Ivy Goes Ivy League
Listen to this articleAround the State – CentralPLAINSBORO In its first foray into the Princeton-area office market, Montvale-based real estate owner Ivy Equities, in a joint venture with a Philadelphia-based real estate developer, has purchased Merrill LynchÂs Plainsboro office campus in a $122 million sale/leaseback agreement. The property, located in the Princeton Forrestal Center at 800 Scudders Mill Road, comprises a 685,000-square-foot , three-story Class A office building on 50 acres, plus an adjacent 54-acre site that can accommodate an additional 700,000 square feet of office development.
Merrill Lynch, which had developed the campus in phases from 1985 to 1994, is relocating its Plainsboro operations to another office campus in Hopewell. The New York City-based financial services firm has leased-back 800 Scudders Mill Road until early 2008, while Blackrock Inc., which merged with Merrill LynchÂs investment-management business in February, will lease 60 percent of the building for an extended period.
