That was then--the telecom industry's woes didn't bypass RCN, which has been cutting jobs. So the headquarters plans are off, for now. Indeed, RCN has sold the tract to pharma giant Bristol-Myers Squibb for $40 million. Bristol-Myers Squibb, which employs more than 8,400 people at 10 locations in the Garden State, plans to stockpile the land for future use, according to a company spokesman.

RCN plans to retain its headquarters at Carnegie Center in nearby West Windsor for the time being. However, as part of the deal with Bristol-Myers Squibb, the company will retain the rights to construct up to about 400,000 sf of building space on a portion of the tract. Under the agreement, RCN would occupy that space as a tenant.