A joint venture of Ivy Equities and a Philadelphia-based real estate development company has acquired Merrill Lynch's Plainsboro, N.J., office campus in a sale/leaseback valued at $122 million. Merrill Lynch, which is reorganizing its Plainsboro operation into another office campus in nearby Hopewell, N.J., has leased back the entire 685,000-square-foot building until early 2008. BlackRock Inc., which recently merged with Merrill Lynch's Investment Management Group, has already committed to leasing more than half of the property -- 800 Scudders Mill Road -- for an extended period of time. Developed in phases from 1985 and 1994, the property is situated on a 50-acre site, and also includes an adjacent site that can accommodate nearly 700,000 square feet of additional office devel...
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