science re- alsoWilliams an incredible in 2010 when person we andopened a pleasure up our offices in Ridgewood.” state permit processes. recognized at the 14th annual Kentucky searchdegree programs.in finance and management to workWhile with. at Keller,I am Feaglesthrilled was to doingwelcome about 20 deals a year. At Savills Studley, the former punter Sincesaid he joininghopes to the do lessfirm deals, more but thanon Derby Day Celebration at the Blu Grotto fromA Kutztown resident University of Holmdel, and a Master Rapoport Joshlarger back scales. to Coldwell Banker Residential three years ago, Bleeker has worked on of Business Administration in finance “I feel it (Savills Studley) is a company thatRistorante gives you outdoorthe opportunity gardens to at grow Monmouth and there is a lot of support,” Feagles said. “We have a earned a Bachelor of Arts in computer sci- Brokerage,” said Hal Maxwell, president of numerous surveying projects throughout from DeSales University. big presence in New York and in New Jersey onPark the in tenant Oceanport. rep side, not to mention worldwide, so I think I found a home here.” ence from Rutgers University. She serves Coldwell Banker Residential Brokerage in New Jersey, including the Garden State The award was presented by the on the board of The New Jersey Bank Mar- New Jersey and Rockland County. Parkway Interchange 163 improvements; Board of Trustees of the Monmouth Park keting Association and is a member of The Baris was Bergen County’s No. 1 the Rebuild by Design Hudson River proj- NJ Ad Club. She was honored as a Best luxury real estate agent for homes sold Charity Fund, which has distributed near- Palash Basu and Parashos Kalaitzis ect;HOW and TO master SUBMIT ser- over $5 million in 2016, according to the ly $10 million in funds over the past 70 Executive Moves MarketingIntellectual propertyand Communications boutique law firm Profes Patterson- + Sheridan LLP has added Palash Basu (left) and Parashos Kalaitzis as associates in the Shrewsbury office of the firm. vices agreements items may be emailed sional under 40 by the NJ Ad Club and the New Jersey Multiple Listing Service. He years to over 50 nonprofit recipient agen- Patterson + Sheridan has five offices across the U.S., in Houston; Dallas; Palo Alto, California; Greensboro, North Carolina; and Shrewsbury; and an international office in forto [email protected] Service with has set records for luxury property sales cies in Monmouth County that provide Jersey Shore Public Relations & AdvertisYokohama,- Japan. Electric“Executive & Moves” Gas, Norin - community health and human services. ing Association. along Bergen County’s Gold Coast, with folkthe subjectSouthern, line. Please and More than 350 people attended the include employee’s Founded in 1888, Amboy Bank is Basu’sa the practice highest-priced will focus on home patent prosecutionsales ever andin client counseling related to mechanical, electromechanical and aero- Conrail. full name; a high-res- full-service commercial bank with assetsspace Edgewater, technologies Cliffside in addition Park to and litigation Fort Lee.and disputeIn event. resolution proceedings at federal courts and at the United States olutionBleeker headshot earned 2016, he achieved the highest number of Also honored alongside Montecalvo of $2.4 billion and 22 offices in centralPatent and Trademark Office. He earned a B.S. in aerospace engineering at the University of Illinois College of Engineering a photograph;bachelor’s the degree title beforeresidential obtaining hislistings J.D., at and Northwestern the highest University total Schoolwere OceanFirstof Law. Prior Bank to joining for its Patterson community + Sheridan, Basu was an asso- New Jersey. Amboy has been voted Best inof civil the new engineering position; Bank in Central Jersey for 19 years in row.ciate salesat Lerner volume David in Littenberg Alpine. Out Krumholz of 10,328 & Mentlik real LLPleadership, in Westfield. The Tigger House for its sup- company name; from the New Jersey Institutecompany of location Technolo and - estate agents registered with NJMLS, Baris port of opiate and heroin addiction ser- gy and is a member of the New Jersey Soci- Kalaitzis’ practice will focus on patent preparation and prosecution in the electrical and software arena, along with post-grant proceedings. He earned a B.S., magna business; previous Joshua Baris rejoins Coldwell Banker ranked No. 1 in total sales volume for 2016. vices and Harness Racing Hall of Famer position and company; cum laude, in electrical engineering, at Hofstra University before obtaining his J.D., cum laude, at St. John’s University School of Law. Prior to joiningety Patterson of Professional + Sheri- Land Surveyors and the Coldwell Banker Residential Broker- Baris was an award-winning agent during Anthony T. Abbatiello. and educational back- dan, Kalaitzis was employed with Entegris Inc., in Danbury, Connecticut, and IBM Corp. in Somers, New York. Association of State Floodplain Managers. age in New Jersey and Rockland County, his first tenure with Coldwell Banker Res- Montecalvo was honored as a na- ground with degree and institution. New York, is excited to welcome premier idential Brokerage and went on to rank as tionally recognized philanthropic leader Patterson + Sheridan LLP is an intellectual property law firm with 67 attorneys located throughout the U.S. and internationally. The firm celebrated its 20th anniversary luxury real estate Joshua Baris back to the the No. 1 agent for total sales volume at and champion of nonprofit causes in the HOW TO SUBMIT in 2016. Executive Moves items may be emailed to greater Monmouth County community. company. Baris, formerly with Prominent Sotheby’s in 2016. [email protected] with “Executive Moves” in the subject PropertiesPatterson + Sotheby’s Sheridan offers International a broad range Realty, of intellectual “I am property excited services, to be backincluding and preparingto start and prosecuting“My husband, patents; Frank, representing and I have clients lived in litigation,line. Please dispute include employee’sresolution full and name; post-grant a high-resolu - hasproceedings affiliated and with actions; the andColdwell providing Banker counseling this and next strategic chapter insight in my to real clients estate in a careerwide variety and of raised industries. our family The firm in hasMonmouth assisted companiesCoun- intion energy, headshot biotechnology photograph; the title and of thepharmaceu- new position; company name; company location and business; previous Residentialticals, clean technologies,Brokerage office communications in Fort Lee. technologies,with industry complex leader software, Coldwell consumer Banker products, Res- tyelectronics these past and 33 semiconductor years. It is a most technologies, distinct financial technology and business methods, position and company; and educational background with industrial“Josh products, has climbed internet-related to the top technologies, of the idential medical Brokerage,” devices and said procedures, Baris. nanotechnology,honor and to optics. be recognized for our contribu- degree and institution.

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www.njbiz.comwww.njbiz.com njNJbizBIZ MarchMay 15,20, 20172017 2343 DEALS ROUNDUP

BANKRUPTCIES Norris McLaughlin & Inc.; D. Scott Davis, Investors Bancorp Sell; Transaction Price: Marcus, PA; Court: Newark; director; Transaction: Sell; Inc.; Doreen R. Byrnes, Low 19.45, High 19.45; County Realty LLC, 807 Chapter 11; Case Number: Transaction Price: Low director; Transaction: Sell; Amount: $19,450; Current Forest Ave., Lakewood, Transactions 17-19063-VFP 130.97, High 130.97; Transaction Price: Low holdings: 42,778 08701; Industry: Real North Amount: $855,889; Cur- 13.6, High 13.76; Amount: estate; Adviser: Pro se; Oceanfirst Financial n Commercial real estate firm NAI James Lakewood Townhouse rent holdings: 19,926 $546,904; Current hold- Corp.; Steven E. Brady, E. Hanson recently announced it brokered Court: Trenton; Chapter 7; I LLC, 428 Clifton Ave., ings: 162,638 Case Number: 17-18956- Lakewood, 08701; Honeywell International director; Transaction: the sale of a 27,000-square-foot flex CMG Industry: Energy services; Inc.; D. Scott Davis, di- Tetra Tech Inc.; Dan L. Sell; Transaction Price: building in Randolph. The property, 6 Adviser: Pro se; Court: rector; Transaction: Option Batrack, chief executive Low 28.18, High 28.18; Aspen Drive, is a single-story flex building DSA Holdings LLC, 31 Trenton; Chapter 7; Case Exercise; Transaction Price: officer; Transaction: Sell; Amount: $225,440; Cur- Union St., Hackensack, with 4,100 square feet of office space, Number: 17-19066-CMG Low 30.53, High 47.84; Transaction Price: Low rent holdings: 100,439 six loading docks just off Route 46 and 07601; Industry: Business Amount: $394,044; 45, High 46; Amount: Wayside Technology less than a mile away from Interstate services; Adviser: Donald NP Holdings LLC, 353 Current holdings: NA $11,401,039; Current Group Inc.; Kevin T. 80. NAI Hanson’s Barry Cohorsky, Josh Bonomo, Esq.; Court: 46th Place, Sea Isle City, holdings: 213,011 Newark; Chapter 11; Case 08243; Industry: Business Integra Lifesciences Scull, officer; Transaction: Levering and James Kenah represented Number: 17-18963-SLM services; Adviser: Kasen Holdings Corp.; Glenn G. Tetra Tech Inc.; Dan L. Sell; Transaction Price: the seller, Aspen-smith LLC. The buyer, Low 20.04, High 20.04; & Kasen; Court: Camden; Coleman, chief financial Batrack, chief executive RN Foster Associates, was represented MAP Holding Company Amount: $60,120; Current Chapter 11; Case Number: officer; Transaction: officer; Transaction: by Levering and Nicholas DePaolera of LLC, 464 N. Randolph holdings: 10,403 17-19083-JNP Sell; Transaction Price: Option Exercise; Trans- NAI Hanson. RN Foster said it will relocate Ave., Cinnaminson, Low 45.91, High 45.91; action Price: Low 22.53, Wyndham Worldwide from Elmwood Park. RN Foster said it will 08077; Industry: Business RALCO Builders LLC, 129 Amount: $636,517; Cur- High 23.48; Amount: Corp.; George Herrera, retrofit the property completely and look services; Adviser: Kasen Sea Girt Ave., Manasquan, rent holdings: 18,519 $5,727,500; Current director; Transaction: & Kasen; Court: Camden; 08736; Industry: Construc- holdings: NA to occupy it sometime during Q2 2017. Integra Lifesciences Sell; Transaction Price: Chapter 11; Case Number: tion; Adviser: The Kelly Holdings Corp.; James Tetra Tech Inc.; Ronald J. Low 96.02, High 96.02; n Bayer, which has its U.S. headquarters in Whippany, has named a new 17-18967-JNP Firm, P.C. ; Court: Trenton; Michael Sullivan, Chu, officer; Transaction: Amount: $33,127; Current head of oncology for its pharmaceuticals division. Bhavesh Ashar also will Chapter 7; Case Number: New Jersey Micro-Elec- director; Transaction: Sell; Transaction Price: holdings: 36,072 serve as senior vice president, reporting to Carsten Brunn, head of Bayer 17-19155-KCF tronic Testing Inc., 1240 Low 46, High 46; Amount: Sell; Transaction Price: J & J Snack Foods Corp.; Pharmaceuticals for the Americas region. “Bhavesh is a well-respected, Main Ave., Clifton, 07011; $1,515,861; Current INSIDER TRADING Low 45.89, High 45.89; Dennis G. Moore, director results-driven leader with extensive industry knowledge and a proven track Industry: Electronics; Amount: $718,574; Cur- holdings: 37,104 and beneficial owner; record of launching products and driving growth in oncology,” Brunn said. Adviser: Norris McLaughlin Cognizant Technology rent holdings: 54,496 Transaction: Sell; Trans- “We are delighted to have Bhavesh join Bayer’s U.S. pharmaceuticals organi- & Marcus, PA; Court: XXX; Solutions Corp.; S. Veer- Tetra Tech Inc.; Ronald J. Chu, officer; Transaction: action Price: Low 132.28, zation. I’m confident that he will help to advance our growing leadership in Chapter 11; Case Number: araghavachary, director Integra Lifesciences Option Exercise; Transac- High 132.28; Amount: 17-18977-JKS and beneficial owner; Holdings Corp.; James oncology and our ongoing commitment to meeting the needs of people liv- tion Price: Low 23.48, High $992,100; Current hold- Transaction: Sell; Trans- Michael Sullivan, direc- ing with cancer.” Ashar had been vice president and general manager of U.S. Quality Conservation tor; Transaction: Option 23.48; Amount: $773,690; ings: 75,570 action Price: Low 61, High oncology at Sanofi, where he worked for more than 14 years in positions of Services Inc., 5678 Exercise; Transaction Price: Current holdings: NA 64; Amount: $750,000; J & J Snack Foods increasing responsibility. Berkshire Valley Road, Low 10.74, High 10.74; Current holdings: 27,806 Commvault Systems Corp.; Dennis G. Moore, Suite C, Oak Ridge, 07438; Amount: $168,167; n Jersey City-based Imperial Bag & Paper Co. LLC has acquired a Florida Inc.; Alan G. Bunte, director and beneficial Industry: XXX; Adviser: Honeywell International Current holdings: NA director and beneficial owner; Transaction: Option distributor of food packaging, paper products and more. The distributor of owner; Transaction: Sell; Exercise; Transaction Price: disposable food service and janitorial supplies said the deal for Peninsular Transaction Price: Low Low 57.99, High 57.99; Paper Products Inc. will help it establish a base in a new area as part of a Transactions 55.6, High 55.6; Amount: Amount: $434,925; strategic initiative to expand in the Southeast. Peninsular is based in Tampa Central $1,924,149; Current Current holdings: NA and serves the Tampa and Orlando markets in Florida. “Peninsular is one of n Florham Park-based Holliday Fenoglio holdings: 472,564 Public Service Enterprise the longest-tenured and most reputable distributors in Florida, and we could not have found a better partner as we expand into the southern United Fowler announced the sale of 1125 