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 development. The property also connects to the Harrison Conference Center and Hotel, which Merrill Lynch developed and formerly owned.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
The best event in real estate kicks off next week! Tickets are selling quickly.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription