The buyer was a partnership that includes the Montvale-based IvyEquities. The partner in the acquisition did not want to beidentified, and the other parties involved in the deal woulddescribe that entity only as, "a Philadelphia-based real estatedevelopment company."

As reported by GlobeSt.com,Merrill Lynch put the property located at 800 Scudders Mill Rd.within Princeton Forrestal Center on the market this past fall as asale-leaseback offering, listing it with Cushman & Wakefield'sMetropolitan Area Capital Markets Group, East Rutherford, NJ. "Thisis a great value-added offering," Andrew Merin told GlobeSt.comwhen the property was listed.

"The quality of this asset and the opportunistic nature of theinvestment drew several pre-emptive bids, including the offer fromIvy Equities," says Merin, who arranged the sale along with C&Wcolleagues David Bernhaut, Gary Gabriel and Jose Cruz. "It sitsdirectly across the street from where Princeton Medical Center isplanning to relocate, and it's in one of New Jersey's mostprestigious corporate neighborhoods."