U.S. Commvault Systems Group Inc.; Derek M. Di- Route 22 in Bridgewater on behalf of Inc.; Alan G. Bunte, risio, officer; Transaction: States,” Imperial CEO Robert Tillis said. “We enthusiastically welcome the KBS Realty Advisors to a partnership of director and beneficial Sell; Transaction Price: Peninsular team members to Imperial and look forward to working together Low 43.86, High 43.86; Atkins Cos. and Capital Solutions. The owner; Transaction: Option to grow the business.” This is the ninth acquisition under Tillis and company Exercise; Transaction Price: Amount: $87,710; Current President Jason Tillis, Imperial said. property, a fully leased 95,620-square- holdings: 40,839 foot office building, is located just off Low 16.99, High 16.99; Amount: $587,973; Interstate 287. “The property’s location Parke Bancorp Inc.; Jef- action: Sell; Transaction Selective Insurance MERGERS Current holdings: NA and access to Route 22 and Interstate frey H. Kripitz, director; Price: Low 9.57, High 9.57; Group Inc.; William M. & ACQUISITIONS Commvault Systems Transaction: Sell; Transac- Amount: $47,845; Current Rue, director; Transaction: 287, as well as the new medical tenant Clear Computing Inc., Inc.; Brian Carolan, chief tion Price: Low 22.99, High holdings: 990,539 Option Exercise; Transac- with an extensive buildout, made this Seller/Target: 1bg LLC; financial officer; Trans- 22.99; Amount: $175,896; tion Price: Low 23.93, High asset highly sought after by the investor Public Service Enterprise Date: Apr-13-2017; action: Sell; Transaction Current holdings: 329,506 23.93; Amount: $150,161; community,” Jose Cruz, senior managing Group Inc.; Ralph Izzo, Price: NA; Percent: 100%; Price: Low 56.35, High Current holdings: NA director of HFF, said. Kevin O’Hearn, Cambrex Corp.; Steven chief executive officer; Type: Custom Computer 56.35; Amount: $281,750; managing director; Stephen Simonelli and Mark Klosk, chief exec- Transaction: Sell; Trans- Selective Insurance Programming Services Current holdings: 80,828 utive officer; Transaction: Michael Oliver, directors; and Marc Duval, action Price: Low 43.82, Group Inc.; J. Brian Sell; Transaction Price: AMC Ent Hldg Inc- Til- associate director, represented KBS Realty alongside Cruz. The property Commvault Systems High 43.82; Amount: Thebault, director; Trans- Low 58.09, High 59.72; ghman 8, Seller/Target: Inc.; Brian Carolan, $1,314,729; Current action: Sell; Transaction consists of two separate wings and is occupied by Bank of America and Amount: $698,345; Cur- New Vision Theatres Inc.; chief financial officer; holdings: 718,691 Price: Low 52.05, High MidJersey Health Corp. rent holdings: 83,328 Date: Apr-13-2017; Price: Transaction: Option 52.05; Amount: $46; Public Service Enterprise NA; Percent: 100%; Type: Exercise; Transaction Price: Current holdings: 95,953 n Merger and acquisition brokerage firm Benjamin Ross Group announced Cambrex Corp.; Steven Group Inc.; Ralph Izzo, Low 13.81, High 13.81; Tilghman 8 theater it has sold Sears Garage Solutions, New Jersey, to a private investor. Princ- Mark Klosk, chief exec- chief executive officer; Cognizant Technology Amount: $69,050; Current eton-based Benjamin Ross performed a valuation of the company, procured utive officer; Transaction: Transaction: Option Solutions Corp.; Gajakar- Pharmachem Labo- holdings: NA the purchaser and secured SBA financing for the transaction. The firm did Option Exercise; Transac- Exercise; Transaction Price: nan V. Kandiah, officer; ratories Inc., Seller/ tion Price: Low 5.72, High not disclose price. “Sears Garage Doors franchises are the premier service Honeywell International Low 30.03, High 30.03; Transaction: Sell; Transac- Target: Ashland LLC; Date: 5.72; Amount: $68,640; companies in garage door replacement, repair, and installation,” Benjamin Inc.; David M. Cote, Amount: $900,900; tion Price: Low 60.25, High Apr-17-2017; Price: 660; Current holdings: NA Ross said. The company specializes in garage door services, garage flooring director; Transaction: Sell; Current holdings: NA 60.25; Amount: $62,841; Percent: 100%; Type: Transaction Price: Low Current holdings: 13,515 Manfactures wholesale and organization systems. Celgene Corp.; James J. Selective Insurance 130.74, High 131.27; specialty ingredients Loughlin, director; Trans- Group Inc.; Gregory E. J & J Snack Foods Corp.; n FAST, an Iselin-based software provider for the life and annuity industry, Amount: $126,809,592; action: Sell; Transaction Murphy, chief executive Daniel Fachner, officer; Pathology Assoc of, has named a new C-suite executive in charge of recruiting and cultivating Current holdings: Price: Low 124, High 124; officer; Transaction: Op- Transaction: Sell; Trans- Seller/Target: Aurora 1,100,817 Amount: $1,147,000; talent. FAST, which stands for “Flexible Architecture, Simplified Technol- tion Exercise; Transaction action Price: Low 134.51, Diagnostics Inc.; Date: Current holdings: 24,719 ogy,” said Kimberlee Ho will be chief human capital management officer, Honeywell International Price: Low 24.07, High High 134.51; Amount: Apr-18-2017; Price: NA; attracting, growing and retaining talent for the company. “With its current Inc.; David M. Cote, di- Celgene Corp.; James 24.07; Amount: $99,987; $1,008,825; Current Percent: 100%; Type: Of- market position and anticipated growth, FAST understands the criticality rector; Transaction: Option J. Loughlin, director; Current holdings: NA holdings: 19,921 fices of physicians (except of focusing now more than ever on its people and culture to drive inno- Exercise; Transaction Price: Transaction: Option mental health specialists) Selective Insurance J & J Snack Foods Corp.; vation and productivity,” Ho said in a prepared statement. “I’m thrilled to Low 28.19, High 58.15; Exercise; Transaction Price: Group Inc.; William M. Daniel Fachner, officer; ONKOS SURGICAL Inc., enable FAST to accelerate their evolution in this space for the benefit of Amount: $103,117,296; Low 28.96, High 28.96; Rue, director; Transaction: Transaction: Option Seller/Target: Investor Current holdings: NA Amount: $267,880; our employees and, ultimately, our customers.” Ho, who will report to CEO Sell; Transaction Price: Exercise; Transaction Price: Group; Date: Apr-19-2017; Current holdings: NA Tom Famularo, has more than 15 years of experience with technology and Lakeland Bancorp Inc.; Low 52.24, High 52.24; Low 57.99, High 57.99; Price: 17.6; Percent: %; pharmaceutical research and development companies, FAST said. David S. Yanagisawa, Orbcomm Inc.; Jerome B. Amount: $626,854; Cur- Amount: $434,925; Type: Surgical appliance officer; Transaction: Eisenberg, director; Trans- rent holdings: 385,446 Current holdings: NA Continued on page 25

