Skip to main content

Tag: green

Ground Breaking on Route 1, Tax Credits to Cash & Princeton REIT CEO Steps Down: This Week in Central NJ

Written by caitie on . Posted in Incentives, News.

Ground Breaking on Route 1

NRG Energy, a power generation and retail electricity business, broke ground on its new 130,000 sf Headquarters this week in West Windsor. NRG currently occupies about 90,000 sf in the Princeton market- in 2 buildings. $37.5 million in tax incentives are helping the company consolidate and move less than a mile across Route 1, where the new, environmentally sustainable facility will feature a living wall, 2 solar panel fields, rainwater collection, wind turbines, electric vehicle charging stations (along with a myriad of other green features) and house 540 employees; 386 of which are existing and about 150 will be new.

NRG CEO, David Crane made the following statement during his remarks at the ceremony: “None of us will have a full appreciation of this new building until it’s fully built and outfitted and occupied. At that point, I think we will really recognize that it’s not just another suburban office spot, but rather a living and breathing organism that hopefully every day will inspire its inhabitants to accomplish great and important things.”

Is this a taste of what is to come in the Princeton market? Read the full story on the NRG Groundbreaking here, on nj.com.

Tax Credits to Cash

The New Jersey Technology Business Tax Certificate Transfer (NOL) Program allows companies to sell NJ tax losses and/or research and development tax credits to unaffiliated, profitable corporate taxpayers in the State. Advantix, a biochemical company based in Princeton, announced its preliminary approval for a $1.9 million 2014 tax credit that it plans to transfer to $1.7 million in cash. Get the details on njbiz.com, here.

Princeton REIT CEO Steps Down

Chambers Street Properties Founder, CEO & President Jack Cuneo announced that he is retiring. Chambers Street Properties is a real estate investment trust in Downtown Princeton and was founded in 2004. The company is currently seeking a replacement. Njbiz.com has a full write-up on this announcement.

New Jersey has its first LEED Platinum Industrial Building

Written by caitie on . Posted in News.

It has taken 3 years, but Princetel’s 41,500 square foot repurposing project is finished and just received its LEED Platinum rating, making it the first LEED Platinum industrial building in New Jersey.

LEED (Leadership in Energy & Environmental Design) is a certification program established by the US Green Building Council that requires buildings to satisfy prerequisites and earn points to achieve different levels of “green” certification. The program supports efforts to promote building practices that have sustainability, health of future occupants, renewable and clean energy use and long-term money savings at the forefront. There are 4 levels of certification: Certified, Silver, Gold & Platinum.

As of August 1, 2014 there are 934 LEED Registered Commercial projects and 343 LEED Certified Commercial projects in the state of New Jersey; Princeton is home to 6 of those. Before this project, Hamilton had 2.

Princetel was founded in Pennington in 2000 and manufactures fiber optic rotary joints. The company moved to Hamilton in 2011 and has doubled its staff since then. CEO Barry Zhang says that the company’s mission is to remain sustainable, and explained that their Hamilton building has turned into a “passion project.”

Read a full story on the LEED Platinum Princetel building here, on nj.com.