685,000-Square-Foot Class-A Campus Purchase Marks Ivy’s First Venture into Princeton Market
Plainsboro, N.J., April 24, 2007 – Ivy Realty, one of the largest private commercial real estate owners in the New York metropolitan area, has acquired the 685,000-square-foot, three-story class-A office property at 800 Scudders Mill Road in Plainsboro, N.J. from Merrill Lynch for $122 million. Merrill Lynch developed the corporate headquarters facility, which is located in the heart of the Princeton Forrestal Center, in phases from 1984 through 1992.
“The Princeton office market is one that we have been following for years and we are confident this is the right time to purchase such a prime facility as the Merrill Lynch headquarters campus,” says Anthony DiTommaso, Jr., Ivy’s CEO. “This acquisition is an example of the high-quality, well-positioned properties that we are looking to add to our growing class-A office portfolio.”
The Merrill Lynch campus is fully leased, with Merrill Lynch occupying approximately 40% of the campus and BlackRock, a provider of global investment management, risk management and advisory services, leasing approximately 60% of the property.
“800 Scudders Mill Road is a true world-class facility that will draw prospective users from not only the local Princeton area, but also nationally and internationally because of its complete on-site amenity package, internationally known location, and exceptional work environment,” states Russell F. Warren, Jr., Chairman of Ivy Equities. “Ivy also controls 54 additional acres that could support an additional 700,000-square-foot office building.”
The property’s features include many services that headquarter-quality facilities require, including: multiple cafeterias, an executive dining room with separate kitchen, on-site banking, an infirmary, dry cleaning, a state-of-the-art fitness facility with locker rooms, a pool, and squash and basketball courts, and covered executive parking. Situated on 54 acres, the campus also features miles of outdoor walking paths. Tenant spaces feature raised flooring throughout and high ceilings. The building is also connected to the Lakeside Conference Center and Hotel, a multi-building conference center and hotel catering to the executive traveler.
Cushman & Wakefield represented Merrill Lynch in the transaction.
About Merrill Lynch
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, with offices in 37 countries and territories and total client assets of approximately $1.6 trillion.
Ivy Realty is a leading real estate investor and developer throughout New Jersey, New York and Connecticut. Ivy targets investment opportunities in undervalued, high-grade, income- producing commercial properties. The company has built a reputation for successfully completing a wide spectrum of creative developments in the office, mixed-use, retail, build-to-suit and residential sectors. Currently, Ivy owns, manages and leases a four million-square-foot portfolio with added development potential throughout the tri-state area. For more information visit www.ivy-realty.com.