24 May 15, 2017 NJBIZ www.njbiz.com DEALS ROUNDUP and supplies manufac- Zarany LLC, 37 Sade St., tact: Thomas A Leach Larry Johnson 7th St., Jersey City, 07302; turing Clifton, 07013; Contact: Contact: Lea Monina Bde Industries LLC, 154 186 North 11Th LLC, 88 Sahin Sen Resare Transactions William E Simon & Sons Rosalie St., Maywood, Mill Rd, Irvington, New Inc., Seller/Target: Massey Seeds & Berries LLC, 07607; Contact: Brian Edis Jersey, 07111; Contact: Mom And Pops Choco- South Quick & Co. LLC; Date: 301 Route 17 North, Vallery Alexis lates LLC, 128 Berkeley ■ RCM Technologies Inc., a Penn- The Vape Consultant LLC, Apr-19-2017; Price: NA; Rutherford, 07070; Con- Ave., Westwood, 07675; sauken-based provider of business and 28 Dean St., Glen Rock, Jcsargentim LLC, 10 Percent: 100%; Type: tact: Legalinc Corporate Contact: Stephanie Hogan technology solutions, has acquired a 07452; Contact: Martin Marne St., Newark, 07105; Private equity firm Services Inc. Long Island-based engineering firm, it an- Manser Contact: Julio Cesar Lee J G Construction LLC, nounced recently. RCM, which specializes Combat Drugs Ltd, Equal Look LLC, 301 Sargentim 72 Kennedy Ave., Cliff- Wonderland Realty Seller/Target: Janakiram Route 17 North, Ruth- wood, 07721; Contact: in the advanced engineering, information LLC, 13 Blossom Drive, Yestborg LLC, 21 Gold- Ajjarapu; Date: Apr- erford, 07070; Contact: Librado technology and specialty health care Ewing, 08638; Contact: smith Drive, Spotswood, 20-2017; Price: 0.252; Legalinc Corporate sectors, acquired certain assets of RAF Law Offices Of Harold C. 08884; Contact: George Mazii LLC, 45 Morris Dr, Percent: 48%; Type: Manu- Services Inc. Services Inc. “RAF specializes in turnkey Moeller Hayford Sicklerville, 08081; Con- facture pharmaceuticals above-ground tank inspection, repair and Accelerated Reach LLC, tact: Matthew Lanzilotti Whitehorn World LLC, 5 Peterson Entertainment cleaning services, as well as concrete, Combat Drugs Ltd, 301 Route 17 North, Greentree Centre, Marlton, Group Management and Abramski Properties LLC, steel, masonry and roofing routine Seller/Target: Janakiram Rutherford, 07070; Con- 08053; Contact: Regis- Promotions LLC, 636 1127 Spar Ave., Beach- Ajjarapu; Date: Apr- tact: Legalinc Corporate maintenance inspection and design,” tered Agents Inc. Sxth Road, Newtoville, wood, 08722; Contact: 20-2017; Price: 0.193; Services Inc. RCM President Rocco Campanelli said. 08346; Contact: Levie Thomas Abramski Percent: 26%; Type: Manu- Anchor Therapy LLC, “Their services range from development of Nyc Furniture Fitters Peterson facture pharmaceuticals 318 Park Ave., Apt. 2A, Krc Construction individual work packages to the generation LLC, 808 Rivervale Road, Hoboken, 07030; Contact: Mcdmountephriam LLC, 9 Services LLC, 1011 of complete bid and construction pack- Core Services Corp., Sell- River Vale, 07675; Con- Courtney Glashow Doe Court, Sewell, 08080; Cellar Ave., Scotch Plains, ages for new facilities and major facility er/Target: Syntax Systems tact: Rachel Zelkina Contact: Jdkd Enterprises 07076; Contact: Robert upgrades.” RAF personnel will join RCM’s engineering team. “I’ve worked Inc.; Date: Apr-20-2017; Alternative Investment 68 Zabriskie LLC, 130 Lp Titus with RCM Technologies since I formed the company, and both of our cultures Price: NA; Percent: 100%; Resources LLC, 15 Deer Pine St., Closter, 07624; are very much aligned; we strive to deliver a quality product safely, on time, Type: Data processing, Chase Road, Morristown, Mcdcamden LLC, 9 Doe Brunswick Bake LLC, 22 Contact: Yaniv Risman hosting and related 07960; Contact: Alan Court, Sewell, 08080; Con- Hartlander St., East Bruns- on budget and value client satisfaction above all else,” RAF President Bob services The Universal Welding Johnson tact: Jdkd Enterpirses Lp wick, 08816; Contact: Friess said. Financial terms of the transaction were not disclosed. L.L.C., 223 Ferry St., Samir Gupta Undisclosed Industrial Ramco Painting LLC c/o Chay Photography LLC, Newark, 07105; Contact: Property, Seller/Target: Amco, Orange, 07050; 121 Melville Ave., Lake- Daye’S Delights LLC, 51. Contact: Noble Tariq Center LLC, 1 Runyon Green Ridge Realty LLC, Pablo A. Vinueza Terreno Realty Corp; Date: Contact: John Maletos wood, 08701; Contact: Norcross Road, Berlin, El-Bey Ave., Piscataway, 08854; 284 Pulis Ave., Franklin Apr-20-2017; Price: 31.4; Akiva Berger Contact: Eva V Henry Lakes, 07417; Contact: The Five Six Deli LLC, 08009; Contact: Josephine Eom 308 Yorke LLC, Percent: 100%; Type: Pine Holding LLC, 813 John Patrick Hunter 508 Fairview Terrace, Weybridge Partners LLC, W. Daye 812 Hillcrest Road, Long Pop Consulting LLC, Lessors of nonresidential East Elizabeth Ave., Ridgefield, 07657; Con- 73 South Manor Court, Branch, 07740; Contact: 106 Dairy Lane, Linwood, Jaj Newark Partners buildings (except mini- Linden, 07036; Contact: Robcarest Limited Liabil- tact: Eric Garciga Wall, 07719; Contact: Leo Mizrachi 08221; Contact: Steven L.L.C., 60 Rt 46 East, warehouses) David Sebastiao ity Company, 525 Route Paul Rome And Associ- Mark J. Blunda 73 N., Marlton, 08053; Furman Fairfield, 07004; Contact: Pathways To Health LLC, A1Wcs LLC, 1 Hamburg Normandy Real Estate ates LLC, 22 Ross Road, Contact: Robert Esterman Anthony Caruso Esq 92 Kingsland Circle, Mon- Kidspeak Therapy LLC, Turnpike, Pompton Lakes, T & T Environmental LLC, Partners, Seller/Target: Stanhope, 07874; Contact: mouth Junction, 08852; 1375 Red Oak Drive, Lake- Curbside Rim Repair 07442; Contact: Caterina 121 S Hillside Ave., Suc- Besser Tech Holdings NTT Urban Development Paul Romanelli wood, 08701; Contact: Capalbi casunna, 07876; Contact: LLC, 60 Rt 46 East, Corp; Date: Apr-20-2017; Contact: Kathleen A. Lynch LLC, 539 Oritani Place, Ktlnj LLC, 536 Colts Neck Michelle M Muller Teaneck, 07666; Contact: Tricia A. Fragale Fairfield , 07004; Contact: Price: NA; Percent: 15%; Live For Him Apparel Oc Play By The Bay LLC, Rd, Farmingdale, 07727; Gregory Merhige Juan C. Salazar Type: Real estate invest- LLC, 28 May St., Edison, 342 Kearny Ave LLC, 244 Merion Ave., Had- Nadia Shah Dpm LLC, 1 Contact: Ksenia Lerner ment firm 08837; Contact: Paul 230 Kearny Ave., Kearny, Marc Meir LLC, 183 donfield, 08033; Contact: Syslo Court, Sayreville, Lydali Accounting 07032; Contact: Qiao Ling James Spinelli 08872; Contact: Majid Services LLC, 325 Chain ExcelTo Solutions Inc., Jr Business Ventures LLC, Mccloud Winfield Ave., Jersey City, 38 Highland Ave., Nutley, Zhang 07305; Contact: Marc Meir Butt O Hills Road, Colonia, Seller/Target: Trimax Yonasham LLC, 50 Mitch- Dg International LLC, 07110; Contact: Adam 07067; Contact: Lydia Americas; Date: Apr-21- ell Ave., East Brunswick, The Liberi Band LLC, 8 Cleansing House LLC, 22 Taft Ave., Lakewood , 2Ducks Off The Shelf Charpentier Alibrando 2017; Price: NA; Percent: 08816; Contact: Yasmita Sunset Ave., Linwood, 966 South Board St., 08701; Contact: Dov Green LLC, 377 South Harrison 100%; Type: Computer 08221; Contact: Stephen L Ortiz Concrete,Cutting Patel Trenton, 08611; Contact: S&L Beverage L.L.C., 4 St., 9A, East Orange, Trips Of A Lifetime LLC, systems design services & Core Drilling LLC, 229 Morrison Nicole Lampley 07018; Contact: Gustavo 301 Route 17 North, Ylime LLC, 705 Grand 14th St., #419, Hoboken, Baldwin St., New Bruns- Mvs Construction LLC, 10 Pereyra Rutherford, 07070; Con- NEW BUSINESS Ave., Ste. 201, Ridgefield, Sassy Girl Pet Sitting 07030; Contact: Chester wick, 08901; Contact: Search Ave., Pennington, Lenczewski tact: Legalinc Corporate 07657; Contact: Kb Park LLC, 209 Bloomfield I.R.M. Support LLC, 22 Collins Media LLC, 301 Yerson G Ortiz Lara 08534; Contact: Artur Services Inc. Cpa Ave., Bloomfield, 07003; Cottage St., South Orange, Route 17 North, Ruth- Skarzynski Ashwood Creative LLC, Cqinstallations LLC, Contact: Diane Afonso 14 Lucas Lane, Millstone 07079; Contact: Ian erford, 07070; Contact: Goldenluxe LLC, 1590 REAL ESTATE* 169 Arnold Blvd., Howell, Zalc LLC, 34 Bear Brook Township, 08510; Contact: Robert Mcnamara Legalinc Corporate Anderson Ave., Fort Lee, Custom Dentalcare LLC, Playa Bowls leased: 329 07731; Contact: Cormac Lane, Livingston, 07039; Lisa Jeziorski Services Inc. 07024; Contact: Roza 209 Bloomfield Ave., Vf Floors LLC, 54 Second Millburn Ave, Millburn Quinn Contact: Yue Xu Golden Bloomfield, 07003; Con- Oh My Balm LLC, 2 Ave., Long Branch, 07740; (O); from: undisclosed Capital Healthcare Con- Mollusc LLC, 23 Buen Rachael Shuster, Msw, tact: Ronald Chaiklin Midland Ave., Glen Ridge, Contact: Victor Flores landlord; size: 1,200 sultants LLC, 3 Fillmore Arab American Institute Lane, Wayne, 07470; Con- Lcsw LLC, 2517 Route 07028; Contact: Meredith square feet; broker: The Ave., Lakewood, 08701; For International Com- Oceansail International Ywe Consulting LLC, 155 tact: John Henry Beun Ii 35, Manasquan, 08736; Moseley Bennett Goldstein Group Contact: Nicole Stern mercial Arbitration LLC, LLC, 6323 Riverside The Promenade, Edge- Contact: Rachael Shuster Mcs Landing LLC, 4 78 Park Slope Terrace, Station Blvd., Secaucus, Aj Rental Management water, 07020; Contact: Undisclosed buyer Cycle Towing Unit LLC, Evergreen Drive, Voorhees, Hawthorne, 07506; Con- Uhuru Village Of Trenton 07094; Contact: Zhixian LLC, 15 North Gaston Edward Yee purchased at: 157 and 301 Route 17 North, 08043; Contact: Michael tact: Asem Alshamah Nj LLC, 35 Houghton Ave., Liu Ave., Somerville, 08876; 147-149 Halstead St, Rutherford, 07070; Con- Resist Forty LLC, 839 Savage Trenton, 08638; Contact: Contact: James C. Finkel East Orange; from: undis- tact: Legalinc Corporate Melanogenics LLC, Surgpathpa LLC, 246 Canvasback Drive, Mullica Jeffery L. Little closed seller; size: 151 Services Inc. Aa Learning LLC, 183 Oak 714 Cinnaminson Ave., Beechwood Dr, Paramus, S.J. Elite F.I.T. Training Hill, 08062; Contact: units; price: $15.6 million; St., Bridgewater, 08807; Palmyra, 08065; Contact: Urban Families LLC, 121 07652; Contact: Syedalvi LLC, 298 Staggerbush, Shane M Karolyi De Trop Bags And Togs broker: Gebroe-Hammer Contact: Leah Sian Kenneth Gundersen Newark Ave., Jersey City, T. Ali Williamstown, 08094; LLC, 301 Route 17 North, Flipping The Hood L.L.C., Associates 07302; Contact: Mamta Contact: Jamal White Rutherford, 07070; Con- Mystic Content LLC, 1130 Gdp Realty LLC, 19 F Group Ap LLC, 1000 142 Wegman Parkway, Singh Trasco Realty purchased: tact: Legalinc Corporate 2nd Ave., Blackwood, Beacon Ave., Jersey City, South St., Harrison, Elmerag International Jersey City, 07305; Con- 140 Legrand Ave., Services Inc. 08012; Contact: Michael 07306; Contact: Dinesh Perfect Balance Book- 07029; Contact: Roman Travel LLC, 425 Rosehill tact: Gregory Frederique Northvale (I); from: The Robinson Dave keeping LLC, 16 Colton Akopian, Esq. Place, #D3, Elizabeth, Driveway Washes LLC, Maximum William Music Hampshire Cos.; size: Court, Bayville, 08721; 07202; Contact: Usama 8 Dube Court, Pompton Leach Policy Manage- Thuged Out Poets LLC, Day & Night Express LLC, 1516 Grier Ave., 82,524 square feet; price: Contact: Donna M. Tucci Ahmed Plains, 07444; Contact: ment LLC, 861 Raritan 116 Montgomery Terrace, Hauling LLC, 1303 Bangs Linden, 07036; Contact: undisclosed; seller’s Tyler Schaub Ave., Atco, 08004; Con- Red Bank, 07701; Contact: Styled Living LLC, 266 Ave., Asbury Park, 07712; Health-Wise Family Care William Jennings broker: NAI Hanson

MORE INFORMATION Mergers & Acquisitions data were supplied by FactSet Mergerstat and Thomson Reuters. was supplied by the state Treasury’s Division of Revenue. Bankruptcies are obtained from federal courthouse records available on Public Access to Court Electronic Records, Real Estate Transactions are provided by brokers and their representatives. Listings should include the names of the buyer or PACER. Listings are organized by the office in which they were filed. and seller or lessee and lessor; the square footage or acreage; the address of the property; and the brokers representing Insider Trading reports on the stock transactions reported to the Securities and Exchange Commission by officers, directors each party. For sales transactions, please include the price. Send all transaction information to [email protected] with “real and major shareholders. These data were compiled by Thomson Financial and are listed in order of transaction value. estate” in the subject line. New Businesses include businesses that have moved to New Jersey or opened a new office in the state. The information *(I) – Industrial; (O) – Office; (M) – Multifamily; (R) – Retail

www.njbiz.com NJBIZ May 15, 2017 25 OFF THE CLOCK

Over the 2016-2017 flu season, Village Super Market Inc., operator of ShopRite stores in New Jersey, Maryland, and Eastern Pennsyl- vania, held a “Make Your Flu Shot Count” campaign at ShopRite pharmacies throughout northern and central New Jersey. For every flu shot given, $1.00 was donated to help fight hunger in the local community. Village-owned ShopRite stores in northern and central New Jersey raised $4,037 for the Community FoodBank of New Jersey. From left to right: Brian Shebey, store manager, David Lee, director of pharmacy, Harshil Patel, store pharmacist, Tim Vogel, director of food sourcing, CFBNJ, Qulonda Suckey, community engage- Alzheimer’s New Jersey held its “Music and Memories” Gala at The Grove in Cedar Grove ment and events specialist, CFBNJ, Justine Hernandez retail dietitian, ShopRite of Union, Heba Ghannoum, assistant store manager and to benefit Alzheimer’s and raise awareness of the disease that impacts over 500,000 Amanda Fischer, director of business relations, Village Super Market, Inc. individuals and their family caregivers throughout New Jersey.

HOW TO SUBMIT

NJBIZ welcomes your Off the Clock and Guest List items. Pictures, and captions that identify everyone in the photo from left to right, may be emailed to offtheclock@njbiz. com with “Off the Clock” or “Guest List” in the subject line. Please send electronic files at 300 DPI Rutgers Robert Wood Johnson Medical Students Radhika Srivastava, Tori Gart- at an original size of 6 mond and Joshua Gilens attended the Scholarship Gala to help raise funds for 2016 Big Brothers Big Sisters of Monmouth & Middlesex Counties 18th Annual Food & Wine Event at the inches wide. classmates. Buona Sera in Red Bank.

® Are you on THE LIST? #GetOnTheList in 2017! www.NJBIZ.com/Lists [email protected] Twitter: @NJBIZLists

MAY JUNE 5/1 Chambers of Commerce 6/5 Family Owned Businesses 5/8 Cyber Security Companies 6/12 Life Sciences Companies/Research Centers 5/15 Utilities & Energy Providers 6/19 Highest Paid CEOs 5/22 Data Centers 6/26 Wealthiest Municipalities 5/29 Highest Paid Hospital CEOs

26 May 15, 2017 NJBIZ www.njbiz.com GUEST LIST

2017 Cooper Red Hot Gala 7th Annual gala raises record-breaking $2M for Cooper Surgical Services Institute

The Chairman of the Cooper Board of Trustees, George E. Norcross III, announced that The Cooper Foundation raised a record-breaking $2 million at its seventh annual Cooper Red Hot Gala. This year’s proceeds benefit the Cooper Surgical Services Institute. Norcross hosted the Gala with Philip A. Norcross, Chairman of The Cooper Foundation Board of Trustees. Held at Vie in Philadelphia, this year’s event honored Jeffrey P. Car- penter, MD, Professor and Chairman of the Department of Surgery and Vice President of Perioperative Services. More than 1,000 people attended the 2017 Cooper Red Hot Gala, which is one of the largest charitable fundraisers in the region, raising a total of $10 million since 2011.

2017 Cooper Red Hot Gala Host Committee

John Carpenter; Katie Carpenter; Judy Carpenter, MD, and Gala Kevin O’Dowd, Cooper Chief Administrative Officer, Anthony George E. Norcross, III, Chairman, Cooper Board of Trustees and Lexie Norcross, Mem- Honorary Chairman Jeffrey Carpenter, MD, Chairman, Cooper Mazzarelli, MD, Cooper Chief Physician Executive and Eric Kuper- ber, The Cooper Foundation Board of Trustees Department of Surgery smith, MD, Cooper Chief Medical Officer

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Weekends www.SteveAdubato.org /SteveAdubatoPHD @SteveAdubato Funding provided by: Josh Weston

3.22 x 4.88 www.SteveAdubato.org /SteveAdubatoPHD @SteveAdubato

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5 x 6.25 www.njbiz.com NJBIZ May 15, 2017 27 Portrait by renowned illustrator Joseph Adolphe.

WILMINGTON TRUST RENOWNED INSIGHT

“A serious threat to your investment objectives? Lack of diversification.”

Investing used to be a whole lot based on proven portfolio construction simpler. Traditionally, if stocks were principles. A plan will also provide outperforming, bonds were not. ongoing discipline to maintain a steady Therefore, as long as your portfolio hand amid volatile markets or asset had a healthy mix of each, you’d be class bubbles. poised to prosper. This isn’t necessarily the case anymore, as dealing with A DIVERSIFIED PORTFOLIO EARNED finances has grown more complicated in recent years. When the financial crisis 60% MORE hit the U.S., the recessionary effects were THAN A STOCK-ONLY PORTFOLIO OVER Tony M. Roth felt around the world. Today, the U.S. 15 YEARS M.A., J.D., LL.M. (Tax) economy is still recovering, and central Source: Wilmington Trust Chief Investment Officer banks in Europe and Japan grapple with ways to reinvigorate their economies. Don’t go it alone. To create Tony brings his extensive knowledge The crisis taught us that portfolios that plan, you need a trusted advisor. and more than 20 years of experience composed solely of stocks and bonds That’s where Wilmington Trust comes to bear on client portfolios each (for instance, large caps and government in. A fiduciary culture is at the heart and every day. He is responsible for debt) were vulnerable to loss. Having a of who we are, which means it’s a duty strategic direction and providing truly diversified portfolio, with a robust and a privilege to always put our clients’ quality risk management and blend of investments across and within interests first. Since 1903, we have comprehensive investment solutions. He is part of a seasoned team different asset classes – including public preserved, enhanced, and transferred of professionals who exemplify and private investments – offers the best wealth in a way that reflects what our Wilmington Trust’s 114-year heritage chance at reaping the highest possible clients hold dear. And we can do the of successfully advising business return while managing volatility. So same for you. owners. For access to knowledgeable what’s an investor to do? For insight into how having a well- professionals like Tony and the rest Develop a plan. To get where you diversified portfolio today can best help of our team, contact Fernando Garip want to go, you need a map with clear you secure a prosperous tomorrow, visit at 201-580-4600. goals and a carefully designed route wilmingtontrust.com/diversification.

FIDUCIARY SERVICES | WEALTH PLANNING | INVESTMENT MANAGEMENT | PRIVATE BANKING

This article is for informational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service. This article is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances. If professional advice is needed, the services of your professional advisor should be sought. Private Banking is the marketing name for an offering of M&T Bank deposit and loan products and services. Investments: • Are NOT FDIC-Insured • Have NO Bank Guarantee • May Lose Value Past performance is no guarantee of future results. Asset allocation/diversification does not guarantee a profit or protect against a loss. Wilmington Trust is a registered service mark. Wilmington Trust Corporation is a wholly owned subsidiary of M&T Bank Corporation. Wilmington Trust Company, operating in Delaware only, Wilmington Trust, N.A., M&T Bank, and certain other affiliates provide various fiduciary and non-fiduciary services, including trustee, custodial, agency, investment management, and other services. International corporate and institutional services are offered through Wilmington Trust Corporation’s international affiliates. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, member FDIC. Wilmington Trust Investment Advisors, Inc., a subsidiary of M&T Bank, is a SEC-registered investment advisor providing investment management services to Wilmington Trust and M&T affiliates and clients. ©2017 Wilmington Trust Corporation and its affiliates. All rights reserved.

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